<div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">In February, Safeway became the first major US supermarket to transition to 100% FAD-free tuna for its own skipjack tuna product line. Last year, major retailers and tuna brands in the UK also made headlines when they promised to buy tuna fished more sustainably. The two popular, alternative methods are free school purse seining and pole-and-line fishing which both do not use FADs. But, increasing demand for fish caught without the use of FADs will exceed the supply available, an Asia-based tuna trading executive told Intrafish.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">“Nobody should expect that existing catch levels can be maintained if everyone converted to school fishing. The price will rise – at any rate, in comparison with FAD fish,” he said. “I think that this would be a good thing. Tuna shouldn’t be cheaper than low grade luncheon meat.”</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">Higher prices for sustainable tuna is one likely impact, but the future of purse seiners geared especially for large catches caught with FADs could also be affected.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">Due to the fact that not all purse seiners around the world have observers on board, and often not report, it is hard to say what the total global catch of FAD free tuna is. Estimations vary from 350,000 to 550,000 M/T, but in most cases this tuna gets mixed with FAD caught tuna in the wells of the vessels or during transshipments in the carriers.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">One of the major challenges for the development of the FAD free supply will not just be the higher fuel costs related to free school fishing, but also how to keep the fish separated throughout the entire supply chain.</span></div>
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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