Quality decides prices
Approximately 3,500 vessels participate in tuna capture in Binh Dinh, Phu Yen and Khanh Hoa, with the average annual catch of over 16,000 MT. In 2013, tuna exports in these provinces was US$ 527 million.
Using new technology from Japan, in August 2014, a number of fishermen in Binh Dinh province caught 37 tuna, only 9 of which was auctioned in Japan at the average price of VND 437,000/kg.
This reveals that not all kind of tuna can be exported. The criteria include fishing techniques and storage technology to maintain high quality for the fish. This can only be achieved if standard processes must be strictly followed.
Technically, preserving principle is to keep the fish at low temperatures. Organs, eyes and blood must quickly be removed from the fish within 2-5 minutes. Frozen tuna is transported for consumption within 10 days.
Not complying the process means being disqualified. Tuna has high demand in Japan, which opens opportunities for Vietnam if quality is ensured.
Opening "Tuna Trading Center"
In order to increase the value of the tuna for export to Japan, Ministry of Agriculture and Rural Development decided to invest VND 1,200 billion in tuna supply chain scheme in Binh Dinh, Phu Yen and Khanh Hoa. From 2014 to 2020, productivity, quality, value of tuna export will be focused.
Three tuna fishing ports in Binh Dinh, Phu Yen and Khanh Hoa as well as a tuna trading center in Khanh Hoa were suggested to be built from 2014 to 2018 with total budget of VND 550 billion. These recommendations were approved by the Minister of Agriculture and Rural Development.
These are considered as efforts to promote Vietnam tuna exports in Japan, the US and EU.
(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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