The US - EU
In the first two months of 2021, the total value of tuna exports to the US reached 32 million USD, down by 17% and to the EU worthed 16 million USD, down by 5% over the same period last year. However, among EU countries, tuna exports to Italy and the Netherlands increased sharply over the same period last year, especially exports to Italy recorded three-digit growth, up by 136%.
Earlier this year, a global supply chain disruption and large-scale foreign trade disruption left 25 million empty containers scattered all over the place, affecting Vietnam's tuna exports to the US and EU. In addition, the sea freight for the US and EU routes increased, the shipping lines prioritize dry cargo because of favorable freight rates. This has resulted in a decrease in Vietnam's tuna exports to the US and EU countries. It is expected that, after the service industry has rebounded in the US and EU, retail consumption will decrease, canned tuna products imports will decrease, instead imports of fresh and frozen tuna , steamed tuna loin… will increase.
CPTPP
By the end of February 2021, the total value of Vietnam's tuna exports to this market reached nearly 13 million USD, down by 9% over the same period last year. Tuna exports to Canada increased by 36% and Chile increased by 22%, while exports to Japan decreased by 16% and Mexico decreased by 28% year-on-year. In 2020, the Japanese tuna market was strongly affected by the Covid-19 epidemic, so Japan's tuna imports decreased. And this trend continued in the first quarter of this year.
Contrary to Japan, Vietnam's tuna exports to Canada continued to increase in the first two months of this year. The CPTPP agreement taking effect continues to have a good impact on Vietnam's tuna exports to this market. Vietnam's exports of canned tuna and frozen tuna are attracting Canadian importers.
(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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