The sector now needs a strategy to determine exactly where it is going and how to get there. This forecast is based on an assumed recovery of tuna stocks in the wild that would allow quotas to increase and the Maltese industry to return to 2007 levels of production.
According to the strategy’s forecasts, closed cycle aquaculture could produce about 10,000 tonnes of fish by 2025, contributing nearly €40 million to the economy and employing close to 800 people.
The proposed strategy is part of a public consultation process on a national strategy for aquaculture, an industry that originated 22 years ago. The public consultation will last six weeks.
When the Aquaculture Centre at San Luċjan Tower in Marsaxlokk had opened, the government had had a vision and understood the importance of the sector, which was still non-existent, Rural Affairs Minister George Pullicino said during the launch of the consultation process.
Sea bass and sea bream farms were then developed, followed by tuna farms in 2000, when the industry reached a new milestone. The sea bass and sea bream farms get most of their fish from hatcheries overseas, indicating the need for a hatchery on a commercial scale in Malta.
The industry, which had the potential to provide 2,000 direct and indirect jobs and generated gross value added for the economy to the tune of €120 million, today consists of six operators, working from nine sites.
The sector now needed a strategy to determine exactly where it was going and how to get there, Mr Pullicino said. A plan for the sustainable development of aquaculture and a guide for investment in the field were needed, he said.
The strategy is based on 10 points, including establishing production volumes, identifying sites for aquaculture, consultation with stakeholders, research and finance needs, the streamlining of licensing procedures, control on fish health and product diversification and commercialisation.
(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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