From January 1st 2013 onwards, the Decision No. 857/QĐ-NHNN will be invalid. It means that exporters can not access to short-term loans in foreign currencies. It will hit heavily exporters of agricultural, forestry and aquatic products in 2013. Therefore, Associations represent local seafood and furniture exporters requested the State Bank of Vietnam (SBV) to allow them to access foreign currency loans until the end of December 2013.
The Circular No. 03/2012/TT-NHNN will be enforced after the Decision No. 857 is expired. The enforcement of the Circular is expected to create more burdens to exporters, especially seafood ones. They lose chance to borrow foreign currency with low interest rate. Thus, they will get into more critical situation in the times of ongoing global economic crisis.
Exporters are accessing foreign currency loans with the annum interest rate of 6.5-7.5 percent.
Thanks to foreign currency loans at low interest, seafood companies would be able to balance their finance, have capital for remaining fish production, reduce their product’s price, improve their competitiveness, said VASEP's Secretary General Truong Dinh Hoe.
In 2013, seafood exporters will have to compete stronger with each other due to economic slowdown in key importing markets.
VASEP made a proposal to SBV asking it to extend the enforcement of the Decision No. 857 until the end of 2013 and delay the application of the Circular No.03 that aims to tighten lending in foreign currencies by credit institutions so that seafood processors can access the low interest loans.
The new circular should be applied until euro zone economy starts recovering after crisis and
The enforcement of the Circular No. 03 will be more rational when interest rate of VND will be lowered to 8-10 percent per year. It means that the interest rate difference between VND and foreign currencies will be lower.
Besides VASEP, Binh Duong Furniture Association (BIFA) and Ministry of Industry and Trade recommended SBV to delay the application of the Circular No.03 until 2014.
(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.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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