The strategy aims at turning Vietnam into a seafood processing center and join the top five seafood processing countries in the world by 2030. It also strives to develop a modern, efficient and sustainable seafood processing industry, meeting the demands of consumption markets, improving its competitiveness and integrating deeply into the global value chain. Under the strategy, value-added processed products will account for over 40 percent of total export value of seafood. At least 70 percent of seafood processing establishments will have production technology from medium to advanced levels. The strategy also sets a goal that by 2030, the value of seafood processing for domestic consumption reach VND40 trillion - VND45 trillion (US$1.7 billion-US$1.9 billion), besides an export value of seafood of $14 billion-$16 billion. A number of modern seafood processing corporations with economic potential and management on par with the world level will be established at the same time. To realize these goals, the strategy has set forth some tasks including the development and management of the production of raw materials for seafood processing to meet the demand of enterprises and in line with the requirements of domestic consumption and export. Compliance with both domestic regulations and international practices and requirements including traceability and origin is also a must. It is necessary to attract investment to form big seafood processing corporations which have economic potential and business administration on par with the world level and upgrade technology and capacity of seafood processing facilities for export. The production chain should be restructured to improve the economic efficiency and competitiveness of processed seafood products.
(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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