Vietnamese seafood products exported to Russia include tuna, crab, swimming crab, frozen cephalopod, surimi and some other frozen marine fish (sturgeon, flounder, herring and frozen and chilled sardines), fish in the form of whole fish/fillet, mollusks in the form of live, fresh, chilled, frozen ...
Vietnam Free Trade Agreement - Eurasian Economic Union was signed on May 29 2015, and took effect from October 5, 2016. This is the first FTA of EAEU. In the EAEU, Vietnam mainly exports seafood to Russia while exports to other countries are not significant.
According to the commitment of EAEU to seafood imports from Vietnam, the rate of tax reduction is 100%, of which 95% of the tax rate is completely eliminated with a 10-year roadmap. 75% of the tax rate is eliminated immediately after the Agreement comes into effect.
According to EAEU's commitment to Vietnam's seafood products exported to this region, the products of tuna HS code 030487 get tax reduction from 10% to 0% immediately after the Agreement comes into effect, crab products ( HS 030614) reduced from 10% to 0%, surimi (HS 030499) decreased from 10% to 0%, processed cephalopod products (HS 160552, 160553, 160554, 160555, 160556) decreased from 15% to 0%, cephalopod products (HS 0307) decline according to the roadmap and down to about 1.7% in 2019. Seafood exports to the Russian market is still growing after this FTA takes effect. However, Vietnamese enterprises still expect a more stable market.
Russian fishing is declining while consumption demand tends to increase, especially for whole/fillets marine fish, fish processed into surimi. Therefore, this is also an opportunity for seafood export of Vietnam.
Seafood exports to Russia in the first 3 months of 2019 showed positive signs with a turnover of 14.9 million, up 19% compared to the same period in 2018.
In order to promote exports to Russia, enterprises need to focus on ensuring prestige and product quality in exports to this market, studying the connection with trade centers of overseas Vietnamese in Russia to enhance introduction and promote Vietnamese products directly to consumers.
Currently, seafood exports to Russia accounted for a very low market share, not commensurate with the export potential of Vietnam. Therefore, with the incentives from FTA VN-EAEU, it is expected that Vietnam seafood exports to Russia will maintain a stable growth rate.
(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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