Experts said that the trade war between the US and China is creating many opportunities for Vietnam to promote exports to the market.
According to the General Statistics Office (GSO), the export of main products to the US recorded strong rise in the period.
Particularly, the export of tra fish to the US has sharply surged in the first three quarters of 2018, totalling 369.1 million USD, up 42.9 percent against the same period last year.
Representatives from Vinh Hoan - one of the leading firms in catfish processing and exporting, said if the US imposes tax on tra fish and tilapia products from China, Vinh Hoan will have more opportunities to occupy the market share in this large market.
Nguyen Xuan Thanh from Fulbright Vietnam University said Vietnamese enterprises must mostly compete with Chinese firms when exporting to the US.
With the taxation imposition on Chinese goods exported to the US, Vietnam's processed and fresh seafood will have a competitive advantage in this market.
Apart from the seafood sector, other sectors of Vietnam such as wood processing, machinery, electronic and electrical equipments, handbags, plastic, rubber, metal products and sport equipment are also benefiting from the US-China trade war.
According to Dr. Su Ngoc Khuong, investment director of Savills Vietnam, said the war is one of the agents causing the biggest change to the global economy in 2018. It is creating great opportunities for many types of exports from Vietnam in the US market.
Khuong noted that it is necessary to have specific orientations and policies to support Vietnamese enterprises in improving the quality of their products, meeting the requirements in terms of quality and price, towards increasing the market share of Vietnamese goods in the US market.
VNA
(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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