With a view to spurring seaweed cultivation, the ministry will submit a proposal to the Prime Minister to develop seaweed as a major product in the seafood industry.
According to General Director of the MARD's Directorate of Fisheries Tran Dinh Luan, Vietnam had some 16,500 hectares of seaweed that yielded 150,000 tonnes in 2023. Green caviar and Kappaphycus alvarezii plantation respectively gained farmers some 150-200 million VND (over 6,100 – 8,100 USD), and 60-80 million VND per hectare. The country has more than 887 kinds of natural seaweed with 88 varieties holding economic value that can be grown on a potential area of 900,000 hectares. With the global market growing 10% per year and a green consumption boom, the seaweed sector holds huge potential for further development. Kelp is an amazing carbon dioxide absorber. It is able to take in five times more carbon than most land-based plants, creating an opportunity to sell carbon credits through its cultivation.
However, Luan pointed out several challenges of the sector, with a shortage of cultivation standards, environmental pollution and climate change to name as a few. In the coming time, the sector will focus on the nearshore plantation of green caviar and gracilaria verucosa from the north central province of Thanh Hoa to the south central province of Binh Thuan. It will also develop offshore cultivation of Kappaphycus alvarezii and imported varieties in the northern province of Quang Ninh and Hai Phong city, the central provinces of Quang Ngai, Phu Yen, Khanh Hoa, Ninh Thuan and Binh Thuan, and the southern provinces of Ba Ria – Vung Tau, Ca Mau and Kien Giang/.
(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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