According to statistics of Vietnam Customs, Vietnamese tuna exports to Mexico decreased in the first months of 2019, but then continued to grow. By the end of September 2019, export value to this market increased by 55% over the same period in 2018, reaching nearly US $ 12 million.
Vietnam and Mexico are currently participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Under commitment of this agreement, frozen tuna loin products (HS0304) - main export product of Vietnam to Mexico, will be reduced tax according to the 3-year schedule, from the base rate of 20% to 0%. Thus, in 2019, the first year that the CPTPP agreement officially come into effect for Vietnam, the tax rate applied for Vietnamese frozen tuna loin products in this market will be reduced to 13%. It will continue to reduce to 6.6% by 2020 and to 0% from 01/01/2021.
Therefore, frozen tuna loin products in Vietnam are more advantageous than that of other countries such as Indonesia, China and the Philippines, which are subject to 15% tax. Vietnam is still the largest supplier of frozen tuna loin for Mexico.
Mexico has the largest fishing fleet in the world. The country's commercial tuna fishing output reached a peak of 166 thousand MT in 1997. However, due to declining fishing resources and the application of fishing bans, tuna catches of Mexico are gradually declining. Hence, Mexico is tending to increase imports of raw tuna to serve the domestic canned processed tuna industry.
Mexico currently consumes most of the tuna caught in the country. Only a limited amount of canned and frozen tuna is exported.
(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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