The product structure of pangasius exports to Singapore in the first nine months of this year was uneven. Frozen pangasius fillets remained the primary export product, accounting for over $21 million during this period, a decline of 5% compared to the same timeframe last year. Notably, exports only recorded growth in January, April, May, and July 2024, while the remaining months experienced declines of 1-2 digits.
It is worth mentioning that in January, exports of value-added pangasius products saw an 11-fold increase compared to the same period in 2023; however, this value fluctuated continuously in the following months of 2024. By September 2024, exports of products under HS code 16 had decreased by 11% compared to the same period last year, reaching $145 million. In June, July, and August 2024, exports of this product to Singapore also decreased by 15%, 75%, and 53%, respectively, compared to the same period in the previous year.
Overall, pangasius exports to Singapore in the first nine months of 2024 have deviated from the growth trend observed in 2023. According to the Singapore Ministry of Trade and Industry (MTI), the food and beverage retail and services sectors experienced declines in the first and second quarters of 2024. One explanation for this situation is that residents of the Lion City are spending more on overseas travel.
However, Singapore remains a market worth targeting, as there are almost no technical barriers to importing into the country, and it can accommodate higher purchase prices. Additionally, Singapore boasts a vast network of restaurants, tourism, and hotels, with a diverse population that enjoys seafood. Therefore, businesses need to enhance product display activities and trade promotions to introduce Vietnamese pangasius products more widely to Singaporeans.
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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