In the first 7 months of this year, Vietnam's squid and octopus exports to the EU grew by 3-digits in April and May, and then grew by double digits in the remaining months. In August, due to social distancing to prevent epidemics, squid and octopus exports to the EU decreased by 15% to nearly 5 million USD. However, thanks to good growth in the previous months, Vietnam's cephalopod exports to the EU in the first eight months of the year still increased by 39% to US$38.8 million. This is the market with the best growth among the 5 main import markets of Vietnam's cephalopod.
Under the impact of the EVFTA Agreement, import tax rates on frozen and processed cephalopod products exported to the EU are 0%, and after the Covid-19 pandemic in the world is better controlled, Vietnam's cephalopod exports to EU has recovered well from the beginning of the year so far.
Among EU member countries, Italy, France and Spain are the three biggest importers of Vietnamese squid and octopus. In August 2021, while cephalopod exports to France and Spain decreased by 81% and 40% respectively, exports to Italy still increased by 38% over the same period last year. As of August this year, the export of cephalopods to Italy, France and Spain respectively reached 20.3 million USD; $3.4 million and $3.2 million, up 69%, 15% and 17% over the same period.
According to ITC, the EU market is currently importing cephalopods from more than 50 countries outside the bloc. In which, Vietnam is the 7th largest supplier to the EU market. Spain, Portugal and France are the top 3 importers of cephalopods in the EU in the first 7 months of this year. In the EU market, the demand for squid and octopus in the retail segment is still high; Restaurants and hotels are gradually opening, increasing the demand for this item. Demand for importing cephalopods from Vietnam to the EU remains good from now until the end of the year.
(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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