The first rescue package of VND2,000 billion is used to support for processors in purchasing raw pangasius. The payment for fish farmers is paid by banks under provincial People’s Committees’ supervision. It is expected that 150,000 MT will be sold during the rest time of this year.
The second package of VND2,400 billion is used to support for packers that have their owned fish farms. The packers expected to access to four or six - month loans at preferential interest rates in the current situation of limited credit. Raw pangasius reared by these enterprises is expected to reach 400,000 MT from now to the end of this year.
VND4,400 billion bailout for pangasius farmers and processors is only a short-term measure. Besides the above solution, the foundation of Vietnam pangasius Association is considered as a long-term measure to develop pangasius sustainably. Pangasius industry need to be restructured to improve fish value and export price, ensuring product quality under international market requirements and promoting Vietnam pangasius’s prestige, Mr. Nguyen Huy Dien – Deputy Director General of Directorate of Fisheries (D-Fish) said.
In order to develop pangasius sustainably, exporters need to restructure domestic production based on close management of inputs such as seed, feed… to meet importers’ demand, create a link in production chain in which participants enjoy mutual benefit and share risks, he continued.
According to D-Fish, input costs such as feed price rose by VND500 – 1,000 per kilogram; animal drug rose by 10 – 15 percent; seed and fuel price were also higher. Therefore, farmers still faced hardship despite increasing pangasius price.
(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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