GENERAL INFORMATION

In Vietnam, the fishery sector plays an important role in the national economy, accounting for about 4-5 percent of Gross Domestic Product (GDP) and about 9-10% of national export revenue.

More than 4 millions of people working in the fishery and the growth in production have attributed to the fish exports. Thanks to strongly increase in many years, Vietnam ranks among the top ten seafood suppliers and its seafood products are exported to 170 markets in the world.

Shrimp, pangasius, tuna, squid and octopus are main seafood products exported by the country. In which, shrimp exports create about US$ 3.5 – 4 billion, make up 46-50% of the total seafood sales of Vietnam. Earnings from pangasius reached at US$ 1.7 – 1.8 billion (25% of the total) and exports from Tuna and Cephalopods are US$ 450 – 550 million for each.

Exports to the U.S, Japan, EU, China and South Korea make up 75% of Vietnam’s seafood sales to the wolrd.

5 advantages for Vietnam seafood exports:  

(1)  High commitment and participation from Government, Industry and companies for food safety, environment  and social responsibility;

(2)  Able to supply the big volume and safe quality and stable seafood products;

(3)  Meet all the customers’ requirements, incl. the vertical linkage (integration) for each species sector;

(4)  Vietnam is one in few countries in the world which has the good and stable labor resource; 

(5)  Vietnam has Agreements / FTAs with many countries and territories and has advantages both in product quality and im-ex tax.  

Export potentials

New shrimp processing plants inaugurated
08:26 07/01/2022

(seafood.vasep.com.vn) Sao Ta Food Joint Stock Company (FIMEX VN) revealed that the shrimp aquaculture this year encountered some difficulties due to the pandemic, however, the positive outcomes had resulted in the reduction of cost and an increase in profit for the second quarter of the year.

(seafood.vasep.com.vn) From June 12 to June 17, 2022, the VASEP’s IUU Working Group hold a dialogue program with the Sub-Department of Fisheries, fishing ports, fishermen and businesses of Binh Dinh, Phu Yen and Khanh Hoa on fighting IUU fishing.

(seafood.vasep.com.vn) For many Vietnam’s pangasius exporters, Mexico is the current “hottest” market within the CPTPP. As of the first half of May 2022, the total export value of Vietnam pangasius to Mexico reached 45.6 mil USD, an increase of 70% compared to the same period last year, which accounts for 4.3% of the total pangasius export value. This result shows that Mexico is a potential and attractive destination with an even higher export value than Brazil.

(seafood.vasep.com.vn) In the first five months of the year, the total Ca Mau’s fishery output reached 259,715 tons, increasing 1.6% compared to the same period last year.

(seafood.vasep.com.vn) Up to May 15th, 2022, Vietnam’s shrimp export value to Canada had reached 100 million USD, up by 87% compared to the same period last year. Shrimp export to this market has recorded a considerable growth in the past two years, and is evaluated to have further opportunity to thrive in the near future.

(seafood.vasep.com.vn) In the first half of this year, Vietnamese pangasius exports to the EU market have revitalized after more than three dismal years. As of the first half of May 2022, export value of frozen Vietnamese pangasius to this market reached 76,8 million USD, up 95% compared to the same period last year. In that, the Netherlands is the most attractive market, accounting for 31,7% of the total value of Vietnamese pangasius exports to the EU.

(seafood.vasep.com.vn) Vinh Hoan and many other Vietnam seafood stocks simultaneously raised the price ceiling on June 1 2022.

(seafood.vasep.com.vn) In 2022, An Giang Fisheries Import and Export Joint Stock Company (AGIFISH) expects to hold the annual General Meeting of Shareholders on June 17th, 2022 AGIFISH aims at having lucrative business even though having suffered losses for six months in a row.

(seafood.vasep.com.vn) In the first 4 months of 2022, Vietnam's tuna exports to Mexico were unstable. However, the total export value to this market still increased by 41% compared to the same period in 2021, reaching more than 5.1 million USD. Mexico is currently the 13th largest import market of Vietnam’s tuna in this period.

(seafood.vasep.com.vn) Navico Corporation (Navico) announced in its business situation in April 2022, with the record revenue of VND 433 billion. The company achieved 164 billion VND in gross profit and 116 billion VND profit after taxes.

(seafood.vasep.com.vn) After more than three years of application, super-intensive shrimp farming is considered a model that brings production efficiency and is expected to be expanded and developed soon.

(seafood.vasep.com.vn) In the first 4 months of 2022, Vietnam's shrimp exports to Australia reached US$95 million, up 74% over the same period last year and reaching the highest growth compared to the same period in previous years.

(seafood.vasep.com.vn) Currently, there are nearly 30 Vietnamese pangasius enterprises exporting to the Colombian market. However, in the first four months, pangasius exports volume into this market didn’t come up to the expectations of many enterprises.

(seafood.vasep.com.vn) After reaching a record of over $1.1 billion and a growth rate of over 50% in April 2022, entering May, Vietnam’s seafood exports could not maintain a heated growth but still hit the $1 billion mark. This number is 27% higher than the same period last year.

(seafood.vasep.com.vn) Minh Phu Seafood Corp announced that the company aims at accounting for 25% of the world shrimp market share by 2045. This goal is projected to be achieved by Minh Phu through short, medium and long-term strategies, particularly the 2021-2025 strategy with the key objective being building a green and clean and sustainable shrimp value chain of Vietnam, with competitive prices compared to India, Indonesia and Ecuador, improving processing productivity and reducing COGS.


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