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Seafood exporters in Vietnam may find the second half of 2022 a challenging period compared to the first due to slowing global economic growth, despite a successful first half of the year, according to a conference held by the Vietnam Association of Seafood Exporters and Producers. Exports of seafood in the first five months of the year rose by around 42%, but they are expected to slow down for the second half of 2022. (Photo: VNA) Since the start of 2022, seafood businesses have been focusing on recovering their production, increasing exports and networking with partners after the COVID-stricken year of 2021. Exports of seafood in the first five months of the year reached 4.7 billion USD, a 42% increase year-on-year. During the conference held in HCM City on June 22, Truong Dinh Hoe, general secretary of the association, said that export prices grew by up to 15%, and markets grew around the world. The association has been focusing on helping … [Read more...] about Seafood exporters face challenging second half of 2022: conference

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood export revenues rose 46 percent and 36 percent year-on-year in Q1 and Q2, respectively. Export of shrimp, the top item in terms of revenue, grew 33 percent to $2.3 billion in the first six months. VASEP said inflation and the Russia-Ukraine war opened opportunities for shark catfish export. Whitefish, especially cod, has run out of stock in European markets due to Western sanctions on Russia -- which accounts for about 45 percent of the world's whitefish supply, largely pollack, cod and haddock, according to The Guardian . Vietnamese shark catfish, therefore, became an alternative. Export turnover to the U.K. and Spain surged by six and three times, respectively, and that from France, the Netherlands, Germany and Belgium also rose 45-90 percent. For the first half this year, shark catfish exports fetched $1.4 billion, up 83 percent. … [Read more...] about First half seafood export revenue up 40 pct

Processing Tra fish (Photo: VNA) HCM City (VNA) – Seafood shipments overseas have risen in the first half of 2022, and experts say Tra fish exports can increase the market share in the EU, while that of shrimp has a lot of room for growth in Canada. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), as of May, the value of frozen Tra fish exports to the EU this year reached 76.8 million USD, up 95% year-on-year. This means the market has bounced back after a two-year downturn due to the COVID-19 pandemic. The Netherlands remains the biggest market in the EU for the Vietnamese products, while positive signals are coming from the shipment of frozen Tra fish to Germany, Spain, and Belgium. In addition to the bloc, Vietnamese Tra fish exporters have also stepped up their activities in Mexico, Egypt and Thailand. As of mid-May, Vietnam exports shipped to Mexico are at 45.6 million USD, up 70% year-on-year. VASEP said the Mexican market … [Read more...] about Seafood export takes larger bite out of foreign markets

The U.S. bought nearly 1.1 billion worth of seafood in Jan-May, up 65 percent year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). It was the biggest buyer of Vietnamese shrimp and second biggest buyer (behind China) of pangasius fish. Shrimp exports to the U.S. rose 32 percent year-on-year to $390 million. Pangasius fish exports to the U.S. has surged 131 percent year-on-year on the back of a drop in home production and an increase in the number of Vietnamese exporters allowed to sell to the U.S., VASEP said. Exports of tuna to the U.S. doubled year-on-year to $251 million. Vietnam’s seafood exports to the U.S. is set to reach $2.4-2.5 billion this year, up 25 percent from last year, VASEP estimates. … [Read more...] about US biggest buyer of Vietnamese seafood

Illustrative image (Photo: VNA) New Delhi (VNA) - Vietnam's coastal localities and India’s Kerala state have many opportunities to expand cooperation in seafood-related business, investment and production, a fishery official of Kerala said at a recent online conference – part of trade promotion activities on the occasion of the 50th anniversary of the establishment of the two countries’ diplomatic ties. The event was jointly held on June 22 by the Trade Office under the Vietnamese Embassy in India, the host country’s Marine Products Export Development Authority (MPEDA) and Kerala authorities. Vietnamese Ambassador to India Pham Sanh Chau expressed his belief that through the conference, both sides’ businesses can understand more about each other’s market, and find suitable partners. Van Duc Phu, deputy head of Investment Promotion Division under the Foreign Investment Agency’s Northern Investment Promotion Centre, stated that many Vietnamese localities such as Hung Yen, Nghe … [Read more...] about Efforts made to boost seafood cooperation between Vietnam, India

Shark catfish exports to China in particular increased by 124 percent, accounting for 26.5 percent of shark catfish export trade turnover, according to data by the Ministry of Agriculture and Rural Development. It is followed by exports to the U.S. with a 131 percent, EU with a 89 percent, Thailand with a 85 percent, and Brazil with a 51 percent increase. At the end of April, the price of exported frozen shark catfish to the U.S. reached a new peak at $5 per kilogram, around $2 higher than the same period last year. In China, the price of filleted shark catfish was around $3.15-3.25 per kilogram, around $0.5 per kilogram higher than the same period last year. Shark catfish trade is expected to flourish this year, BIDV Securities Company anticipated. It said demand in the U.S., China and EU would be high following long periods of Covid-19 restrictions. In the U.S., importers have taken in more shark catfish as its stock inventory had run low following two years of Covid-19. The … [Read more...] about Shark catfish exports reach record high

Having one of the region’s fastest-growing middle classes and a young population willing to spend, Viet Nam represents an important market for foreign goods. — Photo courtesy of Austrade As both Australia and Viet Nam continue to take solid action to make their trade partnerships expand year after year, a brighter future awaits the import and export sector, according to the Australian Trade and Investment Commission (Austrade). Austrade said Viet Nam’s upbeat growth projections have made it an attractive import-export destination. Thanks to several free trade agreements, it has sealed in recent years, Viet Nam’s trade partnerships have grown from strength to strength. It added that having one of the region’s fastest-growing middle classes and a young population that’s willing to spend, Viet Nam represents an important market for foreign goods. As one of Viet Nam’s main trading partners, Australia supplies the Southeast Asian country with an expansive range of premium products, … [Read more...] about Viet Nam-Australia expect brighter future for import-export sector

Vietnam’s agricultural, forestry, and fishery exports in the first half of this year reached nearly US$28 billion, a remarkable rise from a year earlier, with the U.S. being the biggest importer, according to the Ministry of Agriculture and Rural Development. In a recent report, the ministry said the total export value of the three categories amounted to about $27.88 billion in the year to June, registering a 13.9 percent increase from the same period last year, with the U.S. topping the list of major purchasers, followed by China and Japan. In bringing into play this encouraging export recovery from the COVID-19 pandemic, the agency has set a goal to earn a total export turnover of $55 billion for the whole 2022, translating to a $5 billion excess over the year’s target set by the government. The export value of this year’s first half included some $11.37 billion from agricultural commodities (up 8.8 percent year on year), $9.1 billion from forest products (up three percent), … [Read more...] about Vietnam’s 6-month agro-forestry-fishery exports up 13.9% year on year, US largest importer

A historic agreement The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) started negotiations for a region-to-region free trade agreement in 2007. After negotiations were suspended in 2009, the EU decided to pursue bilateral trade agreements with the individual ASEAN member states. Negotiations between the EU and Vietnam on a free trade agreement were launched in 2010. Following the completion of technical discussions, talks were finalized in December 2015. In February 2016, the full text of the EVFTA was published. However, the official signing of the trade deal was delayed due to the pending judgment of the Court of Justice of the European Union (CJEU) on jurisdiction for the conclusion of the EU-Singapore Free Trade Agreement. To take the 2017 CJEU opinion into account, the original deal was split into the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) in June 2018. Both agreements were signed on June 30, 2019 in Hanoi. The European … [Read more...] about EU trade deal offers opportunities to increase exports

Vietnam is seeing a surge in the price of its coffee exported to the US (Photo: VNA) According to the Ministry of Industry and Trade’s Import-Export Department, in the first five months of 2022, Vietnam shipped 50,580 tonnes of coffee to the US for US$124.95 million, down 2.9% in volume, but up 23.6% in value year-on-year. In the period, Vietnam earned US$2,470 per ton, up 27.2% compared to that in the same period last year. Experts forecast that in the 2020 - 2025 period, the US coffee market will grow at an average rate of 4.8%. The main factors driving the growth of the market are increasingly hectic lifestyle and long working hours, which make coffee chains in the country more popular among consumers. The opportunity is big, the Import-Export Department stressed, however, advising exporters to pay attention to the US’s production standards, including Fairtrade USDA, Organic, Rainforest Alliance/UTZ Certified, Bird Friendly, Carbon Neutral, Organic và Direct Trade. … [Read more...] about Vietnam sees more chances for coffee exports to US