Vasep

Viet Nam’s exports of tuna products to France in the first seven months of the year were 203 per cent higher year-on-year. — VNA/VNS Photo The value of aquatic exports in July fell below US$1 billion for the first time in 2022, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). It was expected to fetch $970 million, up 14 per cent year-on-year and 4 per cent month-on-month. The country’s total aquatic export turnover in the first seven months of this year reached nearly $6.7 billion, an increase of 35 per cent compared with the same period last year. After recording a sharp rise of 34-62 per cent in the first five months of the year, aquatic exports began cooling in June with an increase of just 18 per cent. The decline is mainly due to unfavourable weather, with early rains affecting seafood production. The stockpile of aquatic products from last year has also dropped. Shrimp exports in June decreased by 1 per cent compared to the same period … [Read more...] about Aquatic exports drop below US$1 billion in July

New regulations on inspection of imported seafood will create favourable conditions enterprises. (Photo: VNA) HCM City (VNS/VNA) - COVID -related quarantine requirements for frozen processed seafood products imported for the purpose of reprocessing for export will be removed as from September 11 under a recently issued circular by the Ministry of Agriculture and Rural Development. The ministry said it would foster exports of agricultural products by reducing the number of product categories subject to quarantine and using technology to speed up the customs process. The Vietnam Association of Seafood Exporters and Producers ( VASEP ) had petitioned the Government to amend the quarantine regulations saying they were causing the seafood industry “big problems.” Products processed from animals, animal products and those containing aquatic creatures, frozen, dried, cooked, or meant for instant use, continue to be quarantined, and this means the size and number of … [Read more...] about COVID quarantine for imported processed seafood to be removed

Illustrative image (Source: tapchitaichinh.vn) Hanoi (VNA) – Vietnamese enterprises have been diversely capitalising on the EU - Vietnam Free Trade Agreement (EVFTA) to boost shipments to the EU, an official from the Ministry of Industry and Trade (MoIT) told a seminar held in Hanoi on August 8. demanding market , Vietnamese businesses have managed to satisfy strict technical requirements, showing a change in mindset to meet the EU’s demand, he noted. EVFTA , taking effect on August 1, 2020, has created a substantial demand for exports, which have increased almost 15% to about 83 billion USD over the last two years. At the seminar (Photo: Ministry of Industry and Trade) Le Hang, director for communications at the Vietnam Association of Seafood Exporters and Producers ( VASEP ), said despite the pandemic’s impacts, fishery exports have recovered considerably, rising 8% year-on-year in 2020 and continuing to recover in 2021. MoIT ’s support for enterprises to … [Read more...] about Vietnamese firms tap into giant trade deal: official

A shrimp processing line of the Minh Phu Hau Giang Seafood JSC in the Mekong Delta province of Hau Giang. (Photo: VNA) Hanoi (VNA) – Enterprises in the fisheries sector are facing an export slowdown after strong shipments in the first months of 2022, which may subsequently affect their growth in the time ahead. After surges of 39 - 62% in the first four months, fishery exports have shown signs of growth slowdown, according to the Vietnam Association of Seafood Exporters and Producers ( VASEP ). Shipments increased 34% in May and 18% in June compared to the same period last year. In July, fishery exports stood at 970 million USD, up 14% from a year earlier but down 4% from the previous month. Le Hang, Deputy Director of VASEP’s Training and Trade Promotion Centre, blamed the slowdown since May on unfavourable weather as the rainy season came early and impacted fishery output. Businesses in the industry said the inventory in export markets, especially the US - … [Read more...] about Fisheries businesses face export growth slowdown

Illustrative image Benefits and worries Referring to the increasing value of the US dollar, Mr. Nguyen Chi Trung, Chairman of the Board of Directors of the Gia Dinh Group, said that big exporters such as Gia Dinh shoes will certainly benefit as they will have more revenue to reduce the pressure of input costs which have been increasing continuously over the last months. Mr. Trung cited that the previous exchange rate was about VND22,600 for one US dollar and when an enterprise exported US$1 million worth, it could earn about VND22.6 billion. Now, if the exchange rate is anchored at VND23,900 for one US dollar than the figure will be about VND23.9 billion. It is true that there will be an immediate benefit to be seen by many export groups. However, according to Mr. Nguyen Xuan Hong, Chairman of the Ho Chi Minh City Textile and Garment Embroidery Association, in general when the dollar appreciates it will be seen as favorable for many exporters, including textile and garment … [Read more...] about Rising inflation causing concern for export businesses

New regulations on inspection of imported seafood will create favourable conditions enterprises. — VNA/VNS Photo The Ministry of Agriculture and Rural Development has removed COVID-related quarantine requirements for frozen processed seafood products imported for the purpose of reprocessing for export. It issued a circular to this effect last week, and it comes into force on September 11. The ministry said it would foster exports of agricultural products by reducing the number of product categories subject to quarantine and using technology to speed up the customs process. The Viet Nam Association of Seafood Exporters and Producers (VASEP) had petitioned the Government to amend the quarantine regulations saying they were causing the seafood industry “big problems.” Products processed from animals, animal products and those containing aquatic creatures, frozen, dried, cooked, or meant for instant use, continue to be quarantined, and this means the size and number of … [Read more...] about Viet Nam set to scrap COVID quarantine for imported processed seafood

Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market. The EU-Vietnam Free Trade Agreement has been a driving force for Vietnam’s exports as local firms are now taking good advantage of the trade deal. Processing catfish for export at Cantho. Photo: Hung Thap Deputy Director of the Import-Export Department under the Ministry of Industry and Trade (MoIT) Tran Thanh Hai gave the assessment at a conference on the EVFTA on August 8. In 2021, bilateral trade turnover between Vietnam and the EU rose by 14.5% year-on-year to US$57.01 billion, in which Vietnam exported goods and products worth $40.1 billion, or an increase of 14.2%; and imported $16.9 billion. “This helped the country maintain a trade surplus of over $23.2 billion last year,” Hai said. According to Hai, since the launch of the EVFTA on August 1, 2020, Vietnam’s exports to the EU rose by 15% to $83 billion. Over the past two … [Read more...] about EVFTA drives Vietnam’s exports forward