Seafood exports expected to reach 3 billion USD in Q3

Friday, 12/08/2022 16:47
Vietnam's seafood export value is expected to slow growth to 3 billion USD in the third quarter due to a lack of raw materials and disadvantages in the market in the second half, reported Vietnam News Agency.
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In July, the growth rate of seafood exports continued to slow down to 14% on the year, earning 970 USD million. (Photo baodautu.vn) 

At the beginning of the year, farmers released shrimp due to the forecast that the weather would not be too cold. They have expected to early harvest raw shrimp. However, diseases and the quality of shrimp seeds have affected farming results.

According to Ho Quoc Luc, former chairman of the Vietnam Association of Seafood Exporters and Producers (VASEP) and also chairman of the Sao Ta Foods Joint Stock Company (FIMEX), there are three reasons for the shortage of raw shrimp, including disease, quality of shrimp varieties and water source.

By the end of this year, the supply of raw shrimp will not be abundant, and prices will remain high, said Luc. This will encourage farmers with the right financial conditions to expand production.

Although output has not increased or increased slightly while the world market prices have not increased, the shrimp export revenue is estimated to surge by 10% this year.

The higher export value is due to promoting deep-processed products with higher selling price at shrimp processing enterprises. The higher selling price is partly due to a surge in transport costs, said Luc.

Le Hang, deputy director of the VASEP.PRO Centre, said that the scarcity of raw materials for shrimp and seafood would continue to affect the export results in the third quarter.

After a substantial increase of 39-62% in the first four months of this year, seafood exports showed signs of cooling from May with a growth rate of 34%. In June, it only increased by 18%.

In July, the growth rate of seafood exports continued to slow down to 14% on the year, earning 970 million USD. It was down 4% compared to June 2022, according to Hang.

In the first seven months, shrimp exports reached 2.65 billion USD, up 22% over the same period last year.

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Illustrative photo 

Domestic shrimp production and world shrimp demand are forecast to not be positive in the second half of the year.

The shrimp supply from producing countries increased sharply in the first half of this year. The import volume of major markets, such as the US and EU, also increased in the first half, leading to an increase in inventories. Therefore, there was a slowdown in demand in the second half.

Meanwhile, domestic shrimp production is facing difficulties due to weather and high costs, so raw shrimp will be in short supply in the year's second half.

The export of pangasius, another key item, surged by 56% to 197 million USD in July.

The total pangasius exports in the first seven months of this year reached 1.6 billion USD, up 79%.

When inflation is too high in many countries and export prices tend to increase, consumers in those countries will tighten their spending and switch to affordable products such as frozen pangasius fillets, fish cakes, and other frozen products, Hang said.

Seafood export to the US in the first seven months reached nearly 1.5 billion USD, up 31% over the same period last year, Hang said.

Shipments to the EU still maintained a growth rate of 28% in July and 39% in the first seven months, with a total value of 829 million USD, compared to the same period in 2021.

Meanwhile, seafood export value to China in the first seven months grew by 71% to 1 billion USD.

Over 2.5 billion USD poured into Binh Duong since early 2022

So far this year, the southern province of Binh Duong – a magnet for foreign investment of Vietnam – attracted over 2.5 billion USD in FDI, up 74% year-on-year, reported Vietnam News Agency.

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Illustrative image (Photo: VNA) 

To date, the province has had 4,059 foreign-invested projects worth 39.6 billion USD.

After the COVID-19 pandemic is put under control, every week, Binh Duong welcomes at least one foreign delegation coming to learn about the province’s investment environment and seek cooperation opportunities.

Chairman of the provincial People's Committee Vo Van Minh said the province is continuously innovating and reforming its policies to create an attractive investment environment to lure more FDI.

Binh Duong has given priority to investments from developed countries, potential partners with high-tech, environmentally-friendly and smart projects which can generate high added economic value.

In the fourth industrial revolution, Binh Duong is following a green, smart and sustainable development strategy and striving to become a driving force linking the southeast region.

To that end, the province is committed to always providing the best conditions for domestic and foreign enterprises to do effective and long-term production and business; and is ready to create more and more open investment cooperation opportunities in the locality.

Vietnam to host Mekong Tourism Forum in October

Vietnam is scheduled to host the 2022 Mekong Tourism Forum, themed “Rebuild Tourism, Rebound with Resilience”, from October 9 – 14, the first in-person meeting of the six Greater Mekong Subregion (GMS) destinations since the pandemic began in 2019, reported Vietnam News Agency.

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Illustrative photo (Source: bvhttdl.gov.vn) 

Gathering public- and private-sector tourism leaders and experts, the GMS signature forum is set to focus on regional efforts and cross-sectoral collaboration to foster real action toward rebuilding a more resilient, inclusive, and sustainable tourism industry.

Trends affecting the sector’s recovery will be discussed, with speakers touching post-pandemic recovery, digital transformation, localisation of supply chain, and the social enterprise business model, among other matters.

The event will also feature an exhibition on green tourism in Vietnam and other GMS nations. It is expected to showcase responsible tourism products and services, offer visitors hands-on experiences to learn about local cultures, and connect sides involved in the tourism industry.

First held in 1996, the forum is an annual event for tourism development and cooperation in the GMS, which comprises Cambodia, China, Laos, Myanmar, Thailand, and Vietnam.

AEON Vietnam honoured as best workplace in Asia

The AEON Vietnam Company Limited has been named among the "Best companies to work for in Asia" by the region's leading human resources magazine HR Asia, reported the Voice of Vietnam.

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AEON Vietnam is honoured as best workplace in Asia (Photo: congthuong.vn)

This represents the fourth time that the company has been rewarded with the prestigious title.

The result was announced by HR Asia on August 11 and is based on three criteria, including Core (Corporate culture); Self (Level of association), and Group (Group spirit).

Thanks to its employee value proposition strategy, AEON Vietnam has been highly appreciated by employees for four consecutive years, with all scores being higher than the industry average in all three group of the employee satisfaction assessment model.

In terms of “Corporate culture”, the company earned 4.15 points, a score higher than the industry average of 3.73. Meanwhile, in terms of “Level of association” and “Team spirit”, AEON Vietnam recorded 4.28 points and 4.48 points, higher than the industry average score of 3.87 and 4.01, respectively.

"Best companies to work for in Asia" is held annually by HR Asia magazine for the purpose of honouring companies that have outstanding HR policies, good working environments, and those that regularly deploy vibrant internal activities in order to connect employees./.

Compiled by BTA

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