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| Shrimp processing line at the factory of Minh Phu Seafood Corporation (Photo: VNA) |
In the first ten months of the year, total shrimp export turnover reached 3.2 billion USD, recording a 13% growth year-on-year.
All major markets achieved double-digit growth in October, signalling a strong recovery in demand.
Notably, shrimp exports to mainland China and China's Hong Kong in October reached 91 million USD, up 44% year-on-year.
Over the ten months, turnover totalled 676 million USD, a growth of 31%.
Lobster exports surged by an extraordinary 157%, reaching 298 million USD. China’s consumer stimulus policies have further driven imports of this product, creating significant opportunities for Vietnamese enterprises.
Similarly, shrimp export turnover to the EU in October rose by 32%, bringing the ten-month total to 408 million USD, a 17% year-on-year increase. Stable demand from the EU has maintained consistent growth since April.
In the US market, shrimp exports in October exceeded 80 million USD, a 17% increase.
Year-to-date exports to the US amounted to 646 million USD, up 10%.
With a decline in supply from the three largest shrimp-producing nations, the US faces a shortage of imported shrimp.
Improved market sentiment, reduced inventories and a gradual imbalance between supply and demand have further driven higher import demand. Prices are expected to rise and with President-elect of the US Donald Trump’s proposed import tax increases, if implemented, prompting US businesses to accelerate imports before the new tariffs take effect.
In the short term, this is expected to boost US shrimp imports demand further.
Shrimp exports to Japan and the Republic of Korea also showed significant recovery in October, growing 18% and 28%, respectively, after a period of instability.
Export shrimp prices, especially for white-leg shrimp, are on an upward trend, significantly improving profit margins for businesses.
Additionally, processed shrimp products are experiencing robust growth, highlighting Vietnamese enterprises' focus on high-value-added products.
Data from the first ten months indicate a positive outlook across major markets. Demand from the US and EU remains stable, while China, with its consumption-supporting policies, continues to be a promising destination for Vietnamese shrimp.
With this growth trajectory, shrimp exports in 2024 are likely to reach 4 billion USD.
Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh
Thantawan Industry Public Company Limited, a leading plastic bag and straw manufacturer with more than 40 years of experience in Thailand, officially took out a landmark 30-year lease for a ready-built factory at Phuoc Dong Industrial Park, the southern province of Tay Ninh, said the Vietnam News Agency.
The contract, the largest in the locality so far, marks a significant step in the company’s expansion into the Southeast Asian market while reinforcing Vietnam’s position as an important player in the regional manufacturing and industrial landscape.
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| A corner of Phuoc Dong Industrial Park (Photo: VRG) |
The facility spans 43,057 square metres and features a state-of-the-art factory with a gross floor area (GFA) of 24,436 square metres. Purpose-built for advanced virgin plastic packaging production, it is designed to have a production capacity of 9,000 tonnes annually. This project is expected to generate significant local employment opportunities and adhere to strict environmental standards.
John Campbell, Director and Head of Industrial Services at Savills Vietnam, which facilitated the factory lease, said Phuoc Dong Industrial Park offers a combination of modern infrastructure, strategic connectivity and access to skilled labour that aligns with Thantawan’s operational needs.
Besides, the partnership underscores Tay Ninh’s appeal as a destination for industrial investment, especially for companies seeking competitively priced, ready-built facilities outside of traditional hubs like Ho Chi Minh City, Binh Duong and Dong Nai, he said.
Tran Manh Hung, chairman of Saigon VRG Investment JSC, which invests in Phuoc Dong Industrial Park, said facilities at the IP have been designed to accommodate diverse industries and meet the precise technical requirements of Thantawan’s packaging plant.
He pledged to ensure that the project will progress smoothly and soon begin stable production.
Petrol prices decrease slightly in latest adjustment
The Ministry of Industry and Trade, and the Ministry of Finance on November 21 decided to reduce the retail sale prices of petrol products, Radio the Voice of Vietnam reported.
Accordingly, the price of RON95-III was cut by VND79 to VND20,528 per litre, while that of E5RON92 bio-fuel fell by VND109 to VND19,343 per litre.
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| Petrol prices decrease slightly in latest adjustment (Photo: laodong.vn) |
In addition, the price of diesel 0.05S dropped by VND64 to VND18,509 per litre and kerosene is now priced at VND18,921 per litre, down VND67.
Meanwhile, Mazut oil 180CST 3.5S is sold at VND16,014 per kg, a rise of VND5.
The two ministries decided not to use the petrol price stabilisation fund in this adjustment. Since the beginning of this year, petrol prices have undergone 21 times up and 25 times down.
The domestic fuel prices were adjusted in accordance with fluctuations in global markets. On November 21, the price of West Texas Intermediate (WTI) oil fell to US$68.9 per barrel, while the price of Brent oil was traded at US$72.96 per barrel.
Shipment of bird’s nests exported to China through Bac Luan II bridge border gate
AVANEST Vietnam Nutrition JSC exported the first batch of bird’s nests to China through the Bac Luan II bridge border gate in Mong Cai city, the northern province of Quang Ninh on November 20, according to the Vietnam News Agency.
The shipment includes instant bird’s nest products and refined bird’s nests.
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| Shipment of bird’s nests exported to China through Bac Luan II bridge border gate. (Photo: nongnghiep.vn) |
This is also the first enterprise of Vietnam to be granted a code by China's General Administration of Customs, allowing the export of two product categories of refined bird's nest, and cooked bird's nest jars.
The partner of AVANEST Vietnam is Dongxing Zhenpin Preferred Trading Co., Ltd., based in Dongxing, China. The activity marks the beginning of a promising collaboration between businesses from the two nations, paving the way for expanding Vietnam's official bird's nest exports to this potential market.
The Vietnamese enterprise was facilitated with streamlined export procedures when filing customs declarations at the Mong Cai international border gate’s customs office.
One year ago, the first batches of Vietnamese bird’s nests were officially exported to China through the Huu Nghi international border gate in Lang Son province under a protocol signed between Vietnam’s Ministry of Agriculture and Rural Development and China’s General Administration of Customs.
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| Bird’s nests processing for export (Photo: nongnghiep.vn) |
China's expansion of bird's nest imports through official border gates has significantly boosted opportunities for Vietnam's swiftlet farming, and bird's nest production and processing industries.
As the world's largest consumer of bird's nest products, China demands more than 300 tonnes annually, accounting for 80% of the global market./.