Vietnamese processed shrimp products favourited by Japanese consumers

Thursday, 01/12/2022 15:32
The Vietnam Association of Seafood Exporters and Producers (VASEP) said that Vietnam earned 515 million USD from exporting shrimp products to Japan in the first nine months of 2022, a year-on-year increase of 24%.
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Processing shrimp for export (Photo: VNA) 

Japan is currently the second largest market of Vietnamese shrimp. Vietnam's processed giant tiger prawn (also called black tiger shrimp) exports to Japan increased sharply this year thanks to a high demand in the Northeast Asian country, said the Vietnam News Agency.

In the first three quarters of this year, 118 Vietnamese enterprises exported processed shrimp to Japan. Among the three main groups of shrimp products sold in Japan, the export value of processed giant tiger prawn witnessed the highest growth of 64%.

According to the International Trade Center (ITC), Japan’s import turnover in the first seven months of 2022 reached nearly 1.3 billion USD, up 10% compared to the same period last year. The three biggest suppliers for the market are Vietnam, Indonesia and Thailand.

Vietnam's shrimp exports to Japan are expected to remain stable in the remaining months of 2022, VASEP said.

The cost of freight to Japan is not as high as to the US and the EU. Meanwhile the inflation rate in Japan is also lower than the record inflation rates in the US and the EU, and these are considered as favourable factors for Vietnam's shrimp exports to Japan, the association noted.

11-month FDI disbursement hits record high

The disbursement of foreign direct investment (FDI) in Vietnam went up 15.1% between January and November to some 19.68 billion USD, the highest 11-month figure over the past five years, according to the General Statistics Office (GSO).

The processing and manufacturing sector made the lion share of 15.52 billion USD, accounting for 78.8% of the total number. The real estate industry recorded 1.44 billion USD, and electricity, gas, hot water, steam and air conditioner production and distribution, 1.43 billion USD.

Vietnam attracted 25.1 billion USD in foreign investment in the 11 months, up 0.5% month-on-month but down 5% year-on-year, the Vietnam News Agency quoted the information of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

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During the period, new capital registered in the country by foreign investors saw a yearly decline of 18% to 11.5 billion USD while their capital contributions and share purchases also declined 7% year-on-year to nearly 4.08 billion USD.

The agency underlined two factors behind the falling registered capital, which were stringent COVID-19 preventive measures early 2022 and global uncertainties.

It said strict COVID-19 preventive measures imposed in the beginning months of the year had made it more difficult for foreign investors to travel to Vietnam to seek new investment opportunities. Such hindrance held back the number of newly-registered projects in early 2022.

Global uncertainties, including geopolitical conflicts, inflationary pressures and supply chain disruptions, compounded the situation by scaling down the capital flows from big economies, especially Vietnam's partners.

One bright spot in the period was adjusted capital which surged 23.3% year-on-year to 9.54 billion USD, the FIA noted.

According to the agency, the adjusted capital continued to maintain its growth momentum, which was a signal to confirm the confidence of foreign investors in the economy and investment environment of Vietnam. Therefore, they decided to add more capital to their existing projects in the country.

Statistics from the FIA also showed that the average scale of adjusted capital per project in 11 months of 2022 increased 4.9% over the same period of last year. Notably, many projects in manufacturing of electronic and high-tech products witnessed capital added on a large scale during the reviewed period.

On the bright side, many large-scale projects had their capital adjusted up significantly in ten months. For instance, Samsung Electro-Mechanics was given two capital boosts, of 920 million USD and 267 million USD.

Samsung HCMC CE followed suit with 841 million USD. Other projects to manufacture electronics and multimedia devices in Bac Ninh, Nghe An and Hai Phong were financed with additional capital of 306 million USD, 260 million USD and 127 million USD, respectively.

Fishery exports exceed 10 billion USD in 11 months

Fishery exports reeled in 10.14 billion USD as of November this year, up 27% annually, said the Ministry of Agriculture and Rural Development.

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Fishery exports exceed 10 billion USD in 11 months (Photo: VNA) 

Of the sum, Tra fish and shrimps contributed 2.2 billion USD and 4.1 USD, up nearly 62% and 14.6% year-on-year, respectively.

According to the Vietnam News Agency, Tra fish’s sharp increase was thanks to the strongest annual surge in the product’s average price, at 50%. Exporters have also seized an opportunity to increase their market share created by the Russia-Ukraine conflict which limits the supply of white fish.

Overall, shrimp export turnover has retained good growth so far thanks to strong rises recorded in the first half of the year. In the last half, the value declined due to a decrease in market demand and a short supply of raw materials. The product’s average export price did not increase as strongly as Tra fish, as it faced significant competitive pressure from those of Ecuador and India.

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Tra fish contributed 2.2 billion USD (Photo: VNA) 

Tuna exports, notably, were said to certainly rake in 1 billion USD this year, marking a new record.

General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said Vietnam’s fishery export has completely recovered after the COVID-19 pandemic, adding that the export value is projected to hit 11 billion USD in 2022.

Fansipan among five top destinations for mountain trekking at year-end

Renowned tourism website Women's Weekly of Singapore has named Fansipan among the leading five destinations to visit for mountain trekking at the end of the year, with the website noting the Vietnamese mountain’s impressive views.

Fansipan is among five top destinations for mountain trekking at year-end.

Fansipan Mountain is located in the northern mountainous province of Lao Cai and the height of its peak is 3,147.3 metres, said Radio the Voice of Vietnam.

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Fansipan is among five top destinations for mountain trekking at year-end. (Photo: hanamtv.vn) 

It is the highest mountain in the Indochinese Peninsula which comprises of Vietnam, Laos, and Cambodia, leading to its nickname of "the Roof of Indochina".

Fansipan is tucked away in the scenic Muong Hoa valley, an area known equally for its photogenic rice field terraces and excellent hiking trails, according to Singaporean website Women's Weekly.

The climb to the summit can be conquered in a couple of days with the help of local guides, or a 20-minute cable-car ride from the centre of Sa Pa, a quaint town that itself is worth attention. The cable-car ride has led to the peak now being slightly more touristy compared to a decade ago, particularly as it has been extensively renovated for accessibility and as a showcase of Vietnam’s culture, the website noted.

The massive statues and temples at the peak are an impressive sight nonetheless, as are the views of the surrounding area, the website added.

Rounding off the top five destinations near Singapore to go mountain trekking at the end of this year, as compiled by website Women's Weekly, are Mount Kinabalu and Borneo of Malaysia, Mount Phongun of Myanmar, and Mount Rinjani of Indonesia./.

Compiled by BTA

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