Over 20 Vietnamese basa fish exporters withdraw from EU market

Nearly 25 Vietnamese companies exporting basa fish have withdrawn from the EU market since the beginning of the year.

Over 20 Vietnamese basa fish exporters withdraw from EU market
Fishermen pack basa at Tan Thanh fish farm cooperative in Tan Hoi Commune, Vinh Long City, Vinh Long Province. 

The Vietnam Association of Seafood Exporters and Producers (VASEP) said that Vietnam's basa exports reached US$788 million in the first half of the year, a year-on-year increase of 18 per cent.

While exports to the US and small-scale markets are experiencing strong growth, exports to the EU are continuously decreasing. The total value of basa exports to the EU reached US$51 million as of last month, a year-on-year decrease of 21 per cent.

The export value of basa to the EU has declined for the past two years.

A representative of VASEP said that due to changes in the EU market, many basa exporters had turned to other markets. By the end of May, nearly 25 Vietnamese exporters had withdrawn from the EU market.

Talking to Tiền Phong (Vanguard) newspaper, Truong Dinh Hoe, VASEP general secretary of the Vietnam Association of Seafood Exporters and Producers, said that after the Vietnam - EU Free Trade Agreement took effect, Vietnamese basa exports to this market enjoyed a preferential tax rate, down to only 0 per cent, opening up great opportunities for Vietnam's basa industry.

In the EU, Vietnam dominates the basa market and seems to have no competitors. Some countries like Bangladesh and China also export basa to the market, but the volume is lower.

Hoe said that entering this year, the retail market in the EU has begun to recover after a deep decline due to the impact of the coronavirus.

However, the food service industry, including restaurants and hotels in the EU, is recovering very slowly.

 

Meanwhile, importers are more cautious in their orders, especially since the outbreak of the coronavirus. EU consumers have started to change their consumption habits, and are more interested in safety, of which they were already very demanding.

Customers asked for higher quality products but offered lower prices. The requirements for food safety standards were very strict, and if the product was found to be non-compliant, it would be simultaneously reported and thoroughly inspected at the port of entry, he added.

This could take from two to three weeks, causing costs incurred to increase. EU customers are also increasingly demanding basa has a sustainability certification, according to Hoe.

Tran Dinh Luan, director general of the Directorate of Fisheries under the Ministry of Agriculture and Rural Development, said that to improve the value of basa exports to the EU market, businesses needed to invest in and improve processing capacity to meet safety standards and strict conditions from the EU.

At the same time, businesses also needed to operate actively and flexibly, reduce costs during operation, and increase adaptability and competitiveness in the context that the market will change due to the impact of the pandemic, he added.

Source: Vietnam News

Basa exporters’ journey through troubled waters

Basa exporters’ journey through troubled waters

Basa fish exporters recorded positive growth in the first months of the year, but are now facing escalating prices and costs.

US announces final results of POR16 for Vietnamese tra, basa fish

US announces final results of POR16 for Vietnamese tra, basa fish

The US Department of Commerce (DOC) has announced the final results of the 16th period of review (POR16) for the period from August 1, 2018 to July 31, 2019, regarding Vietnam’s tra and basa fish (pangasius) exported to the US.

 
 

Other News

.
Fish harvesting teams need to be set up amid pandemic
Fish harvesting teams need to be set up amid pandemic
BUSINESSicon  13/09/2021 

Localities should establish groups and teams for harvesting fish that could facilitate the issuance of travel permits in groups instead of individual travel permits amid the COVID-19 pandemic.

VIETNAM BUSINESS NEWS SEPTEMBER 12
VIETNAM BUSINESS NEWS SEPTEMBER 12
BUSINESSicon  12/09/2021 

Vietnam continues to be attractive investment destination: HSBC

NA Chairman witnesses signing of deals between Vietnamese and European firms
NA Chairman witnesses signing of deals between Vietnamese and European firms
BUSINESSicon  12/09/2021 

NA Chairman Vuong Dinh Hue witnessed the handover of donations of medical supplies to Vietnam and the signing of several agreements between Vietnamese and European businesses at a ceremony held in Helsinki on September 11.

Real estate remains attractive to foreign investors
Real estate remains attractive to foreign investors
BUSINESSicon  11/09/2021 

With a total registered capital of nearly US$1.6 billion during January-August, real estate continued to rank third among 18 sectors attracting foreign direct investment (FDI).

Government issues resolution to support businesses
Government issues resolution to support businesses
BUSINESSicon  11/09/2021 

Facing the decline in resilience of businesses, cooperatives and business households in the rapidly spreading COVID-19 pandemic, the Government has issued Resolution No 105/NQ-CP on supporting businesses.

VIETNAM BUSINESS NEWS SEPTEMBER 11
VIETNAM BUSINESS NEWS SEPTEMBER 11
BUSINESSicon  11/09/2021 

Hanoi tax authorities collect taxes from Google and Apple content developers

Banks tighten loans for real estate businesses
Banks tighten loans for real estate businesses
BUSINESSicon  11/09/2021 

The banking industry sharply reduced outstanding loans for real estate business in the first half of 2021 and will continue such limits in the second half.

28% of 2021-2025 budget slated for investment and development
28% of 2021-2025 budget slated for investment and development
BUSINESSicon  11/09/2021 

The total state’s spending in 2021-2025 is predicted to reach VND10.26 quadrillion, of which 28 percent would be spent for investment and development.

Investors sell homestays at a loss of billions of VND
Investors sell homestays at a loss of billions of VND
FEATUREicon  12/09/2021 

Many investors have offered to sell their homestays as they do not have enough money to pay debts and maintain operations.

E-wallets need 'sandbox' to boom
E-wallets need 'sandbox' to boom
FEATUREicon  13/09/2021 

“Do you accept payment with MoMo?” “Yes” is the question one can hear at many restaurants and supermarkets in HCM City.

China resumes importing Vietnamese dragon fruit, bananas
China resumes importing Vietnamese dragon fruit, bananas
BUSINESSicon  10/09/2021 

China has agreed to resume importing Vietnamese dragon fruit and bananas through the Kim Thanh International Border Gate in Lao Cai province following a hiatus due to COVID-19.

How to rescue Vietnamese air carriers
How to rescue Vietnamese air carriers
FEATUREicon  12/09/2021 

During the fourth Covid-19 outbreak, the Civil Aviation Administration of Vietnam asked domestic airlines to limit the number of flights from provinces and cities implementing social distancing under Directive 16.

Digital transformation to increase productivity: the only way to not lag behind
Digital transformation to increase productivity: the only way to not lag behind
FEATUREicon  10/09/2021 

At Garment 10 Company, productivity increased exponentially after new technologies and digitalization of the production line were applied.

Welcoming visitors with "vaccine passports"
Welcoming visitors with "vaccine passports"
FEATUREicon  10/09/2021 

Van Don international airport in Quang Ninh province was selected to welcome the first visitors with a "vaccine passport" on September 4. 

Vietnamese households to spend more on food
Vietnamese households to spend more on food
BUSINESSicon  10/09/2021 

The average Vietnamese household will spend 20.8 per cent of their total household budget on food in 2025, marginally increasing from 20.1 per cent in 2005, according to global financial services provider Fitch Solutions.

Two out of five Vietnamese consumers will abandon long online banking account applications
Two out of five Vietnamese consumers will abandon long online banking account applications
BUSINESSicon  10/09/2021 

Vietnamese consumers expect a seamless banking experience when it comes to opening an account via a mobile app or website, with two in five expecting to answer 10 questions or less or they will abandon the process.

NA Deputy warns of property bubbles
NA Deputy warns of property bubbles
BUSINESSicon  10/09/2021 

State Bank of Vietnam Governor Nguyen Thi Hong has sent a document replying to Ha Sy Dong, a National Assembly Deputy from the central province of Quang Tri, who spoke about property bubbles at the first session of the 15th NA on July 25.

Hanoi enterprises resume operation, but with high caution
Hanoi enterprises resume operation, but with high caution
FEATUREicon  10/09/2021 

The enterprises in yellow and green zones of Hanoi have been asked to continue anti-pandemic measures during the production process. The ‘three on the site’ model (work, eat, stay) is being used in high-risk zones.

Garment-textile, footwear may take long time to recover: insiders
Garment-textile, footwear may take long time to recover: insiders
BUSINESSicon  10/09/2021 

Viet Nam’s garment-textile and footwear sectors have endured the brunt of COVID-19 and firms may take a long time to recover, experts said.

VN industrial, logistics real estate a resilient asset class: analysts
VN industrial, logistics real estate a resilient asset class: analysts
BUSINESSicon  09/09/2021 

Demand for e-commerce and pharmaceuticals ensure that the industrial and logistics real estate segments remain the most resilient asset class in 2021, experts have said.

 
 
 
Leave your comment on an article

OR QUICK LOGIN