Vietnam's aquatic export revenue likely to miss 2019 target

Vietnam’s aquatic export revenue is estimated to reach $778 million in November this year, pushing the total earnings in the first 11 months of 2019 to about $8 billion.

Vietnam's aquatic export revenue likely to miss 2019 target

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the country may not hit its target of 10 billion USD in aquatic exports due to a drop in prices, fluctuations in supply and demand, and trade barriers.

VASEP General Secretary Truong Dinh Hoe said the adjusted supply-demand balance in 2019 has pulled aquatic products’ prices down compared to previous years.

For example, tra fish prices in the US market in 2019 fell to 2 USD per kilo from 4-5 USD per kilo in 2018, he said.

Hoe said that a number of anti-dumping lawsuits against Vietnam in the US, the main market for Vietnamese aquatic products, were also among the factors leading to the drop in revenue.

Meanwhile, the Chinese market has also seena strong shift to official trade, resulting in changes in demand for aquatic products, thus affecting Vietnam’s shipments to the market.

At the same time, fierce competition from Indian and Indonesian shrimp exporters has caused difficulties for Vietnam as shrimp is the biggest earner of the country’s aquatic sector.

Export revenue from shrimp, one of the three major products of the sector besides tra fish and seafood, has suffered a sharp drop in 2019 to only 3.4 billion USD, far below the target of 4.2 billion USD.

 

However, Hoe said that when the EU-Vietnam Free Trade Agreement becomes effective in 2020, Vietnamese shrimp will see a brighter future in the European market. He advised domestic exporters to be well prepared to take advantage of the deal.

In the US market, anti-dumping issues are forecast to remain the major problem along with competition in price from India.

At the same time, trading methods in the Chinese market may be changed, thus Vietnamese firms should be prepared for the adjustment, said Hoe.

He noted that export revenue of tra fish is expected to stay stable at over 2 billion USD, which is short of the target of 2.4 billion USD for the whole year, while seafood is forecast to reach a record 3.6 billion USD.

Hoe also predicted that a target of 10 billion USD in aquatic export revenue is feasible for 2020. He said that shrimp prices in 2020 will face fewer difficulties from competition./. VNA

US remains Vietnam’s largest aquatic export market

US remains Vietnam’s largest aquatic export market

Vietnam’s aquatic exports to the US reached US$ 1.08 billion during the first nine months of the year, despite a sharp decline in export value against the same period last year, according to the General Department of Vietnam Customs.

Big players in Vietnam's seafood sector face big losses

Big players in Vietnam's seafood sector face big losses

The seafood sector witnessed unsatisfactory business results in the first nine months of the year as a number of big companies reported sharp declines in profits in comparison with the same period last year.

 
 

Other News

.
Mekong Delta: spoiled pigs eating sweets, and other unusual phenomena
Mekong Delta: spoiled pigs eating sweets, and other unusual phenomena
BUSINESSicon  03/04/2021 

Nguyen Hong Trang’s family in Vinh My A commune in Bac Lieu province raises pigs. More than a year ago, her sow gave birth to 11 baby pigs, one of which weighed only two kilos. As it could not suckle much, it stayed small.

Demand for industrial land rising: Savills Vietnam
Demand for industrial land rising: Savills Vietnam
BUSINESSicon  02/04/2021 

The sudden increase in demand for land, factories, and warehouses in Vietnam has pushed up rental costs at industrial parks (IPs) near major cities, according to Savills Vietnam.

Finance ministry studies legal framework for cryptocurrencies
Finance ministry studies legal framework for cryptocurrencies
BUSINESSicon  02/04/2021 

The Ministry of Finance is studying the legal framework for managing cryptocurrencies on stock exchanges which would pave the way for legal cryptocurrency transactions in Vietnam.

Vietnam’s airlines preparing to fly non-stop to US, resume international flights
Vietnam’s airlines preparing to fly non-stop to US, resume international flights
BUSINESSicon  02/04/2021 

Despite the Covid-19 crisis, Bamboo Airways and Vietnam Airlines have announced plans to fly non-stop to the US by the end of this year.

Plenty of room remains for growth of consumer credit market: Insiders
Plenty of room remains for growth of consumer credit market: Insiders
BUSINESSicon  01/04/2021 

Though Vietnam’s outstanding consumer credit almost tripled over the last decade, its share of total outstanding loans is yet to keep pace with that of its regional nations. 

Owner of US$7 billion system, billionaire Nguyen Dang Quang takes new step
Owner of US$7 billion system, billionaire Nguyen Dang Quang takes new step
BUSINESSicon  01/04/2021 

After Masan Group's acquisition of Vingroup’s retail chain, Masan’s Nguyen Dang Quang took great steps to master the $7 billion system and form an ecosystem for Vietnamese people.

Banks required to issue chip cards for security
Banks required to issue chip cards for security
BUSINESSicon  01/04/2021 

Vietnamese commercial banks are required to issue chip ATM cards to improve customers’ transaction security from March 31, according to the State Bank of Vietnam’s Circular No. 22/2020/TT-NHNN.

Industries bet on vaccine visa measures
Industries bet on vaccine visa measures
BUSINESSicon  01/04/2021 

In line with the global vaccine visa drive, Vietnam’s latest move to complete technical infrastructure for the availability of such a travel document in April is expected to revive industries, heralding strong economic recovery ahead.

Big businesses pour billions of dong into land purchases in Da Nang
Big businesses pour billions of dong into land purchases in Da Nang
FEATUREicon  01/04/2021 

While other land markets are hot, Da Nang remains very quiet, prompting many investors from Hanoi and HCM City to collect land plots in advantageous positions in "bottom fishing" deals.

More than 10 sugar mills shut down because of big losses
More than 10 sugar mills shut down because of big losses
FEATUREicon  01/04/2021 

Many sugar mills have had to shut down because they cannot compete with imports.

Vietnam Airlines unveils coveted US flight proposals
Vietnam Airlines unveils coveted US flight proposals
BUSINESSicon  31/03/2021 

Vietnam Airlines’ dream of a direct commercial flight to the US is being quickened as a way to shelter from the financial trouble amid the pandemic, with repatriation flights being the pre-runner for future non-stop journeys across the Pacific Ocean.

Rapid growth of online delivery services
Rapid growth of online delivery services
BUSINESSicon  01/04/2021 

The sudden, unexpected and virulent spread of the Covid-19 pandemic brought about a change in perception and planning in consumer sales behavior, and many well established businesses made a strong shift towards online delivery servicing. 

New strategy to place priority on green growth
New strategy to place priority on green growth
BUSINESSicon  31/03/2021 

The Ministry of Planning and Investment is drafting a national green growth strategy and plans to submit it to the Government by June to accelerate the transition towards a carbon-neutral economy in Vietnam.

VIETNAM BUSINESS NEWS APRIL 2
VIETNAM BUSINESS NEWS APRIL 2
BUSINESSicon  02/04/2021 

New interest rate level forecast in Q2 2021

Many Vietnamese exporters see profit soar during COVID-19
Many Vietnamese exporters see profit soar during COVID-19
BUSINESSicon  31/03/2021 

Many Vietnamese exporters have seen a sudden increase in profits during the COVID-19 pandemic.

VIETNAM BUSINESS NEWS APRIL 1
VIETNAM BUSINESS NEWS APRIL 1
BUSINESSicon  01/04/2021 

Gov't needs to provide more support for SMEs in taking advantage of the EVFTA

Aviation industry: Sasco reports profit, Nasco reports loss
Aviation industry: Sasco reports profit, Nasco reports loss
BUSINESSicon  31/03/2021 

Aviation service companies continue experiencing hardships due to the Covid-19 pandemic, but the business of Johnathan Hanh Nguyen still is making a profit.

Wind, solar power projects complain about VAT refunds
Wind, solar power projects complain about VAT refunds
FEATUREicon  31/03/2021 

Wind power developers, who are running against time to put their projects into operation prior to November 2021, now face another problem: they may not get a VAT (value added tax) refund because of certain regulations.

Businesses still making under-the-table payments
Businesses still making under-the-table payments
BUSINESSicon  01/04/2021 

Under-the-table payments, often required in administrative procedure categories and enforcement stages, has been compared to a "leech" that persistently causes pain to businesses and the public.

Attracting multi-billion dollars worth of investments to IZs, tycoon earns big money
Attracting multi-billion dollars worth of investments to IZs, tycoon earns big money
BUSINESSicon  31/03/2021 

The real estate firm of Dang Thanh Tam has attracted $1.2 billion worth of investments into its IZs within a short time, projecting a profit increase of 6-7 times in 2021 amid continued foreign capital inflow.

 
 
 
Leave your comment on an article

OR QUICK LOGIN