VN seafood exporters not too worried about COVID-19

Seafood exporters in Vietnam are not too worried though import demand for their products has taken a hit due to the coronavirus epidemic.

VN seafood exporters not too worried about COVID-19

While Viet Nam's seafood exports saw a drop due to COVID - 19, exporters are not too worried about the situation. 

 Seafood exporters in Viet Nam are not too worried though import demand for their products has taken a hit due to the coronavirus epidemic.

According to Viet Nam Association of Seafood Exporters and Producers (VASEP), seafood exports to China by land account for around 20 per cent of total value, and so the border closure has heavily impacted exports in the first quarter.

VASEP forecast that in the best case, seafood exports to China in the first quarter would be 40 per cent lower than in the last quarter of last year though still 10 per cent higher year-on-year.

If the disease persists for a long time, full-year export to China could see a 6 per cent drop, it warned.

But Truong Dinh Hoe, general secretary of VASEP, said the disease's effect on exports in the first few months of the year had not been too drastic, and China's seafood imports usually pick up after March or April.

 

Doan Chi Thien, a management board member at Nam Viet Corporation, said the Lunar New Year holiday was extended until February 9 in most of China’s provinces, and so businesses were unable to export shark catfish to them.

While shark catfish exports to China are expected to take a big hit, it is only temporary, while other markets are importing the product normally, with ones like South America and Europe in fact increasing shipments, according to Thien.

His company has been focusing on diversifying its markets and reducing dependence on only one market, he added.

Pham Thanh Tung of seafood supplier Vinh Hoan Corporation said his company hoped demand would pick up in the second quarter, adding that it had already been working on expanding its markets. — VNS

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.

Vietnam’s seafood falls in grades because of IUU yellow card

Vietnam’s seafood falls in grades because of IUU yellow card

The EU, which was once the second biggest seafood export market for Vietnam, consuming 18 percent of Vietnam’s seafood exports, fell to fifth, with 13 percent, after the EU gave Vietnam the yellow card.

 
 

Other News

.
Coronavirus: Amazon workers threaten strikes over virus protection
Coronavirus: Amazon workers threaten strikes over virus protection
BUSINESSicon  31/03/2020 

Some US workers at Amazon and Instacart are threatening to strike over inadequate coronavirus protections.

Aerospace components manufacturing plant inaugurated in Da Nang
Aerospace components manufacturing plant inaugurated in Da Nang
BUSINESSicon  31/03/2020 

The Sunshine aerospace components manufacturing facility was recently inaugurated in the central city of Da Nang, according to the Da Nang Hi-Tech Park and Industrial Zones Authority.

Toyota Motor Vietnam suspends vehicle production
Toyota Motor Vietnam suspends vehicle production
BUSINESSicon  31/03/2020 

Toyota Motor Vietnam (TMV) suspended vehicle production on March 30.

European Council passes final procedure for EVFTA
European Council passes final procedure for EVFTA
BUSINESSicon  31/03/2020 

The European Council on March 30 passed a decision to ratify the EU-Vietnam Free Trade Agreement (EVFTA), paving the way for the deal to come into force.

Disbursement of public investment would help lift Vietnam's GDP by 0.42 percentage points
Disbursement of public investment would help lift Vietnam's GDP by 0.42 percentage points
BUSINESSicon  30/03/2020 

Boosting the disbursement of all planned public investment would help increase this year’s gross domestic product (GDP) by 0.42 percentage points, according to the General Statistics Office (GSO).

Kien Giang, Long An provinces want rice export ban lifted
Kien Giang, Long An provinces want rice export ban lifted
BUSINESSicon  30/03/2020 

The Mekong Delta provinces of Kien Giang and Long An have asked the Government to reconsider its temporary ban on rice exports, saying it would discourage farmers from growing the autumn-winter crop this year.

Restaurants offer free delivery amid COVID-19 outbreak
Restaurants offer free delivery amid COVID-19 outbreak
BUSINESSicon  30/03/2020 

Because of the impact of COVID-19 outbreak, many restaurants in HCM City are struggling and offering free delivery services to attract customers who are eating at home instead of going out.

COVID-19: Business facilities, services allowed to operate in Hanoi
COVID-19: Business facilities, services allowed to operate in Hanoi
BUSINESSicon  30/03/2020 

Hanoi has also called on places of worship not to organize events with large numbers of people, and to limit public gatherings as the number of COVID-19 infection cases in the city keeps rising.

Fitch Solutions lowers Vietnam’s growth forecast
Fitch Solutions lowers Vietnam’s growth forecast
VIDEOicon  30/03/2020 

Fitch Solutions has recently revised down Vietnam’s economic growth in 2020 to 6.3 per cent from 6.8 per cent previously due to the Covid-19 outbreak.

FDI businesses cry out for help as COVID-19 exerts impact
FDI businesses cry out for help as COVID-19 exerts impact
BUSINESSicon  30/03/2020 

Many foreign direct investment (FDI) businesses are taking the full brunt of the novel coronavirus outbreak (COVID-19) and they are in dire need of support from the government to weather the storm.

Workers face salary cuts as firms fight to survive amid COVID-19
Workers face salary cuts as firms fight to survive amid COVID-19
BUSINESSicon  30/03/2020 

Many businesses have been forced to give workers time off work, especially at weekends due to reduced demand caused by the novel coronavirus (COVID-19).

Mekong Delta shrimp prices fall as COVID-19 hits demand
Mekong Delta shrimp prices fall as COVID-19 hits demand
BUSINESSicon  29/03/2020 

Shrimp prices have plummeted in the Mekong Delta since global demand has been hit severely by the COVID-19 pandemic.

Association calls for consistent tax incentives for social housing developers
Association calls for consistent tax incentives for social housing developers
BUSINESSicon  29/03/2020 

Tax incentives for developers of social housing projects for lease should be made clear and consistent to encourage private investment in the segment, according to the HCM City Real Estate Association.

Petrol prices see sharp fall of up to 4,252 VND per litre
Petrol prices see sharp fall of up to 4,252 VND per litre
BUSINESSicon  29/03/2020 

The retail prices of petrol plummeted from 3pm of March 29, making it the sixth consecutive reduction since the beginning of this year.

COVID-19: Bamboo Airways restricts domestic, charter flights
COVID-19: Bamboo Airways restricts domestic, charter flights
BUSINESSicon  29/03/2020 

Bamboo Airways, Vietnam’s newest airline, has announced it will reduce the frequency of domestic flights amid the critical time of COVID-19 fight as directed by the Government and Ministry of Transport.

HCM City property developers offer more products
HCM City property developers offer more products
BUSINESSicon  29/03/2020 

The HCM City real estate market provides more housing projects and subsidises rentals to boost the market amid the COVID-19 pandemic.

Mekong Delta rice farmers earn high income from rice straw
Mekong Delta rice farmers earn high income from rice straw
BUSINESSicon  29/03/2020 

Rice farmers in the Mekong Delta are earning higher incomes from selling rice straw left over from the harvested 2019 – 20 winter-spring rice crop.

Ministry proposes 843 million USD bailout package for businesses during COVID-19
Ministry proposes 843 million USD bailout package for businesses during COVID-19
BUSINESSicon  29/03/2020 

The Ministry of Labour, Invalid and Social Affairs has proposed the Government issue a 20 trillion VND (843 million USD) bailout package to soften the economic impact of the COVID-19 pandemic.

No end to woes of local textile and garment industry
No end to woes of local textile and garment industry
BUSINESSicon  28/03/2020 

While the supply of raw materials from China is recovering after a month of suspension, textile and garment businesses find that they have moved out of the frying pan into the fire as the COVID-19 pandemic

Vietnam's first-quarter GDP growth hits decade low
Vietnam's first-quarter GDP growth hits decade low
BUSINESSicon  28/03/2020 

Vietnam’s gross domestic product (GDP) in the first quarter of 2020 grew 3.82 percent, the lowest pace during the 2011-2020 period, head of the General Statistics Office Nguyen Bich Lam said on March 27.

 
 
 
Leave your comment on an article

OR QUICK LOGIN