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Frozen shrimp production at a factory in the Mekong Delta province of Hau Giang. (Photo: SGGP) The country earned more than $3.2 billion from aquatic exports in the second quarter of 2022, an increase of 36 percent from the same period last year. According to VASEP, shipments of shrimp picked up 7 percent – a quite modest pace – to total $450 million as a result of input shortages. Though, the sector experienced a strong growth of 33 percent in H1 to bring home $2.3 billion, accounting for 40 percent of the total seafood exports. Several producers have raised the shipments of high value-added processed shrimp products, instead of raw ones, to major markets like Japan, the US and the EU as a way to address input shortages. Exports of lobster posted a record-high 30-fold surge year-on-year to $130 million. High inflation coupled with the Russia-Ukraine crisis have brought big opportunity for Tra fish from Vietnam this year. Sanctions on imports of Russian-caught whitefish in … [Read more...] about Aquatic exports spike 40 percent in H1

Vietnam has reported record growth in shrimp exports in the first half of 2022 with revenues reaching nearly USD 2.30 billion, 33 times higher compared to the same period last year. Illustrative photo According to a report from the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports were worth USD 2.30 billion which accounted for 40 percent of seafood exports in the first six months of 2022. VASEP said that inflation and material shortages had posed lots of challenges for local seafood exporters. Some firms have turned to processing high-quality products for some demanding markets including Japan, the US, or EU countries. "Export of white leg shrimp saw an increase of 17 percent on-year while lobster exports were 30 times higher," the report said. Shrimp exports to China alone were worth USD 275 million in the first five months, 101 percent higher on year. Explaining the surge in shrimp exports to China, VASEP said that … [Read more...] about Vietnam enjoys sharp increase in shrimp exports

Lam Dong Province leaders visit the farm of Sunfood Da Lat CO.OP recently. — Photo courtesy of the Sunfood Da Lat CO.OP The Central Highland province of Lam Dong will need to train a highly skilled workforce, expand international cooperation and lure foreign investment in hi-tech agriculture in an effort to become a national agriculture hub. According to Nguyen Van Chau, deputy director of the province’s Department of Agriculture and Rural Development, Lam Dong, blessed with a mild climate and fertile soil suitable for agriculture, aims to attract FDI in hi-tech agriculture to add value and meet market demand, especially for exports. It plans to focus on restructuring crops and building concentrated production areas. It will invest in equipment and machinery, upgrading factories, supporting human resource training and building processes that meet international standards. Priority will be given to large-scale FDI enterprises with high capability in terms of capital, … [Read more...] about Lam Dong lures FDI in hi-tech agriculture

The production plants of VICEM Bim Son. Amid mounting input costs, the producer raised its cement prices by VND70,000 on June 22. — Photo vicem.vn Mounting fuel and coal costs have been added to cement producers' bills, leaving them no choice but to increase prices. Price adjustments can be observed in almost all producers, with none willing to hold down prices to see profits eroded. Prices have been adjusted from VND50,000 to VND140,000 per tonne across the sector. Trung Son Cement increased p30 Cement and PCB 40 Cement by VND90,000 per tonne on June 10. Northern Cement Trading followed suit with price rises of VND70,000 per tonne. Southern Region Cong Thanh Cement Trading and the Tan Quang Cement got in on the act with price rises of between VND50,000 and VND140,000 per tonne on June 15. VICEM Ha Long JSC. did likewise five days later, announcing price rises between VND60,000 and VND80,000 per tonne. The latest price adjustments were made on June 25 by Vissai Ha Nam … [Read more...] about Cement prices rise, profits to fall

Workers process tra fish at Sao Mai Corp's factory in An Giang Province. Tra fish export to the UK increased six-fold. — VNA/VNS Photo Vu Sinh Viet Nam’s tra fish export increased by 83.2 per cent in the first half of this year, the highest growth rate among fishery products, the latest data by the Vietnam Association of Seafood Exporters and Producers (VASEP) showed. Seafood exports were expected to rake in nearly US$5.8 billion for Viet Nam in the first six months, up almost 40 per cent year-on-year. Most seafood products witnessed high export growth rates in the first half, of which tra (pangasius) fish led the group with an estimated value of $1.43 billion, up 83.2 per cent, accounting for one-fourth of total seafood export value. Tuna and crustaceans followed with export value at $553.5 million and $110 million, or increases of 55.7 per cent and 54.5 per cent on-year, respectively. Shrimp export, the biggest seafood product export, which brought in $2.3 billion, grew … [Read more...] about Tra fish exports to UK soar six-fold