Thursday, March 28, 2024 5:18:25 PM - Markets open
VN-INDEX 1,290.18 +7.09/+0.55%
HNX-INDEX 243.92 +1.07/+0.44%
UPCOM-INDEX 91.48 +0.30/+0.33%
Tra fish exports expected to beat target
Vietnam+ - 7/9/2022 11:32:40 AM
 (0 ratings. You must sign in to rate.)
The Vietnam Association of Seafood Exporters and Producers (VASEP) is optimistic about tra fish exports this year with a substantial demand recovery in import markets.
 
 
The association predicted that tra fish export would beat the target of 1.6 billion USD set at the beginning of this year to finish at 2.6 billion USD.
 
Tra fish processing plants were at full capacity in the first half of this year for export orders, VASEP said, adding that the export value reached more than 1.4 billion USD in the first six months of this year, representing a rise of 83% against the same period last year.
 
Inflation and the Russia - Ukraine conflict provided the opportunity for Vietnam to expand tra fish export to the EU, the US and the UK markets which faced with severe shortages of white fish due to sanctions on Russia.
 
Tra fish export to the UK jumped by six times over the same period last year while to Spain nearly tripled. Other markets which saw fast growth included mainland China, Hong Kong (124%), the US (131%) and France, Holland, Germany and Belgium by around 45-90%.
 
Vietnam’s tra fish has been exported to 117 markets, including five new markets since the first quarter of 2021.
 
In mid-May, the Food Safety and Inspection Service under the US Department of Agriculture recognised six more Vietnamese tra fish processing factories to be eligible for exporting their products to the US market, bringing the total number of eligibility-recognised factories to 19.
 
Tra fish export to the US remained promising, VASEP said, citing statistics of the International Trade Centre that frozen tra fish prices of Vietnam in the US hit a new record of nearly 5 USD per kg, about 2 USD higher than the same period last year. This was also the strongest increase in the past three years.
 
As for Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) markets, tra fish exports to Mexico, Canada, Australia, and Japan were robust in the first six months of this year, reaching 170 million USD, up by 64% against the same period last year.
 
According to Truong Thi Le Khanh, Chairwoman of the Board of Directors of Vinh Hoan Joint Stock Company, with the rising demand for tra fish in the US, Europe and China together with the COVID-19 pandemic now under control and the shortage of supply, 2022 would be “very magical” for the tra fish industry with all factories to be profitable.
 
Tra fish prices would keep increasing till the end of this year, bringing profits to tra fish producers and exporters, although costs such as feed and logistics increased.
 
A recent report by BIDV Securities Company (BSC) said that Vietnam’s tra fish industry was entering a growth period after two years of a downtrend due to the impact of the COVID-19 pandemic and the disruptions of the supply chain in 2020-21.
 
Tra fish import demand would increase significantly until the end of the year, after a long time pressed by the pandemic, BSC said.
 
BSC said that the US demand for tra fish would increase strongly as the US faced a shortage of domestic catfish supply, which had been the impetus for Vietnam’s tra fish export from the end of 2021.
 
As for the Chinese market, BSC believed that China would gradually reopen with a huge consumption demand which had been pent-up during the past two years as the impact of the pandemic. China would be an important market for tra fish export expansion.
 
Tra fish export was estimated at 1.54 billion USD in 2021./.
 
Newer News
17:07 Petrol prices increase on March 28
23/03 Rubber exports hit $160 million in Feb
23/03 Infrastructure to promote real estate market
20/03 Việt Nam ranks third in crypto gains in 2023
20/03 Việt Nam: A typical ASEAN trading partner of Mercosur
15/03 Petrol prices decrease slightly in latest adjustment
15/03 HCM City urged to create breakthroughs in foreign investment attraction
15/03 Japan seeks to boost seafood processing collaboration with Việt Nam
15/03 Việt Nam's rice exports to Senegal remain low compared to demand
15/03 Northern power corp’s output up 12.02 per cent
Older News
09/07 Vietnam to benefit from large corporations’ capital relocations
09/07 Recommendations put forward to boost Thailand-HCM City trade, investment
08/07 Unprecedented increase in price of gasoline
07/07 Wheat shortages bode well for Vietnamese rice
05/07 Cement prices rise, profits to fall
05/07 2022 GDP growth prospect: optimistic but also cautious
01/07 Vietnam’s economic growth accelerates on back of exports, manufacturing: Bloomberg
01/07 Global manufacturers gradually focus on Việt Nam
30/06 Vietnam’s CPI up 2.44% in six months
30/06 Vietnam enjoys trade surplus of 710 million USD in six months
 
Newsletter Signup
Top Stories
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,290.18 +7.09/+0.55%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.