Tra fish exports expected to beat target

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.

Tra fish exports expected to beat target hinh anh 1

Tra fish processed for export (Photo: VNA)

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./.
en.vietnamplus.vn

Related News

Quang Tri Customs makes great effort to foster imports and exports across area

Quang Tri Customs makes great effort to foster imports and exports across area

VCN – Quang Tri Customs Department determines that accompanying businesses is a requirement and responsibility to support businesses in overcoming difficulties, contributing to the socio-economic development in the area.
Removing difficulties in tax exemption and refund policies for export processing enterprises

Removing difficulties in tax exemption and refund policies for export processing enterprises

VCN - The Customs agency has received many proposals from businesses about answering and guiding policies on tax exemption, import tax and VAT refund for export processing enterprises. The General Department of Customs has responded and provided instructions for each specific case.
Trade deficit from China in the first two months of the year hits over US$ 11 billion

Trade deficit from China in the first two months of the year hits over US$ 11 billion

VCN – Over the past two months of the year, Viet-Nam trade turnover reached over US$ 27 billion.
3 exported agricultural groups worth billion US$

3 exported agricultural groups worth billion US$

VCN – The export of agricultural products prospered in the first two months of the year. Notably, three agricultural commodity groups saw export turnover of US$ 1 billion or more.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version