Vietnam: Export product bounceback results in the need to remove raw material bottlenecks

Published May 24, 2024

Tridge summary

Vietnam's seafood exports, including shrimp and pangasius, saw a 6% increase in the first four months of 2024, reaching 2.7 billion USD. Shrimp exports remained steady at 285 million USD in April, with a total of 971 million USD in the first four months, while pangasius exports increased by 13% in April, reaching 168 million USD. The industry is currently facing challenges such as potential anti-subsidy taxes from the US and raw material shortages due to decreased exploration output and new regulations. The removal of these bottlenecks is crucial for the recovery and development of seafood exports.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Seafood exports in the first 4 months of 2024, reached 2.7 billion USD, up 6% over the same period in 2023. Many key export products such as shrimp and pangasiusreveals good signs. Shrimp exports reached nearly 1 billion USD According to businesses, shrimp exports to markets show signs of recovery because importers' inventories have decreased and import demands have begun to spring back. Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Food Joint Stock Company, said that in April 2024, the company's finished shrimp production increased, reaching 2,130 tons, an increase of 50%, while the consumption output was 1,435 tons, an increase of 22%; Overall sales reached 16.32 million USD, up 17% over the same period last year. With growth momentum, the company has now completed shrimp harvest in April and is currently preparing for the main crop farming process, and proactively preparing sources raw materials to fulfill export orders. According to the assessment of the ...

Source: WTOCenter