The Vietnamese seafood industry persists in its strategy of high value-added products

Published May 19, 2024

Tridge summary

Vietnamese seafood export businesses, led by the Sao Ta Food Joint Stock Company, are strategically shifting their focus towards high-value-added processed products, despite challenges in the current low global demand for seafood. This strategy includes a focus on the Japanese and UK markets, with an eye on expanding to China, and involves innovation and technology investment to improve product quality and competitiveness. The Vietnam Association of Seafood Exporters and Producers (Vasep) highlights a shift towards value-added products, as shown by a decrease in frozen pangasius fillets exports but an increase in value-added processed pangasius products. The total value of seafood exports in the first four months of the year reached 2.68 billion USD, with shrimp products accounting for 937 million USD. The industry faces challenges such as inflation, inventory issues, and high tax rates in the US market, but businesses are encouraged to seek opportunities and further develop value-added products to strengthen their brand and market position.
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Original content

Being in the Top 3 seafood exporting countries in the world, Vietnamese seafood always affirms the world with its quality. Processed products with high added value are the direction that businesses choose to affirm their position. In the context that world seafood demand is still low, value-added products have their own difficulties, but businesses still persevere with this strategic choice. As one of the top shrimp exporting enterprises, Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Food Joint Stock Company (FMC) said that the direction of the business is always value-added products. increase. While Vietnamese shrimp products to the US are the largest market, for Sao Ta alone it is the Japanese market. The company has a great opportunity to participate in the distribution chain with high value-added products. The company is promoting exports to Japan and the UK and is also achieving positive results in the US and Korea. Mr. Ho Quoc Luc also shared that not only ...
Source: Vietstock
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