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4 Key Insights into Seafood Expo Global

4 Key Insights into Seafood Expo Global

Event Details Dates: April 23-25, 2024 Location: Gran Via Venue, Fira de Barcelona, Barcelona, Spain Organized by: Diversified Communications Exhibition Layout and Sections The exhibition space at Seafood Expo Global is divided into several key sections to facilitate navigation and maximize interaction between exhibitors and attendees. These include: National and Regional Pavilions: Exhibitors from various

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The Ministry of Industry and Trade Approves the List of Reliable Exporters for 2022

Nghi Son Foods Group in the ‘Reliable Exporters’ List 2022

In accordance with Document No. 3028/BCT-XNK dated May 19, 2023, issued by the Ministry of Industry and Trade regarding the evaluation of Reliable Exporters for the year 2022, the Ministry of Industry and Trade has collaborated with various ministries, sectors, industry associations, provincial Departments of Industry and Trade, centrally governed municipalities, and relevant agencies to

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Catfish exports recovery

Approaching $1 Billion: Positive Catfish Exports Outlook

Vietnam’s Catfish Industry Shines: Reaching the $1 Billion Milestone Amidst economic fluctuations, Vietnam’s catfish export sector has made a notable mark, estimated to reach the $1 billion export milestone within the first 7 months of 2023. The robust recovery of this industry instills confidence that catfish exports can continue to surge, nearing the target of

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Xuat khau ca tra tang truong tich cuc

Xuất khẩu Cá Tra Chạm Ngưỡng 1 Tỷ USD, Hứa Hẹn Hồi Phục

Hào quang của ngành cá tra Việt Nam: Dấu mốc 1 tỷ USD trong tầm tay Trong bối cảnh kinh tế đang trải qua nhiều biến động, ngành xuất khẩu cá tra của Việt Nam đã ghi dấu ấn đáng chú ý với ước tính đạt mốc xuất khẩu 1 tỷ USD trong 7 tháng

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Impact of Increasing Production Costs The competitiveness of Vietnamese seafood products is being affected by rising production costs, including feed prices, material input, electricity, and labor. Experts point out that these escalating expenses are putting pressure on seafood producers and impacting their production and selling prices. Electricity Price Hike and its Consequences The Ministry of Industry and Trade (MoIT) reported an 8.36% increase in the average retail price of power last week. This translates to a rise in electricity bills from 1,720 VND (7.49 US cents) per kWh to 1,864 VND (8.03 cents) per kWh (excluding VAT). The higher electricity tariffs have raised concerns among tra fish producers, as increased input costs are expected to affect their production and ultimately the selling prices. Challenges Faced by Seafood Processing Enterprises Seafood processing enterprises, particularly those involved in export-oriented production, heavily rely on freezers and air conditioning systems, which account for over 85% of their total power consumption. For example, a medium-capacity tra fish processing factory in Dong Thap province typically pays 10 billion VND for electricity per month. With the recent power price increase, factories will face significantly higher expenses. Calls for Reasonable Policies and Support The tra fish industry has suggested that the electricity sector consider and implement reasonable policies that create favorable conditions for production, particularly in the agricultural and fishery sectors. One proposed approach is to increase electricity prices gradually, with an initial surge rate of 3-4%, followed by suitable adjustments. Furthermore, enterprises urge the government to offer preferential loans to support the conversion of outdated electrical equipment to new, energy-efficient machines. Promoting the use of renewable energy resources is also seen as a viable solution. Labor Costs and Difficulties in Recruitment Seafood processing enterprises are facing challenges in finding workers, especially in Ho Chi Minh City and the Mekong Delta region. Despite increasing salaries to attract workers, enterprises are still struggling with labor shortages. Unstable incomes and hazardous working environments have prompted many workers to switch jobs. These difficulties in labor recruitment contribute to rising labor costs for seafood processing businesses. Feed and Antibiotic Costs The cost of feed in Vietnam's shrimp industry is higher compared to neighboring countries. Shrimp production costs in Vietnam are approximately 1 USD per kilogram higher than in neighboring countries. Additionally, the cost of antibiotics poses a significant financial burden on the domestic shrimp industry. The price of raw shrimp itself presents a major challenge for seafood processing enterprises due to unstable supplies caused by reductions in fishery resources and severe weather conditions. Investments in Large-scale Material Regions To mitigate production costs and ensure quality and hygiene control, large seafood producers have been actively developing large-scale material regions. These regions have higher capacities and allow for cost reductions. For example, companies like Minh Phu Seafood Corporation and Sao Ta Food Joint Stock Company have invested in expanding their shrimp farming areas to increase supply. Vinh Hoan JSC plans to expand its tra fish farming area, while Nam Viet Joint Stock Company is constructing a high-tech tra fish farming region to meet processing capacity targets. In conclusion, rising production costs in the Vietnamese seafood industry, including electricity, feed, labor, and material inputs, are presenting challenges for enterprises. The recent increase in electricity prices has led to concerns about the impact on production and selling prices. To address these challenges, the industry suggests reasonable policies, support for the adoption of renewable energy, preferential loans for upgrading equipment, and efforts to stabilize labor recruitment. Investments in large-scale material regions are also being made to reduce costs and ensure a steady supply of raw materials.

Costs cause seafood firms to sink

Impact of Increasing Production Costs The competitiveness of Vietnamese seafood products is being affected by rising production costs, including feed prices, material input, electricity, and labor. Experts point out that these escalating expenses are putting pressure on seafood producers and impacting their production and selling prices. Electricity Price Hike and its Consequences The Ministry of

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Commercial fishermen scramble to sell quota before year's end

Fishermen Rush to Sell Quota Before Year’s End

Initial Devastation and Slow Recovery When COVID-19 prompted the closure of restaurants in mid-March, commercial fishermen in the Gulf of Mexico found themselves facing a sudden halt in demand for their fresh seafood. This situation had a significant impact on their operations and bottom line. Buddy Guindon, the owner of a commercial fishing operation and

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Vietnam yellowfin tuna exports growth 21%

Vietnam yellowfin tuna exports growth 21%

Continuously from the beginning of the year until now, Vietnam’s yellowfin tuna exporters have faced many difficulties such as increased production costs, increased container rental prices, and higher transportation rates. However, with unremitting efforts and market acumen, the country’s tuna export results in the first half of 2021 still increased by 21% over the same

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Xuất khẩu thuỷ sản sang Trung Quốc giảm liên tiếp do Covid

Xuất khẩu thuỷ sản sang Trung Quốc giảm liên tiếp do Covid

Trong khi các thị trường lớn như Mỹ và EU đang mở cửa và ghi nhận sự tăng trưởng mạnh mẽ trong xuất khẩu thủy sản của Việt Nam, Trung Quốc đang kiểm tra nghiêm ngặt hàng hóa thủy sản đông lạnh nhập khẩu từ nhiều quốc gia do dịch COVID-19. Kết quả là, xuất

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Xuất khẩu cá ngừ “tăng tốc” trong tháng 4/2021

Xuất khẩu cá ngừ “tăng tốc” trong tháng 4/2021

Trong tháng 4/2021, xuất khẩu cá ngừ của Việt Nam tiếp tục tăng trưởng mạnh mẽ, với giá trị xuất khẩu đạt hơn 74 triệu USD, tăng gần 50% so với cùng kỳ năm trước. Tổng giá trị xuất khẩu trong 4 tháng đầu năm đạt gần 226 triệu USD, tăng 15% so với cùng

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