Seafood enterprises are “full” of orders until the end of the year, setting a record profit target

According to the Association of Processors and Export Seafood Vietnam (VASEP), seafood exports in March was estimated at 900 million USD, bringing the accumulated in the first 3 months of the year to 2.4 billion USD (up 38.7%). This is a record increase in a month and quarter of Vietnam’s seafood exports so far.

Contributing to this strong growth is mainly thanks to catfish is on a strong recovery when the first 3 months of this year, the export of this item is estimated at 646 million USD (up 88% over the same period last year). Pangasius is regaining its position in the structure of export aquatic products when accounting for 27% of the export value of the whole industry.

Meanwhile, for shrimp products, in the first quarter of this year, it reached over $900 million (37 percent higher than last year), accounting for 37% of Vietnam’s export proportion of seafood exports.

Notably, according to VASEPCurrently, the demand for seafood products in markets such as the US, EU, Japan, Korea, China, UK… is very large. A series of restaurants, supermarkets… in markets are reopening, helping Vietnamese businesses fill up with orders until the end of the year.

Thanks to the positive growth in the first quarter of the year, businesses in the industry also set a record profit target after a long dismal period due to the COVID-19 epidemic. Typically, the Multinational Development and Investment Joint Stock Company wants to make a profit of 900 billion dong (up to 528% compared to last year), Cuu Long An Giang Seafood Import-Export Joint Stock Company expects a profit before tax increased by more than 318% to 200 billion dong, or the Mekong Seafood Joint Stock Company set a target of increasing profits by more than 340%.

Other large enterprises such as Sao Ta Food Joint Stock Company, Vinh Hoan Joint Stock Company are also planning double-digit growth in profits. According to preliminary statistics, in the first 2 months of the year, Sao Ta’s sales reached more than 40 million USD (about 920 billion VND), an increase of more than 62% compared to the same period in 2021. Similarly, Vinh Hoan recorded revenue more than 1,850 billion VND, up 71% over the same period.

Mr. Truong Dinh Hoe, General Secretary of VASEP, said that Vietnam’s seafood export forecast in April will still maintain a growth rate of 25% to reach 934 million USD. In which, shrimp and pangasius continue to be bright spots.

Prices of these two commodities are forecasted to continue to increase and remain at a high level in the first half of 2022 due to a shortage of raw materials, especially when trade agreements such as EVFTA (Vietnam – European Union), UKVFTA (Vietnam – European Union) Vietnam – UK Free Trade Agreement) … started to take effect.