In the early days of 2024, the prices of shrimp and pangasius in the Mekong Delta provinces have started to increase by 6,000 – 15,000 VND/kg depending on the size.
Shrimp and pangasius prices increase again
At the beginning of 2024, the price of shrimp material in the Mekong Delta region slightly increased. In localities such as Tiền Giang, Bạc Liêu, Bến Tre…, the prices of tiger shrimp range from 170,000 – 175,000 VND/kg for 20-count shrimp, 160,000 – 162,000 VND/kg for 30-count shrimp, 130,000 – 132,000 VND/kg for 40-count, 116,000 – 121,000 VND/kg for 50-count, increasing by 9,000 – 15,000 VND/kg compared to the previous month. The prices of black tiger shrimp also increased by 6,000 – 10,000 VND/kg. With such an increase, the prices of black tiger shrimp are fluctuating between 120,000 – 225,000 VND/kg depending on the size.
Lê Thành Tăng, residing in Tân Phú Đông district, Tiền Giang province, said that it’s amid the first season of the year, the output is not much while the market demand in the months before Tet Holiday increases sharply, causing shrimp prices to rise.
Along with shrimp, the price of pangasius also increased from the early days of the year. Accordingly, from the 5th day of Tet, many fishermen in localities such as Tiền Giang, Đồng Tháp… harvested pangasius according to the requirements of seafood processing enterprises to operate after Tet. Due to short supply and high demand for raw materials from processing plants, pangasius is favorably priced high.
Small pangasius (less than 1kg/pc) are priced at 28,000 VND/kg, with a profit of 4,000 VND/kg. This is the highest profit level in the past year. According to predictions by shrimp and pangasius purchasing establishments, the prices of shrimp and pangasius are likely to increase due to the demand for domestic consumption and exports.
Recovery in seafood exports
In the first months of the year, seafood exports showed signs of recovery compared to 2023. Statistics from the General Department of Customs show that in January 2024, Vietnam’s seafood exports reached an estimated $730 million, up 60.8% compared to the same period in 2023.
Nguyễn Văn Đạo, General Director of Gò Đàng Joint Stock Company, said that in the last months of the year, there were positive signals in the US and European markets, market developments in some countries were gradually stabilizing, especially the Chinese market. Thus, seafood exporting enterprises may have faith in making their production and trading plan for 2024.
Trần Văn Dũng, General Director of Baseafood, noted that government’s incentives such as the policy of reducing value-added tax by 2%; IUU “yellow card” removal policy, and good signs in the market are drivers for the recovery of the seafood industry in the second and third quarter of 2024. In 2023, the unit increased its processed goods for Japan by nearly 30% and will continue to push strongly in 2024.
According to VASEP’s forecast, in 2024, Vietnam’s shrimp exports will increase by 10 – 15% compared to 2023, especially in the last 6 months of the year, when inflation pressure cools down, inventory at importers decreases, and shrimp prices rise again. VASEP advises that seafood consumption demand tends to recover but customers still focus on cheaper products such as canned fish, raw fish for canned fish processing, dried fish, and dried tiny shrimp…
VFM
