Vietnam’s companies are ramping up
Recovering after covid-19, Vietnam’s companies are forecasted to consecutively receive good news of exports.
According to a report by the Agency of Foreign Trade under the Ministry of Industry and Trade, Vietnam’s companies have been seeing their revenue inching up since May with more and more orders in defiance of serious damages caused by the coronavirus outbreak.
Vietnam took in $600 million from exporting 150,000 tons of seafood in April, up 1% in volume but down 5% in value compared to the same period last year.
From January to April 2020, the country’s seafood exports reached 553,100 tons, valued at $2.215 billion, down 3.4% in volume and 8.5% in value from last year. Vietnam’s seafood exports are forecasted to continue to recover and speed up from Quarter II of 2020.
In the April sales report, Sao Ta Foods JSC produced 1,196 tons of frozen finished shrimp in April (+10%) with sales of 990 tons (+7%). Its revenue was $11.2 million, up 15% compared to the same period last year. The EU was the biggest destination with a proportion of 30%.
A representative of Sao Ta said that the company was preparing for sufficient qualified goods and benefits from EVFTA which would become effective in the next few months. The company was expanding its ASC certified farming area and got an additional 90ha shrimp farm in 2020.
Nam Việt Seafood (Navico) is recovering and increasing its sales to the Southeast Asia market, resulting in a 16% increase in revenue in April. From January to April 2020, total export volume declined by 19.7% from last year, reaching $28.5 million. Navico is now planning to make a breakthrough and boost its sales of pangasius to the EU.
Camimex Group updates its export result in April with an output of more than 396.3 tons, up 39% from last year. The company’s revenue reached $6.5 million, up 86% compared to the same period last year, with the largest importer EU accounting for more than 70%. A representative of Camimex Group said that it was the highest number in the last seven years. With signed contracts and stockpiles, the company is expecting to reach $7-8 million each month in May and June, up 60-70% if the pandemic is brought under control. He affirmed that the subsiding pandemic was paving good opportunities for the fisheries industry. Moreover, the EVFTA which will become effective in July promises to bring much benefit to Vietnam’s seafood exporters.