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Seafood firms net huge catch from export restoration

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A seafood export restoration has helped greater companies enhance income whereas smaller ones have struggled with the spike in delivery charges.

Seafood exports topped $4 billion in H1, a year-on-year improvement of 15 %, based on the Common Division of Vietnam Customs. In Q2 notably, seafood export turnover elevated by greater than 21 % over the identical interval final 12 months, reaching almost $2.4 billion. This led to companies reporting constructive enterprise outcomes.

Vinh Hoan JSC earned over VND2.3 trillion in income and over VND260 billion in post-tax revenue, up 41 % and 16 % year-on-year, respectively. By its month-to-month report, VHC’s exports to most markets elevated, with the 2 largest ones being the U.S. and China.

The Kien Hung JSC (KHS) mentioned its web revenue elevated 10 occasions in Q2 as demand from Europe, America, Japan, and South Korea briefly recovered and stabilized. The agency additionally actively sought imported supplies at aggressive costs to keep up secure manufacturing.

The Minh Phu Seafood Company has but to announce its H1 enterprise outcomes, however, estimates a pre-tax revenue of over VND300 billion, a year-on-year improve 11 %.

Nonetheless, not all seafood exporters reported constructive enterprise outcomes, partly due to excessive freight charges. The Vietnam Affiliation of Seafood Exporters and Producers (VASEP) mentioned that by Might, freight charges in some ports had doubled in comparison with late 2020 and sextupled in comparison with early 2020.

The Nam Viet Company reported a rise of over 20 % in income in Q2 however a lower of 26 % in web revenue year-on-year. The company attributed the decline in revenue to a pointy rise in monetary and promoting bills, that latter taking pictures up 137 % in comparison with the final 12 months as a result of a hike in freight and transportation charges.

The Thuan Phuoc Seafood and Buying and selling Company (THP) noticed its revenue fall even additional to VND10 billion, half that of the identical interval final 12 months, due to rising promoting bills.

The ocean freight, which ups almost occasions, value the agency VND26 billion.

In early July, VASEP requested the Ministry of Agriculture and Rural Growth to report back to PM the problems of container scarcity and sea freight charges, looking for intervention to have the latter decreased to pre-November 2020 ranges.

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Rachel Ha
Industrial and agricultural product enthusiast. Expert on Vietnam economy. Focus on FTA agreements between Vietnam and other countries.
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