SSI Research: Seafood Industry’s 2024 Earnings to Grow by 20%-30%
- 148
- Business
- 16:08 15/01/2024
DNHN - Vietnam's seafood exports are expected to continue their declining trajectory from 2023, leading SSI Research to predict a modest recovery pace in 2024, primarily in the second half of the year.
SSI Research has provided assessments of the Seafood industry. In 2023, seafood stocks have experienced a remarkable growth of 11.7%, nearly equal to the VNIndex. In general, investors have been anticipating the industry’s recovery, with some notable stocks such as FMC (+47%), ANV (+43%), and VHC (+7%). This reflects optimism about future prospects, despite facing significant challenges.
FMC continues to benefit from shrimp exports to the Japanese market, thanks to the expansion of new shrimp farms. Meanwhile, ANV has made a positive entry into the US market in 2023, strengthening the global position of the Vietnamese seafood industry.
However, according to SSI Research, despite positive signs, the recovery of the Seafood industry is expected to be gradual in 2024, mainly in the second half of the year. This is explained by the decline in seafood exports since 2023, where export turnover decreased by 20% in the first 11 months of the year.
Amidst declining average selling prices, particularly in the US and Chinese markets, the seafood industry faces significant challenges. Although the pace of decline has slowed since Q2/2023, there has not yet been a strong recovery and maintenance of selling prices compared to the previous year.
For the tra fish industry, SSI Research observes and predicts that the average selling price decline cycle lasts from 1.5-2 years to reach the bottom and takes about 4 years to go through a full cycle. It is expected that the average selling price may increase again in the second half of 2024, marking optimism about the market’s recovery.
On the shrimp industry side, SSI Research emphasises the focus of domestic shrimp export enterprises on value-added products. Vietnam, ranked 4th in the US market and 1st in Japan, is highly regarded for its ability to produce value-added products, thanks to its skilled workforce and the use of advanced processing technology.
Despite the decline in shrimp export prices to the US, they remain stable compared to Ecuador/India/Indonesia. Facing higher discount prices can be a challenge, but SSI Research expects shrimp selling prices to remain stable or increase slightly in 2024.
Although input prices have decreased, gross profit margin may still decline year-on-year in the first half of 2024 due to lower average selling prices. Despite the weak recovery in order volume, SSI Research believes that the supply of raw shrimp and fish will be sufficient, leading to a slight decrease in prices due to weak demand.
Overall, the Seafood industry is facing many challenges but also carries opportunities for recovery by the end of 2024. The market is awaiting agility and innovation to overcome challenges and seize opportunities amidst the volatility of the global market.
P.V
Related news
- VCBC Chairman Steve Bui: Incentives have run their course — Vietnam enters an institutional race to attract the next generation of FDI
- Vietnamese Journalism in the Age of AI: How can reporters survive in the profession?
- Dr. Samuel Feldberg warns of risks that could reshape the global economic order and shares strategic advice for Vietnamese businesses
- VINASME organizes training program on risk control for sustainable business development amid uncertainty
- Vietnam’s International Financial Center looks beyond tax incentives to compete
- Expert Lại Thiên Phong: Localizing digital transformation – a new growth driver for Vietnam
- Are Vietnamese firms overlooking their most valuable “gold mine”?
- Iran Conflict and the “Double Shock” to the Global and Vietnamese Economies
- After 8 years and trillions sent abroad, are uST investors caught in a risky no-exit situation?
- When Cryptocurrency leaves the "Grey Zone": How are Vietnamese investors seeking profits?
- When the tech unicorn dream is undermined by reckless fundraising structures
- From New Year messages of World Leaders to the “new rules” of the Global economy in 2026
- Connecting Leaders, Shaping the Future: Strategic Leadership Planning Meeting – CorporateConnections Hanoi A
- Sunlight - Unilever Vietnam Recognized for Outstanding Contributions to the National Initiative Supporting Women Entrepreneurs
- Deputy Prime Minister Nguyễn Chí Dũng: “The country’s major challenges weigh heavily on my mind — and we must resolve them together.
- Unitsky String Technologies signs cooperation agreements with three Vietnamese partners, opening a new direction for smart mobility and sustainable development
- When artists do business – livelihood is no poetry!
- Before the D‑day to abolish flat‑rate tax: Fear of technology and costs leave small traders struggling to adapt
- Vietnamese enterprises at a crossroads: the impact of a potential US–China deal
- "Digital technicians" must not be forgotten if Vietnam aims to meet its strategic goals
Đọc thêm Business
VCBC Chairman Steve Bui: Incentives have run their course — Vietnam enters an institutional race to attract the next generation of FDI
VCBC Chairman Steve Bui analyzes Vietnam's next-generation FDI strategy, stressing that the country must now compete on institutional quality, innovation, and stronger linkages between foreign and domestic enterprises.
Vietnamese Journalism in the Age of AI: How can reporters survive in the profession?
Few professions have faced a transformation as profound as journalism is experiencing today.
Businesses under pressure: Capital and talent shortages threaten competitiveness
The Vietnam Institute of Economics and World Affairs (VIEWA) recently held a working session with the Vietnam Association of Small and Medium Enterprises (VINASME) as part of a policy research and business support initiative.
Dr. Samuel Feldberg warns of risks that could reshape the global economic order and shares strategic advice for Vietnamese businesses
Geopolitical tensions, technological transformation, trade fragmentation, and financial uncertainty are reshaping the global economy at an unprecedented pace.
VINASME organizes training program on risk control for sustainable business development amid uncertainty
In the context of a rapidly changing economy, increasing competition, and accelerating digital transformation, risk management capability has become a critical factor determining the resilience and sustainable growth of businesses, particularly SMEs.
Vietnam’s International Financial Center looks beyond tax incentives to compete
What makes a city an international financial center? Is it skyscrapers, massive capital flows, or generous tax incentives?
CEO Nguyễn Tất Tùng: only by anchoring in culture and preserving national identity can Vietnamese entrepreneurs reach the world
In a setting imbued with the rich cultural essence of Kinh Bắc, the 15th anniversary celebration of Dragon Travel was far more than a typical corporate event.
Expert Lại Thiên Phong: Localizing digital transformation – a new growth driver for Vietnam
On the morning of April 21, at the Ministry of Science and Technology, the Agency for Technology Entrepreneurship and Commercialization Development announced the 2026 innovation agenda aligned with the National Strategy for Startup and Innovation.
Building and accumulating intangible assets: a sustainable competitive advantage
In an intellectually vibrant afternoon of the business community, a seemingly old question was raised again in a way that made the entire audience rethink from the beginning.
From cost optimization to “survival optimization”: Vietnamese firms confront supply chain volatility
A fresh surge in domestic fuel prices is not only squeezing household budgets but also triggering a quiet yet profound wave of concern across Vietnam’s business community.