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Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Fonterra profits increase despite volatile market conditions

    Fonterra profits increase despite volatile market conditions

    Fonterra Co-operative Group Ltd today released its 2023 Interim Results which show the Co-op has delivered a half year Profit After Tax of $546 million, an earnings per share of 33 cents, and a decision to pay an interim dividend of 10 cents per share alongside a forecast Farmgate Milk Price range of $8.20 – $8.80 per kgMS.

    The Co-op also upgraded its full-year forecast normalized earnings from 50-70 cents per share to 55-75 cents per share and announced a proposed tax-free capital return to farmer-owners and unit holders of around 50 cents per share, subject to completion of the sale of its Chilean Soprole business.

    Fonterra CEO Miles Hurrell says the results for the year’s first half show the Co-op is performing well, with profit up 50 per cent, against a backdrop of ongoing market volatility.

    “Our Co-op’s scale and diversification across channels and markets has enabled us to navigate through disruption and make the most of favorable market conditions in a number of areas.

    “While milk powder prices have softened recently, impacting our forecast Farmgate Milk Price range, protein prices have been high, and this is reflected in the lift in earnings we’re reporting today.

    “Our improved earnings and strong balance sheet have enabled us to pay an interim dividend of 10 cents per share which is positive news for our farmer owners and unit holders. We also expect to be able to pay a strong full year dividend, in addition to our proposed capital return.

    “The outlook for high quality sustainable New Zealand dairy remains positive. We have a clear strategy and are well-positioned to take advantage of this demand,” says Mr Hurrell.

    The Co-op has delivered a Profit After Tax of $546 million, up $182 million compared to the same time last year, and a Return on Capital for the last 12 months of 8.6%, up from 6.1% in the comparable period.

    “This lift in earnings is thanks to our Co-op’s scale and ability to move our farmer owners’ milk into products and markets with favorable prices.

    “With whole milk powder prices down, we moved more milk into skim milk powder and cream products to optimize our Farmgate Milk Price.

    “We also made the most of favorable margins in our cheese and protein portfolios by moving a higher proportion of current season milk into these products which has benefited our earnings.

    “Our ability to capture these higher margins is reflected in our Ingredients channel performance, with normalized EBIT up $494 million, or 118%, on the same time last year to $911 million.

    “Our Consumer and Foodservice channels benefited from improved in-market prices, with Foodservice normalized EBIT up $81 million, or 95%, to $166 million. However, higher input costs and ongoing pressure on margins have impacted overall Consumer channel performance.

    “Our domestic consumer business, Fonterra Brands New Zealand (FBNZ), has been under margin pressure for some time and is not improving as fast as planned. Performance of our Asia consumer brands has been impacted by weakening currency in the markets they operate, higher interest rates and a declining economic environment in some South East Asian markets.

    “For these reasons, we have revised down the valuation of FBNZ by $92 million and our Asia consumer brands Anlene, Chesdale and Anmum by $70 million.

    “As a result of market conditions and the impact of impairments, our overall Consumer channel normalised EBIT is down $177 million to a loss of $94 million.

    “This year our reportable segments have been updated to reflect an organisational change to better support our strategy. Group Operations is shown as a separate segment and the previous results of the AMENA and Asia Pacific segments are now combined into the new Global Markets segment.

    “Group Operations represents the business activities that collect and process New Zealand milk through to selling the products to our customer-facing regional business units, Global Markets and Greater China.

    “Group Operations normalised EBIT increased $412 million to $501 million, due to higher Ingredient prices, in particular proteins and cheese, relative to the products portfolio that informs the Farmgate Milk Price.

    “Looking at our customer-facing regional business units, Global Markets normalised EBIT was down 4% to $267 million. Global Markets’ Ingredients channel in-market earnings increased by $145 million, mainly due to higher sales volumes and improved pricing. However, this was offset by the impairments and increased operating costs in its Consumer channel.

    “Greater China normalised EBIT decreased 1% to $215 million, with the Foodservice channel showing resilience to market disruption from COVID-19. However, this was offset by the Consumer channel, which included a proportion of the Anlene brand impairment.

    “We continue to exercise financial discipline with a focus on delivering returns, while managing higher costs and ongoing market disruption.

    “Our Total Group normalised operating expenses are up from $1.1 billion to $1.4 billion due to the New Zealand consumer business and Asia brands impairments, increased costs including inflation and foreign exchange, and last year having a one-off favourable item.

    “Since year end we have improved our net debt and working capital position through improved earnings and clearing the higher year-end inventory.

    “Severe storms and flooding across the North Island in January and February temporarily delayed some product getting onto ships. We remain focussed on inventory management, which seasonally peaks through February and March.

    “Our improved earnings and strong balance sheet put us in a position to pay an interim dividend of 10 cents per share,” says Mr Hurrell.

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  • Chinese growers put Vietnamese durian, dragon fruit in risky oversupply

    Chinese growers put Vietnamese durian, dragon fruit in risky oversupply

    Vietnamese dragon fruit is at risk of oversupply, while durian prices will likely plummet as China, the local fruits’ largest importer, continues growing an increasing amount of the two trees.

    Late last month, China announced its dragon fruit output reached 1.6 million tons a year, 200,000 tons higher than Vietnam’s output.

    According to Chinese customs’ statistics, Chinese demand for dragon fruit is two million tons a year.

    Regarding durian, China imported over 800,000 tons of fruit worth some US$4 billion last year.

    But the giant economy it is likely to import less this year because after years of failed experiments, the country’s farmers are finally growing the fruit successfully in China’s southern regions, according to experts.

    The Chinese Academy of Tropical Agricultural Sciences in Hainan Province reported that China’s southern provinces are growing over 2,000 hectares of durian, amounting to 45,000-75,000 tons of the fruit expected to be sold in 2024.

    Durian cultivation will also be expanded to the North, according to the academy.

    About 90% of Vietnam’s major agricultural products are exported to China.

    So the northern neighbor’s plan to ensure its own local supply of agricultural products puts key Vietnamese farm items exported to the Chinese market at risk of oversupply.

    According to statistics from the General Department of Vietnam Customs, 90% of Vietnamese dragon fruit is exported to China.

    Tran Ngoc Hiep, director of Hoang Hau Dragon Fruit Company in Binh Thuan Province said that Vietnam’s dragon fruit exports to China in the first months of this year have are already slowing under the weight of increasing supply to the north.

    In previous years, China imported more than 300 containers of Vietnamese dragon fruit every day through Vietnam’s northern border gates, Hiep said.

    But he added that the figure is now already less than 100 containers.

    Currently, Vietnamese dragon fruit prices remain high because local farmers can grow off-season fruit.

    But when Chinese dragon fruit in season, from March to September, Vietnamese dragon fruit will face the risk of oversupply and dropping prices.

    Ngo Tuong Vy, vice director of Chanh Thu Export and Import Fruit Company in Ben Tre Province, said if the quality of Vietnamese fruits could improve, they will retain the Chinese market to Chinese rivals.

    Vietnamese durian must also compete with Thai and Malaysian fruit in the Chinese market.

    Phan Thi Tra My, president of the Provisional Vietnamese Business Association in China, said Chinese demand for durian is still high, but if Vietnamese exporters continuing paying more attention to quantity than quality, they will soon find it hard to compete with Thai, Malaysian and Chinese durian.

    Vietnam currently has 246 durian growing regions that export China totaling 12,000 hectares. And 97 Vietnamese durian packing establishments are certified for official export to China.

    According to the Department of Crop Production at the Ministry of Agriculture and Rural Development, by the end of last year, Vietnam’s total durian-growing area had reached 110,000 hectares, some 35,000 hectares higher than the initial plan.

    In the first two months of this year, ass durian prices surged dramatically, many farmers in the Mekong Delta and the Central Highlands region replaced their coffee, pepper, and rice fields with durian trees.

    The department warned that the uncontrolled increase in durian acreage would lead to oversupply.

    To overcome the challenges, Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, asked the State to help with better planning of growing areas. He also asked the State for help in building a brand for Vietnamese durian.

    According to Nguyen, farmers should strengthen their off-season fruit production because Thailand and China cannot.

    In China, prolonged cold winters make it difficult for durian trees to bear fruit.

    “The Chinese acreage of banana, mango and dragon fruit is increasing sharply, but China still has to import large quantities of fruits when they are not in season,” he said.

    Fruit farms and traders should also further tap the domestic market, he added.

    Vietnam’s total fruit and vegetable exports in the first two months of this year increased by 17.8% year-on-year to $592 million.

    China accounted for 57.5% of all Vietnamese fruit exports, according to the Ministry of Agriculture and Rural Development’s department of agricultural products processing and market development.

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  • Australian Hass avocadoes to be exported to India

    Australian Hass avocadoes to be exported to India

    The national peak avocado body has welcomed a “game changer” deal giving Australian Hass growers access to the Indian market.

    The Australian and Indian governments issued a joint statement welcoming the finalization of market access for Hass avocados.  It’s a significant boost to an industry experiencing a massive supply glut and poor returns, making it unviable for many growers.

    Avocados Australia chief executive John Tyas said the deal, alongside December’s free-trade agreement that would bring tariffs from 30 percent to zero by 2029, was monumental.

    “Having access to India along with the tariff reductions is a game changer,” Mr Tyas said.

    “We think India is going to be a great market for us to build and a great market for us to really dominate.”

    He described the deal as “massively significant”, chief executive of Avolution — Australia’s largest exporter of Australian avocados — Anthony Allen says a new market is needed.

    “It’s perfect timing in terms of the ability for the industry to move forward out of what is increased production,” he said.

    “The industry has been working on a number of export markets and this is probably one of the key ones for it actually to eventuate.”

    Avocados Australia hopes the deal will end over-supply and “glut” issues in the market, with India poised to become the world’s most populous country this year.

    “There’s a lot of people in India — nearly 1.5 billion people,” Mr Tyas said.

    “If we can get 1 per cent of people to buy Australian avocados, that’s a market of 15 million people.”

    Unlike current export markets in Singapore, Malaysia and Hong Kong, the enormous population in India means the Australian avocado industry only needs an incredibly small amount of Indians to purchase a single avocado to make a difference.

    Mr Allen said it could save Australian avocado growers from a “very dire-looking outlook”.

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  • Carlsberg CEO Cees ‘t Hart to retire

    Carlsberg CEO Cees ‘t Hart to retire

    After eight years as CEO of the Carlsberg Group, Cees ’t Hart has informed the supervisory board of his intention to leave the Group by the end of Q3 2023.

    Since beginning his position at the beer giant, the company has been “significantly strengthened,” with 2022 seeing Carlsberg deliver an all-time high revenue and operating profit of DKK 70.3bn and DKK 11.5bn (approx. $1.65bn), respectively.

    In 2017, Carlsberg became one of the first ten companies – and the first brewer – in the world to introduce science-based targets aligned with the 1.5°C goal in the Paris Agreement. The company has achieved relevant progress on its sustainability targets, including a 57% reduction in carbon emissions.

    Chair of Carlsberg’s supervisory board, Henrik Poulsen, said: “Cees ’t Hart has delivered remarkable results during his time at Carlsberg…Under his leadership, the Group has navigated significant challenges, including the difficult Covid-19 years, the war in Ukraine, and the ongoing sale of Russian business. Cees leaves behind a purpose-led and performance-driven company with solid strategic, financial, organizational, and societal health.”

    Cees ‘t Hart said: “It has been a privilege leading Carlsberg the past eight years. I’m immensely proud of the organization and the results we as a team, have achieved. I’m confident the successful journey of Carlsberg will continue well into the future.”

    He continued: “Staying on board for another half a year will allow me and the team to continue delivering on our challenging plans for 2023 and accomplishing the sale of the Russian business before the summer. Thereafter, I’ll focus on some interesting non-executive roles.”

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  • Krispy Kreme creates Lotus Biscoff biscuit-inspired doughnuts

    Krispy Kreme creates Lotus Biscoff biscuit-inspired doughnuts

    Airline travel might be a little unpredictable right now, but there’s one thing you can always count on: Krispy Kreme to serve up delicious doughnuts. Even if you’re not flying this month, you can still enjoy one of your favorite airplane treats at your local doughnut shop.

    We’re not talking about stale pretzels or a bag of peanuts, we’re talking about sweet and caramelly Biscoff cookies. Starting January 9, Krispy Kreme is adding three new Biscoff-flavored doughnuts.

    Krispy Kreme and Lotus Biscoff are partnering to create the first-of-its-kind cookie butter-flavored doughnut collection, which will be available for a limited time at participating Krispy Kremes nationwide. The collection includes a Biscoff Iced Dougnut, Biscoff Cookie Butter Cheesecake Doughnut, and Biscoff Cookie Butter Kreme Filled Doughnut.

    The Biscoff Iced Doughnut is an Original Glazed doughnut dunked in Biscoff Cookie Butter icing. The Biscoff Cookie Butter Cheesecake Doughnut is an Original Glazed doughnut dunked in Biscoff Cookie Butter icing and finished with a swirl of cream cheese buttercream and Biscoff crumble. The Biscoff Cookie Butter Kreme Filled Doughnut is a doughnut filled with Biscoff Cookie Butter Kreme, dunked in Biscoff Cookie Butter icing, and finished with dark chocolate icing and Biscoff crumble.

    To add to this first-class experience, any customer who purchases a Krispy Kreme Biscoff doughnut will receive a free package of Biscoff cookies just like you would on a flight, while supplies last.

    Most of the time these limited-run menus are only available at Krispy Kreme stores, but the Biscoff collection will also hit retailer shelves. If you don’t have a Krispy Kreme near you, you can find the six-pack Biscoff collection at Walmart, Kroger, Food Lion, Publix, Stater Brothers, Wakefern, and more stores. To see if the collection is available at your local grocery store, you can visit Krispy Kreme’s site.

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  • Pepper export value down 7.4% in two months

    Pepper export value down 7.4% in two months

    Vietnam exported over 41,000 tonnes of pepper worth $129 million in the first two months of this year, up 35% in volume, but down 7.4% in value over the same period from 2022

    The average export price of the Vietnamese spice in February 2023 was $3,059 per tonne, a downturn of 11.1% compared to the previous month and 32.8% year-on-year, according to the Import-Export Department under the Ministry of Industry and Trade.

    During the reviewed period, its average export price stood at $3,177 per tonne, a fall of 31.4% compared to last year’s corresponding period.

    The ministry has said the global pepper market is forecast to recover due to increasing demand from importers.

  • South Korea’s first Five Guys store to open at the end of June in Gangnam

    South Korea’s first Five Guys store to open at the end of June in Gangnam

    South Korea’s first Five Guys burger restaurant is set to open in Gangnam, southern Seoul, by late June, its operator said Monday.

    The store, set to open in the bustling commercial district near Gangnam Station, will have up to 150 seats, according to Galleria Department Store owned by Hanwha Solutions.

    Established in 1986 as a Virginia-based family business, Five Guys is famous for large quantities, free peanuts and flexible options that give customers more than 250,000 possible ways to order.

    The operator said it plans to additionally open more than 15 Five Guys stores in South Korea in the next five years.

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  • Fruit, vegetable exports rise 17.8%

    Fruit, vegetable exports rise 17.8%

    Vietnam’s fruit and vegetable exports in the first two months of this year increased by 17.8% year-on-year to US$592 million.

    China accounted for 57.5% of the exports, according to the Ministry of Agriculture and Rural Development’s department of agricultural products processing and market development.

    Since early February when it reopened after Covid, China has been importing large volumes of Vietnamese agricultural products like durian, jackfruit, watermelon, and sweet potato.

    Exports to Laos have tripled.

    The U.S. and Europe have also imported large volumes of Vietnamese fruits and vegetables.

    A Tien Giang Province-based company told VnExpress that its exports of durian and pomelo to the U.S. and China have been increasing steadily this year. Freight rates have decreased to pre-Covid levels, creating favorable conditions for exporters.

    Surveys in the Mekong Delta show that the prices of durian, dragon fruit, jackfruit, and sweet potato have all doubled or tripled from 12 months ago, with the durian price surging to a record high of VND190,000 ($8) per kilogram at the farm gate.

    Last year exports were worth $3.34 billion, down 5.9% from 2021, according to the agriculture ministry.

    Vietnam imported fruits and vegetables for $289 million in the first two months of this year, a 12% increase, the department said.

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  • Shrimp exports set for difficult year

    Shrimp exports set for difficult year

    Vietnam’s shrimp exports face challenges with prices decreasing and competition from Ecuador and India intensifying, according to the Vietnam Association of Seafood Exporters.

    Global prices have decreased since the second half of last year and are expected to fall further this year as supply rises sharply to six million tons, VASEP general secretary Truong Dinh Hoe said Friday at a shrimp industry conference.

    VASEP general secretary Truong Dinh Hoe says shrimp exporters face fierce competition from Ecuador and India this year. Photo by Anh Minh

    The U.S. has extensive shrimp inventories, and so is sure to reduce imports in the first half of this year.

    When it increases imports in the second half, it will likely opt for small shrimp from Ecuador because of its abundant supply and geographical proximity.

    Vietnamese exports to European markets will be affected by the economic turmoil there.

    Le Van Quang, chairman of Minh Phu Seafood Corp., said Vietnamese shrimp costs are too high due to low aquaculture productivity, making it difficult to compete with Ecuador and India.

    “Our shrimp farming success rate is less than 40%. It is over 90% in Ecuador and more than 60% in India.”

    According to the Directorate of Fisheries, the shrimp output this year is likely to be 1.08 million tons, and exports will fetch US$4.3 billion.

    But VASEP forecast exports to be worth only $4 billion out of total seafood exports of $10 billion.

    Last year shrimp exports had risen by 11% to $4.3 billion.

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  • Fruit, vegetable exports see high potential, tough requirements

    Fruit, vegetable exports see high potential, tough requirements

    Vietnamese vegetables and fruits are eyeing potential overseas markets, in which quality requirements and standards are high, said experts at a forum in Ho Chi Minh City on March 1.

    Nguyen Minh Phuong, Director of the Asia-Africa Market Department under the Ministry of Industry and Trade, said that due to low supply and high demand, the Middle East and North Africa are also promising markets for Vietnamese farm produce.

    However, experts underscored that the major challenge for Vietnamese fruits and vegetables is the increasing requirements in international market, especially those in origin traceability and food safety.

    Pham Minh Thang from the Agrotrade said that Vietnamese firms have faced a lack of information on market demands and access to distribution channels in imported countries.

    Meanwhile, the export of fresh vegetables to other markets is encountering obstacles due to transportation difficulties, while the rate of processed products remains modest.

    In order to promote fruit and vegetable exports, Thang advised producers and exporters to actively renovate their farming techniques to increase their product quality, while strengthening processing and trade promotion activities, diversifying trading activities in digital platforms, and applying information technology in the sale of farm produce.

    Le Thanh Hoa, Vice Director of the Agro Processing and Market Development Authority (Agrotrade), said that over the recent years, fruits and vegetable have been among the groups with export revenue of over $3 billion each year. The figure reached $3.37 billion in 2022.

    Last year, many kinds of fruits such as passion fruit, durian and banana were allowed to be exported to China through official channels, while Vietnamese pomelo was excepted to the U.S., limes and pomelos to New Zealand, and fresh longan to Japan.

    In the first two months of this year, the export of fruits and vegetables hit $592 million, up 17.8% compared to the same period in 2022. China remained the major market of Vietnam, consuming 57.5% of the country’s total fruit and vegetable exports.

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  • South Korean restaurants feel the pinch of surging delivery costs

    South Korean restaurants feel the pinch of surging delivery costs

    Higher demand for food delivery workers has ramped up the industry’s labor cost. The rapid growth of South Korea’s food delivery market during the COVID-19 pandemic has inadvertently caused a sharp rise in delivery fees, leaving small business owners and consumers struggling to cope with the added costs, Korea Bizwire reported.

    According to a government-issued report, the number of domestic delivery workers in South Korea has doubled in just three years, reaching 237,100 in the first half of 2022.

    Amidst surging demand for food delivery services, delivery companies have been struggling to secure enough delivery workers to meet the demand, compelling them to offer increasingly attractive pay packages. The higher cost of labor has been passed on to consumers through higher delivery fees.

    Companies such as Baemin and Coupang Eats paid delivery workers an additional fee of $1.54 (KRW2,000) to $1.92 (KRW2,500) per delivery in 2021 to secure their services. Some also offered prizes such as camping cars or pure gold.

    Popular delivery apps such as Baedal Minjok and Coupang Eats said they have had to raise their brokerage and delivery fees in response to rising labor costs.

    Consumers are paying almost the same amount for delivery as their food, with the average delivery tip based on the maximum distance being $3.84 (KRW5,000) in February. The average amount for Baemin delivery tips was higher at $4.46 (KRW5,810).

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  • Starbucks to open 400 stores in APAC in 2023

    Starbucks to open 400 stores in APAC in 2023

    Its newly-opened 5,000th store is located in Gwanyang-si, South Korea.

    Starbucks is planning to expand further in Asia Pacific by opening 400 stores this 2023 after it opened its 5,000th store in the region in South Korea.

    In a statement, Starbucks said it aims to build on its over 300-store portfolio across 40 cities in India and enter the market of at least five new cities.

    In Southeast Asia, the company plans to build more stores outside the metropolitan areas of Indonesia, Thailand, Malaysia, and the Philippines. It opened its first store in Laos in November in the capital city, Vientiane, and plans to open another this year.

    The company’s 5,000th store in the region opened in Gwanyang-si, South Korea which is located on a major road that connects the residential areas with business districts and features a drive-thru service.

    “Asia Pacific is a dynamic and diverse engine of growth for Starbucks globally. As recovery continues, the region achieved over 20% sales growth year on year, demonstrating the strength and relevance of the brand,” said Michael Conway, group president, International and Channel Development for Starbucks.

    “We are well positioned for further growth with our licensed business partners, who continue to elevate the Starbucks Experience across a range of innovative store formats,” he added.

  • Vietnam eyes $1B from seaculture product exports by 2025

    Vietnam eyes $1B from seaculture product exports by 2025

    Vietnam expects to rake in between 800,000 to $1 billion worth of sea culture product exports by 2025, according to a development project of the sector towards 2030 with a vision to 2045.

    Also by the time, the total area of sea culture is set to hit 280,000 hectares with an annual yield of 850,000 tonnes.

    By 2045, the sector is expected to contribute more than 25% of the country’s total fishery productivity, with its export value expected to exceed $4 billion.

    Such goals require efforts to tackle bottlenecks and turn Vietnam’s sea culture into a large-scale production industry in a synchronous, safe, effective, environmentally friendly and sustainable manner.

    According to the Ministry of Agriculture and Rural Development, the country now has about 7,447 sea culture establishments with a total area of 85,000ha.

    The sector’s current growth is estimated at 23.3% annually.

  • Tim Hortons plans ‘hundreds’ of restaurants across SE Asia

    Tim Hortons plans ‘hundreds’ of restaurants across SE Asia

    Japan’s Marubeni plans to open hundreds of Tim Hortons coffee shop franchises in three Southeast Asian countries, a move the trading conglomerate hopes will make around $300 million in sales by 2033.

    Tim Hortons, headquartered in Canada, currently has over 5,600 locations worldwide. Marubeni signed an agreement with Tim Hortons’ parent company, Restaurant Brands International, to develop and operate the new coffee shops in Singapore, Malaysia, and Indonesia.

    Marubeni plans to start opening franchises in Singapore and Malaysia in the next fiscal year beginning this April, while stores in Indonesia will begin opening in fiscal 2024. The plans will see hundreds of new Tim Hortons franchises in operation by 2033.

    Marubeni will make use of its existing retail network in Southeast Asia to support operation of the new businesses, which will have menus tailored to local tastes. Currently, Marubeni chiefly operates stores that sell pharmaceuticals and cosmetics.

    The Tim Hortons franchises will be the first businesses launched under a new corporate development division Marubeni established last year, focused on business growth in the Asian consumer market.

    Going forward, Marubeni plans to position restaurant operations as a core segment of its business expansion ventures.

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  • Vietnamese favor Canadian lobsters, snow crabs

    Vietnamese favor Canadian lobsters, snow crabs

    Vietnam spent US$65 million importing Canadian seafood, mainly lobsters and snow cabs last year, doubling 2021 imports and trebling 2020.

    Among Southeast Asian countries, Vietnam was Canadian’s biggest seafood importer, Steve Craig, Minister of the Department of Fisheries and Aquaculture of the Canadian province of Nova Scotia, said at a recent business networking event in HCMC.

    Although Vietnam is the world’s fourth largest seafood exporter with an annual turnover of $11 billion, it is still a fertile ground for Canadian products, he said, noting that Vietnamese are among the world’s top seafood consumers.

    Tran Van Truong, CEO of Royal Seafood chain, an official importer of Canadian seafood in large quantities, said the seafood is famous in Vietnam because their prices are always stable and often 5-20%, sometimes 40%, lower than imports other countries.

    Currently, in the Vietnamese market, Canadian lobsters are priced at VND1.4 million ($59.3) per kilogram, and Australian lobsters at VND2.4 million. The price of cod, oysters, and geoducks imported from Canada are also lower.

    Between 50 and 60 Vietnamese firms directly import Canadian seafood, and the number of Canadian seafood shops in Vietnam is rising.

    Canada will create more favorable conditions for Canadian and Vietnamese seafood to penetrate more deeply into each other’s markets, Craig said, stating that the Vietnamese market is very promising.

    Overall, bilateral trade between Canada and Vietnam was $14 billion last year, he said, noting that Vietnam is Canada’s biggest trading partner in Southeast Asia.

     

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