ASMI Vietnam Trade Mission 2023
The Alaska Seafood Marketing Institute (ASMI) embarked on a trade mission to Vietnam, with the aim of enhancing the presence of Alaska Seafood products in the vibrant Vietnamese market. Spanning from February 26th to March 4th, the mission covered several cities, including Hanoi, Nha Trang, and Ho Chi Minh City, providing ASMI representatives and members with opportunities to engage with key industry players such as importers, processors, foodservice and retail operators, chefs, local officials, and other key trade members.
This mission unfolded as a dynamic exploration of opportunities, fostering connections and collaborations that are integral to the growth of Alaska Seafood in the Vietnamese market. Now, let’s delve into the highlights of this impactful journey, showcasing the strides made in elevating the presence of Alaska Seafood in Vietnam, as well as the establishment of lasting connections within the Vietnamese seafood industry.
Market Briefing with VASEP and AMCHAM
The mission commenced with a Market Briefing in Hanoi with the Vietnam Association of Seafood Exporters and Producers (VASEP) and the American Chamber of Commerce (AMCHAM). Mr. Nguyen Hoai Nam, Deputy General Secretary of VASEP, and Adam Sitkoff, Executive Director of AMCHAM, provided crucial insights into conducting business in Vietnam. Key highlights included:
- VASEP members account for 80% of seafood export value of Vietnam
- In 2022, Vietnam seafood sales reached US$11 billion for the first time and were up 23% compared to 2021
- Vietnam is currently exporting to 170 countries around the world
- Currently, there are 692 factories in Vietnam with EU code out of a total of 847 industrial-scale factories certified to meet food safety conditions
Discussions at FAS Cooperator Roundtable
During USDA Under Secretaries Alexis Taylor and Jenny Moffitt’s visit to Hanoi, coinciding with ASMI’s trade mission, ASMI actively engaged in a Cooperator Roundtable Discussion organized by the Foreign Agricultural Service (FAS). This insightful discussion delved into crucial aspects such as trade policies, FAS funding initiatives for cooperators, and provided valuable perspectives on the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Notably, FAS has allocated a substantial amount of funding, including $200M in the Market Access Program, $300M in the Agricultural Trade Program, and $35M in the Foreign Marketing Development Program. These financial commitments underscored FAS’s determination to support and enhance cooperative endeavors, providing ASMI with a strategic platform to fortify its global trade relationships. The Cooperator Roundtable Discussion served as a dynamic forum to explore strategies and advance collaborative initiatives between ASMI and FAS.
Alaska Seafood Hanoi Reception
One of the highlights of the mission was the Alaska Seafood Hanoi Reception, hosted at the Intercontinental Westlake Hanoi on the evening of February 27th. Attended by 76 key trade contacts, the reception not only forged and strengthen connections, but also provided the opportunity to showcase the versatility of Alaska Seafood through a delectable array of dishes. From Kenai Alaska Cheese Dip to Alaska Black Cod Lalot Flavored with Vietnamese Spices, the event left a lasting impression on attendees, emphasizing the quality and culinary possibilities of Alaska Seafood.
One-on-One Business Meetings & Alaska Seafood Ho Chi Minh City Reception
The trade mission extended to Ho Chi Minh City from March 1st to 4th, featuring impactful one-on-one business meetings between 12 Alaska seafood suppliers and 26 attendees from 16 local companies. Positive feedback echoed from both suppliers and buyers, highlighting the productivity of these personalized interactions.
The Alaska Seafood Ho Chi Minh City Reception, held on March 1st at the Sheraton Saigon Hotel and Towers, welcomed 99 guests, including representatives from the USDA office, VASEP HCMC, seafood processors, importers, traders, retailers, hotels, culinary schools, and media. U.S. Consul General Susan Burns acknowledged the thriving agricultural trade relationship between the U.S. and Vietnam, while the head chef of the hotel further showcased Alaska Seafood through an exquisite culinary presentation.
Exploring Vietnamese Seafood Processors
ASMI’s mission spanned across Hanoi, Nha Trang, and Ho Chi Minh City, offering a unique opportunity to connect with leading seafood processing and exporting companies. Now, let’s delve into the exploration of the Vietnamese seafood giants that ASMI had the privilege to visit.
Situated in northern Vietnam, Viet Truong Seafood boasts over 20 years of expertise, making it one of the largest seafood processing and exporting companies in the region. Their diverse product range includes surimi, frozen oysters, clams, pangasius, fish meal, and fish oil. With a monthly capacity of 6,000 metric tons, the company exports to the EU, Japan, Korea, Taiwan, Singapore, Malaysia, and China. ASMI’s visit included a comprehensive tour of the processing line and fruitful discussions with the CEO and management team. Expressing keen interest in collaboration, Viet Truong Seafood’s management team also attended ASMI’s reception at the Intercontinental Westlake Hotel in Hanoi.
Originating from Harlingen, the Netherlands, Lengers Seafoods Group expanded its operations to northern Vietnam in 2017. Specializing in the primary processing of shellfish, Lengers Seafoods exports frozen, chilled, fresh, and preserved products globally. Their products find their way into retail, foodservice, and industrial markets under private labels or Lengers’ house brands.
Established in 2022, Tin Thinh Seafood swiftly rose to prominence with over 1,000 employees and a robust processing capacity. Their product line, which includes tuna, haddock, hoki, pink salmon, yellowfin sole, squid, and more, caters to diverse markets such as the U.S., EU, Japan, Australia, and the Middle East. Tin Thinh Seafood not only processes frozen seafood but also engages in the import of Pacific Ocean Perch, producing them in retail packs.
Originating from a humble beginning in 2005, BA HAI has evolved into a significant player in the blue swimming crab and tuna business. Nestled in Phu Yen province, strategically located for tuna catching, the company imports around 700 kgs of tuna daily. Their product portfolio extends to herring, pacific cod, salmon, salmon roe, greenland halibut, and crab. ASMI’s meeting with BA HAI provided insights into their operations and strategic imports, contributing to their reputation in the Vietnamese seafood industry.
Vietnam Sea Cucumber Investment Corporation (VSCC)
VSCC, a newly established company in Long An province, showcased an intriguing array of products during ASMI’s visit. With a focus on sea cucumber, Atlantic cod, hoki, pink salmon, and Alaska pollock, HSVN outlined ambitious development plans. Samples of their innovative products, including pink salmon and Alaska pollock floss, were presented, signaling potential collaborations with Alaska seafood for both domestic and export markets.
Saigon Food Joint Stock Company
Founded in 2003, Saigon Food Joint Stock Company (SG FISCO) stands as a key player in manufacturing and distributing frozen seafood and ready-to-eat food. With 2,000 staff and four well-equipped factories, SG FISCO operates with freezing warehouses, high-tech quick freezers, and a standardized management system. During the meeting with Mr. Do Van Khuol, SG Food’s Purchasing Director, discussions delved into the tariff rates on imported seafood products. SG FISCO imports wild-caught seafood, including Alaska sockeye salmon, pink salmon, and cod, and are currently processing primarily for Japanese customers.
Ocean Gift, a seafood processing and distribution company with 1,200 employees, presented a comprehensive processing line covering 13,980 sqm. Specializing in producing sushi and various value-added products, Ocean Gift’s Deputy General Director, Mr. Phi Bằng, is set to join the reverse trade mission to Alaska in July 2023.
In closing, ASMI’s trade mission to Vietnam served as a catalyst for crucial industry engagements and collaborations essential for Alaska Seafood’s sustained growth in Vietnam. The connections established during the mission, coupled with ongoing communications and agreements, pave a promising trajectory for Alaska Seafood amidst Vietnam’s evolving seafood landscape. Vietnam’s role as the second-largest market in SE Asia for Alaska seafood exports in 2021, with a remarkable 122% surge in volume and 81% in value, underscores the strategic importance of this market. Moreover, the ongoing shift in seafood processing from China to Vietnam, driven by various factors, aligns seamlessly with the expanding opportunities for Alaska Seafood. These partnerships, combined with Vietnam’s robust economic growth projections, signify excellent prospects for Alaska Seafood in this vibrant market.
