Tin Thinh Co., Ltd. (Vietnam)

Founded in 2002 in Khanh Hoa province, TIN THINH CO.,LTD specializes in processing and supplying frozen fish (salmon, threadfin bream, mahi mahi, tuna,…), canned vegetables and fruits. Most products are exported to the USA, EU countries, Japan, Australia and the Middle East. The subject also imports seafood and spices from foreign markets to serve its processing activity.According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the total accumulated export value of Vietnamese seafood as of September 2023 reached USD 6.64 billion, down by 21.7% compared to the first 9 months of 2022. This decrease occurred in some big seafood export markets in Vietnam. 9/10 major seafood export markets recorded a double-digit decline in proportion, especially the USA, Vietnam's largest seafood export market. Due to the impacts of inflation and the devaluation of the USD, the value of seafood exports to the USA decreased by 37.2% in the first 8 months of 2023 (compared to the same period in 2022), greatly affecting the Vietnamese export turnover. For Japan and China (the 2nd & 3rd largest markets), this situation is also not very positive, witnessing a decrease of about 13.4% and 17.7% over the same period last year. Both of these markets witnessed a sharp decline in the first 8 months of the year, before returning to increase at the beginning of the fourth quarter of 2023.Despite witnessing a continuous decline in seafood export turnover in the first eight months of 2023, the continued slowdown showed encouraging signs of recovery in the final quarter of 2023. End of November 2023, Vietnam's seafood export turnover is estimated to reach USD 8.27 billion, down by 19% over the same period last year. In November 2023, seafood exports increased by 6% compared to November 2022, reaching nearly USD 840 million.By the end of October 2023, Vietnam's seafood exports to the three largest markets including the US, China and Japan have surpassed the USD 1 billion mark. Among them, the US still ranks first with about USD 1.3 billion, down by 32% over the same period in 2022. The Chinese market brought about USD 1.3 billion to Vietnam's seafood industry in the first three quarters of 2023, down by 15%. Meanwhile, Japan imported seafood from Vietnam with a value of nearly USD 1.2 billion, by down 14% over the same period last year.The slowing down momentum, along with the increase in export value in the month compared to the same period last year, are positive signs that the seafood export market is returning, creating opportunities for seafood export businesses to develop and expand its business market.​