Pangasius exports can achieve record this year

VCN - As exports increase, pangasius turnover in 2022 could reach a record of US$2.5 billion to US$2.6 billion, 56% higher than in 2021.
Processing pangasius for export. Photo provided by enterprise
Processing pangasius for export. Photo provided by enterprise

According to the Vietnam Association of Seafood Processing and Export (VASEP), Pangasius exports in the first eight months reached US$1.8 billion, and are expected to reach more than US$2 billion at the end of September, an optimistic figure for businesses in this industry.

The top five largest pangasius export enterprises, including Vinh Hoan Joint Stock Company, East Sea Company Seafood, Nam Viet, IDI Corp and Van Duc Seafood Processing Co., Ltd., contributed total sales accounting for 37% of the total export value of pangasius in eight months this year.

According to Ms. Le Hang, Deputy Director of VASEP training center, Pangasius exports in the last three months have decreased continuously, gradually falling from the peak of US$310 million in April, but have tended to recover again from August.

"Particularly in August, Pangasius exports reached US$195 million, increased slightly compared to July and up 123% compared to the same period in 2021. However, this growth rate does not reflect a positive trend because August 2021 is the time when the peak of the pandemic, the exports were deeply reduced, " Ms. Le Hang said

In August, Pangasius exports to many markets had a positive signal, with a higher trend compared to July. In particular, exports to China were 37% higher than the previous month, reaching nearly US$61 million, nearly double the export sales to the US market. It is forecast that Pangasius exports to China will continue to be more positive in the coming months.

Besides, markets such as Brazil, Thailand, Colombia, Japan, and Malaysia tend to increase pangasius imports in August. However, Pangasius exports to some markets slowed down in August. Mexico fell 28%, the UK decreased by 17%, Canada decreased by 35%, Australia fell 13%, and the EU decreased by 10%.

Pangasius exports to the US recovered slightly, up 4% compared to the previous month, but sales are still quite modest, only reaching US$33 million. Pangasius exports to this market will be more positive in September and October as the inventory decreases and the import demand for service at the end of the year and the new year increases.

Moreover, the forecast of inflation in the US continues to be high in the last months of the year, which will cause the country's food and aquatic consumption to move to affordable products like pangasius.

A good signal for Vietnamese pangasius exporting enterprises, the US Department of Commerce (DOC) has issued a final conclusion regarding the period from August 1, 2020 to July 31, 2021 for Vietnamese pangasius. Accordingly, the DOC has kept the anti-dumping tax applied to each company based on the results of the last reviews. Therefore, this decision does not affect the exports of pangasius to the US this year.

Despite the taxation since 2003, many businesses producing and exporting pangasius have maintained the anti-dumping tax rate of 0.00 USD/kg through reviews to continue exporting to large markets like the United States.

In addition, the US Food Inspection and Safety Agency, under the US Department of Agriculture, has recognized six Vietnamese pangasius processing plants that are allowed to export to this market. Therefore, Vietnam has 19 pangasius factories recognized to be eligible for export to the US.

The average price of frozen pangasius exports in August 2022 reached US$2.81/kg, the lowest level in the past six months. In particular, the price of exporting pangasius to the US reaches the highest level of US$5/kg, it is the highest level since the beginning of the year.

The average price of frozen pangasius exported to China reached US$2.39/kg in August, up compared to the low of US$2.27 in July. The price of export to the Philippines has the lowest level in the markets, reaching only US$1.57/kg.

The average price of pangasius exports to markets since the beginning of the year has increased sharply compared to the same period in 2021. In which, the average price of frozen pangasius exports to the US reached US$4.64/kg, China reached US$2.47, Mexico US$2.75, to Thailand reached US$2.15 and to Brazil reached US$3.20/kg.

According to Ms. Le Hang, the demand for pangasius import markets will increase again in the next few months. Accordingly, growth fluctuations depend on the two largest markets, China and the US. The VietFish Fair has just taken place in late August and may also promote export to some markets.

With the current results and slight recovery trends in the next few months, Pangasius turnover in 2022 can record a record of US$2.5 to US$2.6 billion, 56% higher than in 2021.

By Lê Thu/Quynhlan

Related News

Shifting production to expand exports to the Northern European market

Shifting production to expand exports to the Northern European market

VCN - Nordic countries often map out policies to achieve EU goals sooner than others. Among them, general principles and standards regulating manufacturers' responsibilities for textiles and garments from Nordic countries need to be paid attention by businesses.
"Good oppotunities" for export to Asia - Africa markets

"Good oppotunities" for export to Asia - Africa markets

VCN - The Asia-Africa region is always an important market for Vietnam. These are two markets considered suitable for Vietnamese goods, including the Red River Delta, to expand their market share in the near future.
Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Exports fruit and vegetable expects to exceed US$ 7 billion

Exports fruit and vegetable expects to exceed US$ 7 billion

VCN - In the first half of 2024, fruit and vegetable export turnover reached nearly US$3.5 billion. Key markets recorded an increase of 10-50% over the same period in 2023. This is also the industry that holds the leading position in exports of agricultural products.

Latest News

Businesses advised to stay prudent to avoid trading scams

Businesses advised to stay prudent to avoid trading scams

Authorities have continuously warned Vietnamese businesses to stay prudent when trading with foreign partners in the face of a recent scam increase.
Leather, footwear exports to hit 27 billion USD in 2024

Leather, footwear exports to hit 27 billion USD in 2024

Export revenue of the leather, footwear and handbag sector is predicted to hit 26-27 billion USD in 2024 on the basis of the positive results seen so far, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Tra fish export to CPTPP market reaches 114 mln USD as of June 15

Tra fish export to CPTPP market reaches 114 mln USD as of June 15

Vietnam raked in 114 million USD from tra fish export to the signatory nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as of June 15, a year-on-year increase of 10%, according to the General Department of Vietnam Customs.
Building a Vietnamese brand associated with green and sustainable development

Building a Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world markets.

More News

Pepper export turnover up over 30% in H1

Pepper export turnover up over 30% in H1

Vietnam exported 142,586 tonnes of pepper in the first half of this year, down 6.8% in volume but up 30.5% in value, the Vietnam Pepper and Spice Association (VPSA) has reported.
Dong Nai remains FDI magnet in H1

Dong Nai remains FDI magnet in H1

The foreign direct investment (FDI) influx into the southern industrial hub of Dong Nai in the first six months of this year was equivalent to 138% of the locality’s plan for the whole year.
Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnam boasts advantages and potential in agricultural production and export, yet domestic firms need to do more to join the global food supply chain more intensively, insiders have said.
Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.
Building the Vietnamese brand associated with green and sustainable development

Building the Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes even more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world markets.
Improving the competitiveness of businesses is an important factor

Improving the competitiveness of businesses is an important factor

VCN - Local competitiveness is not only based on economic management capacity, the favorable and friendly business environment and efforts to improve administrative reform efforts of provincial and city governments (PCI) but also relies on the competitiveness of local businesses.
Malaysia to boost exports to Vietnam

Malaysia to boost exports to Vietnam

The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about 717 million USD) to Vietnam.
Exporters advised to update trade policies of Singapore

Exporters advised to update trade policies of Singapore

The Vietnam Trade Office in Singapore has advised Vietnamese exporters to carefully study and keep updated on new regulations in Singapore, a market that is becoming more cautious in trade policy, in order to further exploit this market.
Import and export turnover increases to US$ 51 billion

Import and export turnover increases to US$ 51 billion

VCN – Import-export turnover in June saw a slight decrease but remained at a high level, the General Department of Vietnam Customs announces.
Read More

Your care

Latest Most read
Shifting production to expand exports to the Northern European market

Shifting production to expand exports to the Northern European market

General principles and standards regulating manufacturers' responsibilities for textiles and garments from Nordic countries need to be paid attention by businesses.
Businesses advised to stay prudent to avoid trading scams

Businesses advised to stay prudent to avoid trading scams

Authorities have continuously warned Vietnamese businesses to stay prudent when trading with foreign partners in the face of a recent scam increase.
Leather, footwear exports to hit 27 billion USD in 2024

Leather, footwear exports to hit 27 billion USD in 2024

Export revenue of the leather, footwear and handbag sector is predicted to hit 26-27 billion USD in 2024 on the basis of the positive results seen so far, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Tra fish export to CPTPP market reaches 114 mln USD as of June 15

Tra fish export to CPTPP market reaches 114 mln USD as of June 15

Vietnam raked in 114 million USD from tra fish export to the signatory nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as of June 15, a year-on-year increase of 10%, according to the General Department of Vietnam Customs.
Building a Vietnamese brand associated with green and sustainable development

Building a Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world markets.
Mobile Version