Positive outlook for pangasius exports in the final months of the year

VCN - With growth in pangasius exports to multiple markets showing positive trends, businesses are forecasting an optimistic outlook for exports in the final months of the year.
Positive signals of Pangasius exports to high inflation markets Positive signals of Pangasius exports to high inflation markets
Pangasius exports to the EU drops by 19% Pangasius exports to the EU drops by 19%
Pangasius exports are forecasted to bounce back at the end of the year Pangasius exports are forecasted to bounce back at the end of the year
Processing pangasius for export at Vinh Hoan JSC
Processing pangasius for export at Vinh Hoan JSC

Positive results from the US market

According to Vietnam Customs, pangasius exports in September 2024 reached US$172 million, up 3% compared to September 2023. Cumulative exports through the third quarter of 2024 totaled US$1.5 billion, an 8% increase over the same period last year.

Exports to the US recorded positive results in the last month of Q3, reaching over US$30 million, up 32% compared to September 2023.

Over the first nine months, exports to the US reached US$256 million, marking a 24% increase year-over-year. The US remains Vietnam's second-largest market for pangasius, after China. According to the International Trade Center (ITC), Vietnam has been the top supplier of pangasius products to the US in the first nine months of the year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that current US inventories of finished pangasius products were lower than in 2023, likely prompting retailers to restock ahead of the year-end holiday season. Additionally, lower inflation figures in the US may boost consumer demand, creating an opportunity for Vietnamese exporters.

Many Vietnamese pangasius enterprises are expanding their US market share, with Vinh Hoan JSC standing out as the largest Vietnamese exporter of frozen pangasius fillets to the US, holding a 47% market share.

Compared to other major markets, such as China and the EU, the US market is demonstrating a clearer recovery in both pricing and demand.

In early September 2024, the US Department of Commerce announced preliminary anti-dumping tax results for frozen pangasius fillets, removing anti-dumping duties for many Vietnamese exporters. This development provides further opportunities to boost exports to the US.

In September 2024, Thailand emerged as Vietnam's third-largest importer of pangasius. Exports to Thailand reached US$5.8 million, a 21% decrease compared to the same period last year. Cumulative exports to Thailand by the end of September 2024 totaled US$46 million, up 6% from 2023.

Exports to the EU showed a slight decrease of 1% in the first nine months, reaching US$128 million. For September 2024, exports to the EU stood at US$14 million, a 2% drop from September 2023.

Focus on value-added products

Frozen pangasius fillets continue to be Vietnam's primary export product. The export value of this product increased by 5% in the first nine months, reaching US$1.2 billion.

As of the end of September 2024, processed pangasius exports grew by 45%, reaching US$32 million, while dried and other frozen pangasius products (whole, cut, ...) reached US$273 million, up 23% year-over-year.

Vietnam's pangasius exports ended the first nine months of the year with positive results, as markets maintained growth momentum.

In addition to frozen pangasius fillets, Vietnam’s value-added pangasius products are increasingly establishing a strong position in the global market. Recent market fluctuations have demonstrated that developing processed value-added products is an essential business strategy for Vietnamese seafood enterprises.

Popular Vietnamese value-added pangasius products include breaded fried pangasius, frozen battered pangasius fillets, crispy fried pangasius skin snacks, frozen fried basa fish cakes, frozen breaded pangasius nuggets, and frozen basa fish vegetable balls.

According to VASEP, in the last three months of the year, as trade and service activities ramp up in preparation for the holiday season, this period will be a peak time for pangasius exports to reach their 2024 targets.

During this time, pangasius exporting enterprises should take advantage of increased promotion efforts, actively marketing various pangasius products, especially value-added processed products, to seize market opportunities—particularly with nearby border markets such as China.

With substantial potential for value-added pangasius exports, businesses must proactively adapt to capture emerging opportunities and meet international market demand.

By Le Thu/ Ha Thanh

Related News

Opportunity to accelerate agricultural export to China

Opportunity to accelerate agricultural export to China

VCN - For many years, China has been Vietnam's largest trading partner. Trade between Vietnam and China has maintained a stable and sustainable growth momentum.
How is Vietnam-US trade under two Trump elections?

How is Vietnam-US trade under two Trump elections?

VCN - In the first nine months of 2024, Vietnam-US trade reached nearly US$100 billion, nearly three times higher than the same period in 2016 - the first year Donald Trump was elected President of the United States.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.

Latest News

Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.

More News

Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Developing supporting industries for the billion-dollar export commodity groups

Developing supporting industries for the billion-dollar export commodity groups

VCN - Electronic products and components are one of export commodity groups with turnover exceeding one billion USD, but the supporting industry for this group is still modest.
Village craft products conquer the world

Village craft products conquer the world

VCN - Vietnam's handicraft products have significant potential to captivate international customers, enhancing export value and revenue.
Enterprises urged to tap potential to expand exports to EU via official channels

Enterprises urged to tap potential to expand exports to EU via official channels

The Vietnam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) on November 18 organised a seminar on promote trade in the European market, focusing on potential for expanding exports to the European market via official channels.
Vietnam’s industrial real estate attracts foreign investment

Vietnam’s industrial real estate attracts foreign investment

Vietnam's industrial sector is experiencing significant transformation, supported by strong foreign direct investment (FDI) flows, large-scale infrastructure projects, and a favourable regulatory environment, thus attracting a new wave of investment from foreign investors, experts have said.
Tra fish export could hit 2 billion USD in 2024: Workshop

Tra fish export could hit 2 billion USD in 2024: Workshop

Vietnam’s tra fish export could reach the set target of 2 billion USD this year driven by industry improvements, heard a workshop held in Cao Lanh city, the Mekong Delta province of Dong Thap, on November 17.
Bac Ninh, East Kazakhstan boost cooperation

Bac Ninh, East Kazakhstan boost cooperation

A delegation from the northern province of Bac Ninh led by member of the Party Central Committee and Secretary of the provincial Party Committee Nguyen Anh Tuan met with leaders of East Kazakhstan region, Kazakhstan, on November 15 to promote cooperation between the two localities.
Read More

Your care

Latest Most read
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected.
Mobile Version