Vietnamese catfish exports to hit $2 billion mark this year

Workers at a catfish factory in the southern province of Bình Dương. VNA/VNS Photo Vũ Sinh

Vietnamese catfish (pangasius) exports this year will likely hit the US$2 billion mark, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).

In November 2024, the Southeast Asian country's catfish export turnover reached $179 million, representing a 16 per cent increase compared to November 2023. Cumulatively, exports by the end of November 2024 totalled $1.8 billion, marking a 10 per cent year-on-year increase. Vietnamese catfish recorded positive results in the first 11 months of 2024 compared to the same period in the previous year.

Mainland China and Hong Kong (China) remained the largest export markets for Vietnamese catfish. In November 2024 alone, exports to the markets hit $50 million, a 27 per cent increase compared to November 2023. Cumulatively, exports to mainland China and Hong Kong (China) surpassed the half-a-billion mark for the 11-month period to gain a modest one per cent year-on-year growth.

The US ranked as the second-largest market, with November's export value reaching over $26 million, up 14 per cent compared to November 2023. For the 11-month period, cumulative exports to the US totalled over $317 million, marking a strong 26 per cent year-on-year increase.

Exports to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) markets reached nearly $24 million in November 2024, representing a five per cent increase compared to the same month last year. For the first 11 months, cumulative exports to CPTPP markets totalled $248 million, up 10 per cent year-on-year.

Within the CPTPP bloc, Mexico remained the largest importer of Vietnamese catfish. In November, exports to Mexico amounted to nearly $6 million, a 25 per cent decrease compared to November 2023. Despite this decline, cumulative exports to Mexico reached $69 million by the end of November 2024, netting a five per cent year-on-year increase.

The European Union (EU) was Việt Nam's fourth-largest catfish market. Cumulative exports to the EU for the first 11 months of 2024 reached nearly $161 million, a three per cent increase year-on-year. In November alone, EU imports totalled nearly $17 million, a significant 43 per cent increase compared to November 2023. Of which, the Netherlands continued to lead as the largest EU importer of Vietnamese pangasius, with cumulative imports surpassing $43 million in the 11-month period, up 7 per cent year-on-year.

Vietnamese catfish exports to other markets also showed positive growth in November 2024. Notable increases included Thailand (up 29 per cent), the United Kingdom (up 20 per cent) and Colombia (up two per cent).

VASEP said Vietnamese catfish exports were "on track to reach" the $ 2 billion target forecast at the beginning of the year. This highlighted the appeal, competitiveness and potential of Vietnamese catfish in the global market. However, the industry continues to face challenges, particularly increasing competition from other white-fleshed fish. As a result, Việt Namese businesses must adopt more perse and proactive strategies to maintain and expand their market share in the global market.