Export growth

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam exported nearly US$172 million worth of pangasius in June 2024, a year-on-year increase of 20 percent. In the first six months, the export value reached US$918 million, up five percent compared to the same period last year.

Vietnamese pangasius has conquered 146 markets worldwide, including discerning markets with strict requirements in terms of food safety and technical regulations, such as the US, the EU, and Japan.

In the first six months of 2024, China and Hong Kong (China) remained the largest importers of Vietnamese pangasius, with the value reaching US$258 million, down eight percent compared to the same period last year. The value of exports to the US reached US$160 million, a year-on-year increase of 14 percent.

Vietnamese pangasius exports to major markets have grown strongly

In the first half of June 2024, Vietnam exported US$12 million worth of pangasius to CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) countries, a year-on-year increase of 23 percent. In the first six and a half months, the export value to these countries reached US$114 million, up 10 percent compared to the same period last year. Mexico topped the list with the value reaching US$31 million, up seven percent, followed by Japan with US$18 million, up 35 percent; and Canada with US$18 million, up 15 percent.

Pangasius exports to CPTPP countries are expected to continue growing in the last six months of 2024. VASEP emphasized that businesses should make the most of tariff preferences under the CPTPP to increase exports to its member countries.

CPTPP to create an impulse for exports

According to Nguyen Thi Thu Hang, a pangasius market expert from VASEP, exports to some markets began to recover in 2024, including CPTPP countries. The implementation of free trade agreements (FTAs) has created favorable conditions for businesses to diversify export markets, increasing the presence of Vietnamese seafood, particularly pangasius, in the global production and supply chains. The CPTPP is believed to create an impulse for the export of Vietnamese seafood, including pangasius.

In the first seven months of 2024, Vietnamese pangasius exports to traditional markets increased, including the United Arab Emirates (UAE) and countries in West Asia, the Middle East, and Africa.

According to VASEP’s data, Vietnam is the largest pangasius supplier for the UAE, holding a market share of 40-50 percent. It is forecast that the 2024 export value to this market will exceed US$15 million, an increase of 47 percent compared to 2023. Pangasius exports to China also increased significantly in the first seven months of 2024.

VASEP forecast that in the last six months of 2024, the export volume of Vietnamese pangasius will continue increasing due to high demand from key markets, such as China and ASEAN.

In the first half of 2024, the average price of raw pangasius was approximately VND27,700 per kg, about VND1,000 lower than the same period last year, but higher than the price of around VND26,000 per kg at the end of 2023. According to VASEP, farmers can now make profits and have started harvesting pangasius for processing, leading to an increase in pangasius production during the first half of this year.

Major importers of Vietnamese pangasius include China, Hong Kong (China), the US, CPTPP, the EU, ASEAN, the Middle East, Mexico, Brazil, the UK, and Russia.