VIETNAM’S PANGASIUS EXPORTS HIT 2 BILLION USD

Pangasius exports to Germany surged 41-fold year-on-year in September, while exports to Peru skyrocketed 17 times.

Impressive Growth

According to the Vietnam Association of Seafood Exporters and Processors (VASEP), pangasius exports reached nearly 2 billion USD in the first nine months of the year, marking an impressive 83% year-on-year growth. China (including Hong Kong) remained the leading market, accounting for 30% of the market share and a 111% increase in value. The US ranked second with a 23% market share and a value of 454 million USD.

IDI participates in the Boston Expo (USA 

According to businesses, the U.S. market plays a leading role in global pangasius trade, particularly in setting prices, which has contributed to the increase in the value of pangasius exports this year. Notably, the European market (EU) grew by over 100%, reaching $160 million, marking a bright spot for the industry as it made an impressive return to this challenging market.

IDI’s pangasius products were well received by consumers.

Pangasius exports to many individual markets also grew 2-3 times compared to the same period, including Brazil, Thailand, the UK, the Netherlands, Australia, and Singapore. Most impressively, pangasius exports to Germany in September increased 41 times compared to the same period, while exports to Peru grew 17 times. VASEP forecasts that the pangasius industry could reach a record of 2.5 billion USD this year, a 54% increase over 2021, thanks to rising export orders in October—the peak month for year-end transactions.

Fully booked until the end of 2022, IDI expects post-tax profits of 900 billion USD.

Huge Potential

Dr. Nguyễn Thị Hồng Minh, former Deputy Minister of Fisheries and honorary chairwoman of VASEP, praised the efforts of pangasius businesses for achieving such high results this year. However, she believes the pangasius industry could develop even further if a united pangasius business community were built, rather than the fragmented entities that currently exist.

"Frankly speaking, Vietnam's pangasius industry is large but not strong. It primarily exports raw materials and lacks a strong brand recognition among global consumers. Most pangasius products sold overseas are branded under the names of foreign importers or retailers, with Vietnamese businesses only having a small label or even just a company code," said Ms. Hong Minh.

Customs statistics support this assessment, showing that in the first nine months of 2022, processed pangasius products accounted for less than 2%, while raw materials (fillets, cut pieces, whole fish) remained dominant. 

IDI busy with year-end exports

However, according to Ms. Hong Minh, the pangasius industry has a great opportunity to build its brand as it moves towards a green economy and reduces emissions by utilizing all by-products. "Pangasius production meets high standards and can meet the demands of even the most stringent markets such as the US, Europe, and Japan, with many competitive advantages."

Nhật Nam