(vasep.com.vn) Hung Vuong Corporation (HVG) is expected to export more 7,000-8,000 MT of pangasius fillets to Russia by the end of 2014.
Since the early August, Russia has banned seafood imports from EU, the United States, Norway, Canada and Australia within 1 year as a revenge from the international tension. As Norway and America, the 3rd and 4th biggest pangasius suppliers to Russia (following Vietnam and China), cannot export to Russia, this becomes an opportunity for Vietnam to promote trading with Russia.
Russia would be in shortage of pangasius in last 5 months of 2014 due to the ban. Russian importers are now looking for other markets such as China, Vietnam and Latin America to substitute.
From the end of August till early September, Russia removed seafood imports ban from Vietnam, allowing 10 companies to export to this market. This corporation, therefore, is believed to get most benefit from this.
In 2013, the United States was the largest export market for HVG, accounted for 35% of total revenue of this company, followed by Russia with 11%. The US Department of Commerce announced the preliminary results of the 9th Period of Review (POR 9), which set tariff of US$ 1.22/kg from the previous one of US$ 0.77/kg. Exports to the United States in 1H 2014, therefore, reduced. Thanks to the ban of Russia, HVG shifts its major export market from the United States to other countries, especially Russia.