Since the beginning of this year, the US has continuously increased imports of VAT pangasius products from Vietnam. In the first month of this year, Vietnam exported nearly 295 thousand USD of value-added pangasius to the US, an increase of 18 times over the same period; in February 2024, this value reached more than 114 thousand USD, an increase of 2,200 times. In March 2024, it increased by 76% to 150 thousand USD. Notably, in April 2024, exports of value-added pangasius products to the US reached more than 300 thousand USD, an increase of 67 thousand times. By the end of April 2024, the US increased imports of value-added products from Vietnam by 8.5 times with 860 thousand USD.
Frozen pangasius fillets are still the main product of pangasius exports to the US. In April 2024, export turnover of frozen fillet products to the US reached more than 37 million USD, an increase of 35% compared to April 2023. This is the highest value the US has imported since the beginning of this year for pangasius products under HS code 0304 (except fish cakes and surimi). By the end of April 2024, exports of frozen pangasius fillets to the US reached more than 100 million USD, an increase of 19% over the same period in 2023, accounting for 98% of the total value of pangasius exports to the US.
Meanwhile, exports of dried and other frozen pangasius (steak, butterfly, maw…) to the US in April 2024 witnessed a negative growth of 72% with a value of 165 thousand USD. Total exports of these products to the US in April of this year reached nearly 1 million USD, down 28% over the same period last year.
Consumers in the US are increasing their demand for white fish products, especially pangasius from Vietnam. Pangasius exports to the US in April and in the first 4 months of this year showed many signs of improvement after continuously declining in 2023. Recently, a large number of Vietnamese enterprises participated in and introduced pangasius products in Vietnam at the North American Seafood Exhibition. With the advantage of a delicious white-flesh fish, suitable for processing a variety of dishes from packaged fillets, and frozen products to processed products such as fish sticks or fish burgers, it has attracted importers from all over the world this market.
In addition, white meat fish supplies to the US are decreasing in the context of scarcity of other white meat fish products such as tilapia is also a positive sign for Vietnamese pangasius exports to the US market.
The news that the US is considering recognizing Vietnam as a market economy has brought optimistic hope to many Vietnamese economic sectors, including the fisheries industry. It is expected that in July 2024, the DOC will have a decision on whether Vietnam can change its status from a non-market economy to a market economy. If Vietnam is recognized as having a market economy, this will be an advantage for Vietnamese businesses in the upcoming administrative reviews of anti-dumping duties on shrimp and pangasius.
The Report on Vietnam Seafood Exports in 2024 by the Vietnam Association of Seafood Exporters and Producers (VASEP) was published amid positive developments in the country's seafood industry, marking a successful year with a total export value of USD 10 billion, a 12% increase compared to 2023. This milestone underscores the sustainable growth and exceptional potential of the seafood sector in contributing to the national economy.
(seafood.vasep.com.vn) Vietnam's tuna sector faced numerous challenges in the latter half of 2024. While the year proved memorable, with export turnover reaching nearly USD 1 billion, maintaining this growth trajectory requires renewed impetus for the tuna industry.
With Tet (Lunar New Year) approaching, fishermen along Vietnam's central coast are capitalizing on favourable weather conditions to intensify their fishing efforts, meeting the burgeoning demand for seafood across the nation.
(seafood.vasep.com.vn) Shrimp exports in 2024 reached nearly USD 4 billion, a 14% increase compared to 2023. Reflecting on 2024, the shrimp industry demonstrated resilience and persistent effort in overcoming challenges, solidifying its strong position in exports.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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