In the first two months of 2023, Vietnam's pangasius exports decreased in both value and volume, with a decrease of 48% and 35% year-on-year, respectively. This downward trend is mainly due to the sudden drop in import demand, especially the US. The average selling price decreased by 14% over the same period in 2022 and by 50% from the peak set in the second quarter of 2022.
Enterprises that rely heavily on the US market such as Vinh Hoan and BIEN DONG Seafood have the largest decrease in export value in the first two months of the year, with -48% and -75% respectively over the same period in 2022.
In contrast, companies with a large distribution market share in China such as Navico, IDI, Godaco can take advantage of the recovery of this market to mitigate the impact, helping these enterprises to maintain the slighter fall in export value.
Navico is one of the export companies that can significantly benefit from the recovery of the Chinese economy
Navico is one of the export companies that can significantly benefit from the recovery of the Chinese economy. The increase in orders from the Chinese market will help Navico's pangasius export volume to grow again, thereby compensating for the declining trend in other markets.
Although Navico's profit in 2023 is better than the general situation of the industry, it will still be difficult to achieve positive growth due to the high base recorded in the same period in 2022.
Navico currently accounts for 15% of pangasius export value from Vietnam to China. The export price in the Chinese market is still relatively stable, the demand of this market is still high because it just opened after the prolonged Covid-19 lockdown. Navico intends to expand the customer base to boost orders in this market. Export volume to China is expected to grow by about 45% in 2023 and is the main growth driver for Navico.
In 2023, Navico is expected to reach VND 4,612 billion in net revenue and VND 619 billion in profit after tax, down 5.8% and 8.1% respectively compared to 2022.
Forecast on Vietnam pangasius industry in 2023 - 2025
Compiled by Thuy Linh
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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