The UK- A stable market for Vietnamese pangasius

According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.

More than $5 million worth of pangasius was bought by this nation from Vietnam earlier this year, an increase of 19% from January 2023 and 17% from January 2022. Vietnam's pangasius exports to the UK fell by 16% to about $4 million in February 2024, perhaps as a result of the Tet vacation coincided in the same month. Nevertheless, compared to the same month in 2022—the year that pangasius exports hit a record high—this number is still 1.5 times larger.

ITC data indicates that in January 2024, the UK imported 15,000 tons of whitefish worth USD 87 million from around the globe. Comparing this to January 2023, there has been a 12% decline in value and a 9% fall in volume. Just 8% of the world's total whitefish imports into the UK were from Vietnam, mostly are pangasius products.

The UK's top supplier of frozen cod fillet (HS code 030471), which is the most popular whitefish product among customers in this European nation, is China. Frozen cod fillet (HS code 030471) was imported into the UK for $10 million in January 2024 from China, a 40% decline from the same period the previous year and makes up 21% of the UK's global imports of whitefish. With a value of around $2 million in the first month of this year, Vietnam is ranked 7th among suppliers to the UK, rising 366% from the same period last year.

Following that, other products chosen by consumers in the UK include: frozen haddock fillet, HS code 030472, with $11 million, up 9%; frozen cod fillet, HS code 030463, with $6 million, up 28%; frozen fillet of Alaska pollock, HS code 030475, with $5.6 million, down 59% compared to the same period.

One of Vietnam's main export markets for pangasius is the UK, where demand is still largely steady. Pangasius exports showed promising outcomes in 2022 and 2023 as well. Vietnam's pangasius exports soared in most markets in 2022, but bad context of 2023 caused a decline in imports in many nations. Nevertheless, even with certain months seeing double-digit negative growth, pangasius exports to the UK increased by 9% overall in 2023 compared to the year before.

Concerns over environmentally friendly products and sustainability are growing among UK consumers. As a result, products exported to this market must abide by laws governing resource management, reduce their negative effects on the environment, and ensure production sustainability.

In March 2024, the top 5 Vietnam pangasius exporters to the UK include: Vinh Hoan Corporation accounting for 30% market share, NTSF Seafoods accounting for 20% market share, Godaco Seafoods and Dai Thanh Seafoods accounting for 7% market share each, and Phu Thanh Hai Corporation  accounting for 6% market share.