According to the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius export turnover in the past 11 months reached 2.3 billion USD, up 77% over the same period in 2021.
In a report on the pangasius industry, VCBS believed that high global inflation caused consumers to change their buying behavior, shifting from high-end products to more affordable ones, typically like white fish.
The prolonged Russia-Ukraine tensions caused a shortage of pollock from Russia and paved the way for Vietnamese pangasius to have the opportunity to access foreign markets.
Besides, holidays such as Thanksgiving, Christmas and New Year also boost the demand for fish in Western countries. In addition, the reopening of China brings many opportunities for Vietnamese pangasius businesses and seafood businesses as well.
Analyzing key markets, VCBS believed that the US and China are very promising destinations for Vietnamese pangasius exporters.
Specifically, according to the results of the 17th anti-dumping tax (POR17) of the US Department of Commerce, NAVICO (Code: ANV) enjoyed a tax rate of 0%, which made the company decide to return to this market.
By the end of September 2022, NAVICO had exported 11 containers to the US market, doubling the initial target of 5 containers. NAVICO is also planning that in the next 2-3 years, the company’s export volume to the US market will grow by 5-7%.
NAVICO was also gradually recovering its export volume to China, the enterprise has also exported 80 more containers to this market. Besides exporting to Shanghai, NAVICO had found some new partners in Beijing and Guangzhou. According to the plan, export volume in the Chinese market will grow by 35-45% in the coming time.
VCBS expects NAVICO's pangasius revenue for 2022 and 2023 to grow by 22% and 9% over the same period, bringing profits of VND642 billion and VND693 billion, respectively.
Similar to NAVICO, Vinh Hoan Corp (Code: VHC) also received a preferential tax rate of 0% for many years. In the first 10 months of 2022, Vinh Hoan maintained a stable market share in the US markets, revenue increased by 75% benefiting from the shortage of pollock supply from Russia, change in buying behavior due to high inflation, and the appreciation of USD.
In addition, China's Zero COVID policy has caused the country's production to stall, creating opportunities for some Vietnamese enterprises to increase exports, to offset the needs of the billion-people market. In the first 10 months of 2022, Vinh Hoan's export revenue in China increased slightly by 5%.
However, Vinh Hoan will continue to focus on the US market more because the Chinese market prefers cheap products, which are not suitable for Vinh Hoan's high-quality product line, which meets the strict standards of the US market.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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