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
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