According to data from Vietnam Customs, the export value of value-added pangasius to the US exceeded $2 million in November 2024, marking a staggering 4,270% year-on-year increase (equivalent to 42 times higher) compared to November 2023. During the first 11 months of 2024, exports of these products to the US reached over $12 million, a 2,182% surge (equivalent to 21 times higher) compared to the same period last year.
This achievement represents the highest export value for value-added pangasius in the past decade since 2015. Previously, 2022 had recorded the highest value of pangasius exports to the US, driven by a surge in demand as the US reopened post-COVID-19, leading to significant import volumes during the first half of the year. However, the rapid surge in imports resulted in supply exceeding demand, leaving excess inventory throughout 2023. The subsequent economic downturn, declining consumer demand, and tightened spending further slowed the clearance of inventory, leading to a substantial drop in pangasius export value to the US in 2023. That year is considered the most challenging for Vietnam's pangasius export sector in a decade.
In the first 11 months of 2024, the US primarily imported value-added pangasius products from Vietnam under HS Code 16041990. These include frozen breaded pangasius fingers (25g size), breaded pangasius fillets, frozen breaded pangasius nuggets, and similar products. Exports under this code accounted for 99.9% of the total value-added pangasius export value to the US during this period, generating $12.4 million.
Five companies dominated exports under HS Code 16041990 to the US in the first 11 months of 2024. Van Duc Tien Giang led with a 74% share, followed by Bien Dong Seafood (13%), NTFS Seafood (12%), Vinh Hoan (2%), and SKYEX (0.0002%).
Other value-added pangasius products exported to the US include those under HS Code 16042099 (e.g., frozen pangasius skewers, crispy fried pangasius skin snacks); HS Code 16042030 (e.g., frozen boiled pangasius balls, frozen pangasius fish cakes); and HS Code 16042091 (e.g., frozen breaded and fried pangasius portions).
In addition to frozen fillets, which remain the primary export, value-added pangasius products should receive more robust promotion and strategic positioning in international markets. This approach is vital for strengthening the global presence of Vietnamese pangasius.
The outlook for 2025 appears promising, with expectations that the export value of value-added pangasius will build on the momentum of 2024 and achieve further growth.
(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.
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