The two largest markets, China and the US, both reduced imports of Vietnampangasius. China is down 22% and the US is down 64%. After a deep decline in January 2023, Vietnam's pangasius exports to China increased by 26% in February 2023, partly showing a positive signal from the Chinese market.
Exports to the EU also had a more positive signal thanks to the German market doubling imports of Vietnam pangasius. Meanwhile, the US import market of Vietnam pangasius has not shown any signs of recovery. Many other markets also suffered a deep drop of 12-61%.
In the first quarter of 2023, Vietnam pangasius exports to the EU market reached 45 million USD, down 4% compared to the same period last year (46.7 million USD). Most markets in the EU increased imports of Vietnam pangasius, of which many markets recorded double-digit growth, such as Romania (36%), Sweden (53%), Denmark (34%). Bulgaria (49%). Some smaller markets in Europe recorded positive 3-digit growth such as: Germany (100%), Lithuania (429%), Finland (436%).
In addition to the EU, Vietnam's pangasius export turnover to some other markets in the first quarter of 2023 also recorded positive growth such as: to Singapore reaching $8.7 million, up 35% over the same period last year, to the UK reached 16.2 million USD, up 34%. Although the country has the highest inflation rate among major economies, the UK is still among the few markets that have recorded positive growth in Vietnam's pangasius imports.
In the first quarter of 2023, most pangasius enterprises witnessed negative growth compared to the same period last year. Top 5 largest pangasius exporters including Vinh Hoan, NAVICO, I.D.I Corp, Van Duc Tien Giang, GODACO, accounting for 34.9% of export turnover, all experienced a decrease in sales by 7-43%.
The seafood industry in general and Vietnam's pangasius industry in particular face challenges from the end of 2022 due to prolonged inflation and high inventories of retailers. In addition to market difficulties, pangasius processing and exporting enterprises also face difficulties in terms of raw materials, credit and production. Input costs from seed to feed and other costs are constantly increasing, farmers abandon ponds, leading to the risk of shortage of raw materials. Both farmers and export processing enterprises fall into a lack of capital to maintain production and business.
The actual context of the pangasius industry is in dire need of the cooperation and support of the Government and state agencies as well as the consensus of farmers and businesses.
Pangasius exports in the coming time are mainly expected to China, some European countries such as the UK, Germany, Portugal and the Middle East markets. Pangasius exports are expected to recover in the third quarter of 2023, thanks to trade and promotion programs.
Thu Hang
The Report on Vietnam Seafood Exports in 2024 by the Vietnam Association of Seafood Exporters and Producers (VASEP) was published amid positive developments in the country's seafood industry, marking a successful year with a total export value of USD 10 billion, a 12% increase compared to 2023. This milestone underscores the sustainable growth and exceptional potential of the seafood sector in contributing to the national economy.
(seafood.vasep.com.vn) Vietnam's tuna sector faced numerous challenges in the latter half of 2024. While the year proved memorable, with export turnover reaching nearly USD 1 billion, maintaining this growth trajectory requires renewed impetus for the tuna industry.
With Tet (Lunar New Year) approaching, fishermen along Vietnam's central coast are capitalizing on favourable weather conditions to intensify their fishing efforts, meeting the burgeoning demand for seafood across the nation.
(seafood.vasep.com.vn) Shrimp exports in 2024 reached nearly USD 4 billion, a 14% increase compared to 2023. Reflecting on 2024, the shrimp industry demonstrated resilience and persistent effort in overcoming challenges, solidifying its strong position in exports.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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