Currently, in the CPTPP bloc, Canada is the second-largest export market for Vietnam’s pangasius enterprises. This is the seafood market with good prices and stable growth in North America. Traditionally, Canada had close trade relations with the US and China; the products were mainly from the sea. However, in the past 3 years, Canada’s importers began to seek and promote imports of aquaculture seafood products, including pangasius and tilapia.
So far, Canada has been a regular export market for more than 30 of Vietnam’s pangasius companies. Particularly, in QI/2022, the 3 pangasius exporters with the largest export value to this market are Vinh Hoan Corp; NTSF Seafoods, and TG Fishery.
In the past 2 years, Vietnam's pangasius exports to Canada have slowed down due to the impact of Covid-19. But in the first quarter of this year, pangasius exports to this market increased sharply again. The average export price of frozen pangasius fillets is relatively good, ranging from 3.15 to 3.35 USD/kg.
Compared to other markets in the CPTPP, Canada imports diverse products such as frozen pangasius fillets, frozen pangasius steak/portions, dried pangasius bubbles, whole butterfly pangasius, pangasius with curry sauce; pangasius with lemon parsley sauce; pangasius with ginger sauce.
Currently, Vietnamese pangasius is still competing with many other whitefish products in Canada, notably cod fish, haddock and tilapia products. However, in recent years, Vietnam’s pangasius products have been gradually taking up the market share of whitefish products.
Due to proximity and close trade relations, the US remains the most significant market of Canada's seafood trade. Therefore, both Canada's seafood exports and imports tend to be affected by changes in the US economy as well as in the US’ consumer demand and seafood trade policies.
At least in 2022, pangasius exports to the US are forecasted to be optimistic and this trend is similar to exports to Canada. Hence, Vietnam’s pangasius enterprises need to take advantage of this opportunity and further promote exports to Canada, the seafood import market with high prices in North America.
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Top 10 Vietnam pangasius exporters to Canada, QI/1, 2022 |
|
|
No |
Exporters |
|
1 |
VINH HOAN CORP |
|
2 |
NTSF SEAFOODS |
|
3 |
TG FISHERY |
|
4 |
IDI CORP |
|
5 |
GODACO |
|
6 |
DATHACO |
|
7 |
BIEN DONG SEAFOOD |
|
8 |
HUNG VUONG CORP |
|
9 |
QUE KY FOODS CORP |
|
10 |
OCEAN GIFT FOODS |
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Compiled by Phuong 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.
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