The two largest markets of this product, China and the US, both reduced imports by 22% and 64%, respectively. After a deep decline in January 2023, pangasius exports to China increased by 26% in February 2023, partly showing a positive signal in this market.
Exports to the US market have not recovered while exports to the EU also had a more positive signal thanks to the German market doubling imports of Vietnamese pangasius. Many other markets also suffered a drop of 12-61%.
Global food inflation along with high inventories has caused a fall in demand and import prices, which has negatively affected export sales of Vietnamese pangasius in many major markets.
In the first quarter of 2023, 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 Vietnamese pangasius, of which many markets recorded double-digit growth, namely 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%).
Besides the EU, Vietnam's pangasius exports to some other markets in this period also grew positively such as: to Singapore reached US$8.7 million, up 35% over the same period last year, to the UK reached $16.2 million, up 34%. Although the UK has the highest inflation rate compared to other major economies, it 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 had to deal with 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 the pangasius industry in particular, face challenges from the end of 2022 due to prolonged inflation and high inventories
The seafood industry in general, and the pangasius industry in particular, face challenges from the end of 2022 due to prolonged inflation and high inventories. In addition to market difficulties, pangasius processing and exporting enterprises also face difficulties in terms of raw materials, credit and production. Input costs from broodstock to feed and other costs are constantly rising, 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 current context of the pangasius industry is in need of the cooperation and support of the Government and state agencies as well as the solidation 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 promotion programs.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The Report on Vietnam Pangasius Sector 2015–2024, produced and released by the Vietnam Association of Seafood Exporters and Producers (VASEP) in January 2025, is expected to provide enterprises, importers, and government agencies with a comprehensive overview of key developments in Vietnam's pangasius production and export over the past decade. In addition to highlighting achievements, the report identifies existing challenges and analyzes future opportunities and threats for the pangasius industry.
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(seafood.vasep.com) Speaking at a conference to implement the 2025 plan of the Ministry of Agriculture and Rural Development, Prime Minister Pham Minh Chinh urged the agricultural sector to strive for a total export turnover of agricultural, forestry, and fishery products reaching $70 billion by 2025.
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The UK-Vietnam Free Trade Agreement has significantly boosted Vietnamese seafood exports, with shrimp and pangasius leading the charge in the UK market.
(seafood.vasep.com.vn) In November 2024, Vietnam's tuna exports failed to maintain the rapid growth momentum seen earlier. Export value during the month increased by nearly 4% year-on-year, reaching approximately USD 82 million. Cumulatively, the export value for the first 11 months of 2024 totaled USD 903 million, a 17% increase compared to the same period in 2023. However, at this growth rate, the total export turnover for 2024 is estimated to only reach around USD 1 billion.
(seafood.vasep.com.vn) On the evening of December 24, 2024, in Hanoi, the Central Youth Union, Viet nam Youth Federation and the Vietnam Young Entrepreneurs Association held the Vietnam Golden Star Award Ceremony 2024, with the theme "Reaching Vietnam", honoring 200 outstanding enterprises. Deputy Prime Minister Nguyen Hoa Binh attended.
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