“Before Vietnam only used to sell whole fish to the border region in southern China. Now fillet pangasius goes to Beijing and to Shanghai and even now goes to Dalian. The demand will be much higher.” Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers said.
Vietnam’s pangasius exporters benefited from the China-US trade rift last year, with major importers switching to Vietnamese pangasius. The fish is a type of catfish and widely accepted by US consumers
Vietnam is the world’s largest pangasius producer, achieving 1.33 million metric tons of output in 2018, versus 1.25m in 2017, The next biggest players are India with 540,000t of output in 2018, Bangladesh with 455,000t, and Indonesia with 110,000t.
China is fast catching up with the European Union as the world’s biggest seafood importer, as imports reached almost 5m metric tons seafood last year, according to Rabobank. Pangasius is a “really good choice” for Chinese customers seeking white fish fillets given that Vietnam neighbors the world’s most populous nation, Truong Dinh Hoe said.
One of the last challenges to overcome was getting Chinese customers to buy imported fillets, instead of whole fish, he said. China’s GDP per capita has surged from $3,471 in 2008 to $8,827 in 2017, according to World Bank data. By contrast, Vietnam’s GDP per capita rose from $1,143 to $2,342 over the same period, broadly meaning it’s labor costs are now much cheaper than China.
This means that selling fillets made on the Mekong Delta to China is highly competitive.
Currently, seafood exports to China is increasingly convenient with low cost. Almost seafood exporters in the South have moved from road transportation to marinetime transpotation. Compared to exports through unofficiall route by road, officiall exports by seaway helps enterprises limit payment, product quality risks and save costs.
In 2019, it will be an opportunity for enterprises to expand exports by sea freight to major cities of China to improve the quality and quantity of official exports. Seafood exports to the Chinese market are forecast to reach US$1.5 billion this year, of which pangasius is one of the key products.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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