Pangasius exports to Russia have problems because of the war in Ukraine

(seafood. In 2021, Russia is one of the potential markets, shining in the picture of Vietnam's pangasius exports with a value of 32.5 million USD, up 72.5% compared to in the same period last year. However, starting in 2022, pangasius exports to this market are experiencing problems and contain many uncertainties.
Pangasius exports to Russia have problems because of the war in Ukraine
NAVICO's pangasius fillet

Earlier this year, there were 5 Vietnamese enterprises participating in exporting pangasius to the Russian market. However, in January 2022, the export value of pangasius to this market reached US$2.18 million, down 29.8% over the same period in 2021.

In 2021, the Covid-19 epidemic had a positive impact, causing a sharp increase in the demand for importing Russian frozen pangasius fillets from Vietnam. In 2021, Vietnam was one of the three largest suppliers of white fish products to Russia (after Argentina and China). Vietnam is a unique market supplying frozen pangasius to Russia. Until now, Vietnamese pangasius enterprises still consider Russia as a market with great potential and great demand.

Since the beginning of this year, especially after Russia opened a special military campaign in Ukraine, the situation of exporting Vietnamese pangasius to this market is temporarily interrupted and facing many difficulties.

As reflected by some large pangasius exporters to Russia, after Western countries introduced a series of financial sanctions targeting Russian banks, the ruble fell by nearly 30%, to the lowest level. so far against the USD, with the milestone of nearly 95 Rubles for 1 USD on March 1. Due to the strong depreciation of the ruble, many importers do not want to pay for their orders. The payment situation through banks of enterprises is almost paralyzed, some importers have accounts in other countries but the payment is not easy.

Currently, enterprises have temporarily stopped signing pangasius export orders to Russia, although many importers still want to continue cooperation without interruption.

Shipping lines have also announced not to accept shipping containers to Russia because of the very high risk that shipments may be detained at the Port of Rotterdam before reaching two major Russian seaports, Saint Petersburg and Vladivostok.

Moreover, currently, the price of raw pangasius in the Mekong Delta has increased to 32,000 VND/kg due to scarcity. Enterprises cannot buy raw materials due to the sharp increase in prices. Many other large markets are also in great demand to import pangasius, but factories do not have enough raw materials for processing, not to mention enough finished fish to be exported to Russia in the current context of war tensions.

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Ms Thu Hang


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