(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.
According to data from Vietnam Customs, the export value of value-added pangasius to the US exceeded $2 million in November 2024, marking a staggering 4,270% year-on-year increase (equivalent to 42 times higher) compared to November 2023. During the first 11 months of 2024, exports of these products to the US reached over $12 million, a 2,182% surge (equivalent to 21 times higher) compared to the same period last year.
This achievement represents the highest export value for value-added pangasius in the past decade since 2015. Previously, 2022 had recorded the highest value of pangasius exports to the US, driven by a surge in demand as the US reopened post-COVID-19, leading to significant import volumes during the first half of the year. However, the rapid surge in imports resulted in supply exceeding demand, leaving excess inventory throughout 2023. The subsequent economic downturn, declining consumer demand, and tightened spending further slowed the clearance of inventory, leading to a substantial drop in pangasius export value to the US in 2023. That year is considered the most challenging for Vietnam's pangasius export sector in a decade.
In the first 11 months of 2024, the US primarily imported value-added pangasius products from Vietnam under HS Code 16041990. These include frozen breaded pangasius fingers (25g size), breaded pangasius fillets, frozen breaded pangasius nuggets, and similar products. Exports under this code accounted for 99.9% of the total value-added pangasius export value to the US during this period, generating $12.4 million.
Five companies dominated exports under HS Code 16041990 to the US in the first 11 months of 2024. Van Duc Tien Giang led with a 74% share, followed by Bien Dong Seafood (13%), NTFS Seafood (12%), Vinh Hoan (2%), and SKYEX (0.0002%).
Other value-added pangasius products exported to the US include those under HS Code 16042099 (e.g., frozen pangasius skewers, crispy fried pangasius skin snacks); HS Code 16042030 (e.g., frozen boiled pangasius balls, frozen pangasius fish cakes); and HS Code 16042091 (e.g., frozen breaded and fried pangasius portions).
In addition to frozen fillets, which remain the primary export, value-added pangasius products should receive more robust promotion and strategic positioning in international markets. This approach is vital for strengthening the global presence of Vietnamese pangasius.
The outlook for 2025 appears promising, with expectations that the export value of value-added pangasius will build on the momentum of 2024 and achieve further growth.