THE PRIME OPPORTUNITY FOR VIETNAM TO BREAKTHROUGH IN PANGASIUS EXPORT

16/04/2024

According to the Vietnam Association of Seafood Exporters and Producers, in January 2024, Vietnam’s pangasius exports reached 165 million USD, nearly doubling compared to the same period in 2023. This remarkable surge raises questions: What are the reasons behind this success? Can this growth momentum be sustained in the upcoming months?

Let’s explore these questions with Aquaculture Vietnam in this article.

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A brief overview of pangasius exports of Vietnam

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s pangasius exports are projected to experience strong growth in 2024. In January 2024, Vietnam’s pangasius exports reached $165 million, a 97% increase compared to the same period last year.

Pangasius exports decreased by 26% in the first 11 months of 2023 compared to the same period in 2022, reaching nearly $1.7 billion. However, positive indicators are showing that pangasius exports are poised for a rebound in 2024 after more than 2 years of severe impact from the pandemic.

Specifically, demand for pangasius in various markets remains significant, especially for deep-processed pangasius products. The US is one of the top consumption markets of Vietnam’s pangasius. In the final months of the year, demand for pangasius in this market is expected to increase, encouraging US businesses to boost pangasius imports to meet consumer demand for the New Year holiday.

In the European Union (EU) market, demand for Vietnam’s pangasius has rebounded. Vietnam also anticipates that the EU market will be a bright spot for exports next year, given its current stable economy compared to other markets.

Despite anticipated challenges in 2024, the pangasius industry aims to hit the target of producing 1.7 million tons of commercial output and a $2 billion export turnover. To achieve this, Vietnam’s aquaculture industry must devise effective strategies to adapt to the increasingly competitive landscape and stricter import regulations imposed by some countries.

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The favorable conditions for Vietnam’s pangasius industry

The European Council (EC)’s decision not to grant preferential tariffs to Russia’s seafood presents a compelling opportunity for Vietnam’s pangasius industry to strengthen its foothold in the EU market. This favorable development coincides with the gradual reduction of import tariffs under the EU-Vietnam Free Trade Agreement (EVFTA), with the expected elimination of import duties on frozen pangasius fillet imports from Vietnam by 2024. These factors will enhance the price competitiveness of Vietnam’s pangasius in the EU market.

Moreover, with the EU strengthening its control over fish imports from China to combat illegal fishing, Vietnam’s pangasius could be seen as an alternative source. This is particularly significant as the EU was once a major market for Vietnam’s pangasius exports, despite facing challenges in recent years.

Although Vietnam’s pangasius exports did not meet expectations in 2023, predictions suggest decreasing inflation in major countries such as the US, China, etc. This economic moderation is likely to boost consumer spending power. Additionally, positive signs are pointing towards robust growth in pangasius consumption within these markets. This is a significant opportunity for Vietnam’s pangasius to reclaim its market position and achieve its goals.

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Elevate Vietnam’s pangasius industry with Aquaculture Vietnam

Vietnam’s pangasius industry has achieved significant milestones in recent years, with continuously increasing export turnover and expanding export markets. However, this industry also faces several challenges such as climate change, diseases, and competition from other pangasius exporters.

The Aquaculture Vietnam exhibition serves as a pivotal event for both the pangasius industry and Vietnam’s aquaculture sector. This promising event brings together leading businesses involved in the production, processing, and export of aquatic products. It presents a valuable opportunity for industry stakeholders to stay ahead of emerging market trends, forge new partnerships, showcase their companies’ offerings, and collaboratively address the challenges facing the industry.

Aquaculture Vietnam 2024 is the International Aquaculture Industry Event in Vietnam. It is an opportunity for businesses to access the entire farm-to-table value chain of aquaculture. Here are some highlights of the exhibition:

With over 3,000 square meters of exhibition area, the exhibition attracts more than 100 exhibitors from over 20 countries/regions.
Aside from product showcases, there are various technical seminars where leading experts from businesses, universities, and associations share valuable knowledge and experience in aquaculture.
The exhibition showcases the latest technologies and products in aquaculture farming and processing

Date and Venue:

Date: October 9th – 11th, 2024 (Wednesday – Friday)
Opening Hours: 9:00 am – 5:00 pm (on October 9th and 10th), 9:00 am – 4:00 pm (on October 11th)
Venue: Saigon Exhibition and Convention Center (SECC), 799 Nguyen Van Linh, District 7, Ho Chi Minh City, Vietnam.

Don’t miss out on this opportunity! Contact us today to secure the best booth positions for your company at Aquaculture Vietnam 2024.