According to Vietnam Customs data, VAT pangasius exports in the first 8 months of 2024 are assessed to be quite positive, with continuous positive growth in many major markets such as the US, CPTPP, the Netherlands,...

In August 2024, Vietnam's pangasius exports to markets reached nearly 191 million USD, up 12% compared to August 2023. Cumulative pangasius exports in the first 8 months of this year reached nearly 1.3 billion USD, up 9% over the same period last year. Of which, value-added pangasius products reached nearly 6 million USD in August 2024, up 75% and reached 27 million USD in the first 8 months of this year, up 38% over the same period in 2023.

By the end of August 2024, the export of VAT pangasius to the CPTPP market reached more than 8 million USD, an increase of 31% over the same period last year. June 2024 was recorded as the month with the highest value with more than 1.3 million USD, an increase of 35% compared to June 2023. In the first eight months of this year, Australia was the largest consumer market for this product, accounting for 39% of the total VAT pangasius that the CPTPP market imported from Vietnam, with more than 3 million USD, an increase of 21% over the same period in 2023.

Since the beginning of 2024, the US has continuously increased its import of VAT pangasius products from Vietnam. August 2024 was recorded as the month with the highest value of Vietnam's VAT pangasius exports to the US since the beginning of the year, with nearly 3 million USD, an increase of 15 times compared to August 2023. Previously, some months also recorded a record increase in the export of VAT pangasius to the US, with an increase of nearly 67 thousand times in April 2024 and an increase of nearly 42 thousand times in July. By the end of August 2024, the export of this product to the US reached nearly 6 million USD, an increase of 14 times over the same period last year.

After the US, Thailand is the third largest import market for VAT pangasius from Vietnam. In August 2024, VAT pangasius exports to this market reached nearly 600 thousand USD, an increase of 17% over August 2023. In the first eight months of the year, the total export of this product to the Land of Golden Pagodas reached more than 4 million USD, an increase of 1% over the same period last year. Despite the slight growth, May 2024 saw Thailand's import value of VAT pangasius from Vietnam equal to zero, this country imported almost nothing in May this year.

Although VAT pangasius exports to the UK decreased by 1% in the first 8 months of this year, they still maintained their 4th position in consumption of this product from Vietnam, reaching nearly 4 million USD. August 2024 was recorded as the month with the highest export value of VAT pangasius to the UK since the beginning of this year, but still decreased by 21% compared to August 2023, reaching more than 726 thousand USD.

By the end of August 2024, VAT pangasius exports to the EU reached more than 2.3 million USD, down 5% over the same period. The Netherlands is the largest consumer market of this product in the bloc, accounting for 86% of the proportion, with an export value of more than 2 million USD, up 29% over the same period last year.

China & HK are the largest "customers" of Vietnamese pangasius, mainly frozen pangasius fillets. In the first eight months of this year, VAT pangasius products have also gradually become more popular in this billion-people country. According to Vietnam Customs, in August 2024, the export of VAT pangasius to China increased 3 times compared to the same period last year, and reached the highest value since the beginning of this year, with more than 200 thousand USD. By the end of August 2024, the export of VAT pangasius to this market reached 791 thousand USD, an increase of 50% compared to the same period in 2023. Although the value is still "modest" compared to other importing countries, with its high growth rate and demand, China will be a potential destination for Vietnamese VAT pangasius products.

Some of the most popular value-added pangasius products are fried breaded pangasius/frozen breaded pangasius fillets HS code 16041990, crispy fried pangasius skin snacks/frozen fried basa fish cakes HS code 16042099, frozen breaded/fried pangasius slices HS code 16042091, frozen basa fish balls with vegetables HS code 16042030,..

In addition to frozen pangasius fillets, Vietnam's value-added pangasius products are increasingly proving their position in the global market. Market fluctuations in recent times have shown that developing value-added processed products is an essential business strategy for Vietnamese seafood enterprises. With the potential for exporting value-added pangasius still promising, enterprises need to proactively change to quickly grasp opportunities and demand in the international market.

Source: VASEP