Vietnamese pangasius (tra fish) is a seafood product highly favored by many countries around the world. To date, it has conquered over 140 markets globally.

Positive export market trends

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in June 2024, Vietnam's pangasius export turnover reached nearly USD 172 million, an increase of 20% compared to the same period in 2023. In the first six months of this year, the total export turnover of Vietnamese pangasius was USD 918 million, a 5% increase from the same period last year.

Vietnamese pangasius is well-liked in many countries worldwide and has penetrated more than 140 markets, including traditional and stringent ones concerning food safety and technical regulations such as the USA, EU, and Japan.

In the first half of 2024, China and Hong Kong (China) remained the largest import markets for Vietnamese pangasius, with a turnover of USD 258 million (an 8% decrease from the same period last year). The second largest market was the USA, with a turnover of USD 160 million, up 14% compared to the same period in 2023.

The third position was held by the CPTPP bloc. In the first half of June 2024, the export turnover of Vietnamese pangasius to the CPTPP market reached USD 12 million, a 23% increase compared to the same period in 2023. As of June 15, 2024, the cumulative export turnover to the CPTPP market was USD 114 million, up 10% from the same period last year. Notably, Mexico was the largest importer within the CPTPP with a value of USD 31 million, up 7%; Japan imported USD 18 million, up 35%; and Canada imported USD 18 million, up 15%. Thus, in the first half of 2024, the CPTPP bloc spent USD 128 million on importing Vietnamese pangasius, an 11% increase compared to the same period last year.

In the second half of 2024, pangasius exports to the CPTPP bloc are expected to continue rising as prices and demand stabilize. VASEP emphasizes that enterprises need to enhance their competitiveness, study the benefits of this FTA regarding tariffs to seize opportunities and boost exports.

CPTPP as a launchpad for pangasius exports

According to Ms. Nguyen Thi Thu Hang, a specialist in the pangasius market from the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius exports began to recover and prosper in several markets in 2024, particularly within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bloc. The implementation of Free Trade Agreements (FTAs) has created favorable conditions for enterprises to expand and diversify their markets, allowing Vietnamese seafood, especially pangasius, to participate more deeply in the global production and supply chain. Among these, CPTPP is considered a crucial launchpad for the seafood industry, including pangasius, to "take off."

Furthermore, Vietnamese pangasius has also gained traction in several traditional markets, contributing significantly to Vietnam's exports in the first seven months of 2024. These include markets such as the United Arab Emirates (UAE) and countries in Western Asia, as well as other nations in the Middle East and Africa, even as the Comprehensive Economic Partnership Agreement (CEPA) is still in the negotiation phase and has yet to be signed.

Statistics from VASEP show that Vietnam is the largest supplier of pangasius products to the UAE market, accounting for about 40-50% of the total pangasius supply in this market. By the end of July 2024, the export turnover of pangasius to the UAE market was estimated at over USD 15 million, a 47% increase compared to the same period in 2023. Similarly, the Chinese market, a traditional export market for Vietnamese pangasius, has also experienced significant growth in the first seven months of 2024.

According to VASEP's forecast, the volume of Vietnamese pangasius exports will continue to rise in the last six months of 2024 due to high demand from key markets such as China and ASEAN.

In the first six months of 2024, the average price of raw pangasius was approximately VND 27,700 per kilogram, about VND 1,000 lower than the same period last year but still much higher than the price of around VND 26,000 per kilogram at the end of 2023. Currently, according to VASEP, farmers are making a profit and have harvested fish to meet the processing and export demand, leading to an increase in pangasius production in the first half of this year.

According to data from the General Department of Customs, Vietnam's total export turnover of pangasius in 2023 reached over USD 1.8 billion, a 25% decrease compared to 2022. Vietnamese pangasius products were exported to 146 countries and territories worldwide, with many products favored in markets such as the USA, China, and Singapore.In 2023, the area for farming pangasius in Vietnam reached 5,700 hectares, equivalent to 98% of 2022, with a production volume of 1.71 million tons, an increase of 0.6% compared to 2022 (1.7 million tons). This demonstrates that the productivity of pangasius farming is improving.The popularity of pangasius, along with the efforts of the Vietnamese business community to export pangasius to many markets around the world, has generated significant foreign exchange revenue for the industry each year. With export turnover ranging from USD 1.5 to 2.4 billion per year, pangasius alone accounts for 16-26% of the total export value of Vietnam's seafood industry.In reality, the main markets and groups of markets importing Vietnamese pangasius include China and Hong Kong (China), the USA, CPTPP, the EU, ASEAN, the Middle East, Mexico, Brazil, the UK, and Russia.Additionally, the number of Vietnamese enterprises exporting pangasius has continuously increased in recent years. Specifically, in 2020 there were 320 pangasius exporting enterprises, rising to 380 in 2021, 435 in 2022, and 434 in 2023.

Congthuong.vn