Vietnam’s pangasius exports expected to surpass $2 billion in 2024

According to data from Vietnam Customs, the export value of pangasius in October 2024 reached nearly $202 million, representing a 17% increase year-on-year. Cumulatively, pangasius exports to various markets in the first ten months of 2024 totaled $1.7 billion, marking a 9% growth compared to the same period last year.

China and Hong Kong remain the largest consumers of Vietnam’s pangasius exports. In October 2024, this market imported $61 million worth of pangasius, up 9% year-on-year. However, the total export value to China and Hong Kong in the first 10 months fell by 2% year-on-year to only $479 million.

Exports to the U.S. surged in the first month of the final quarter, with a 65% increase compared to the same period last year, amounting to over $35 million. Over the first ten months, total exports to the U.S. reached over $291 million, a 28% increase year-on-year. The re-election of President Donald Trump, who will begin his second term next year, is expected to introduce new import tax policies, potentially impacting pangasius imports. Guided by his “America First” agenda, “Make America Great Again” movement and focus on economic growth, Trump’s policies could influence Vietnam’s export sector, including pangasius. However, projections remain optimistic, with expectations of increased orders as the two nations maintain a comprehensive strategic partnership, complemented by specific tax incentives.

A preliminary conclusion from the 20th administrative review (POR20) revealed favorable results for Vietnamese exporters. Two mandatory respondents received anti-dumping tax rates of $0.00/kg, while six additional companies qualified for separate tax rates of $0.00/kg. This marks a significant improvement from the prior POR19 review, where tax rates ranged from $0.00/kg to $0.18/kg.

The CPTPP bloc remains Vietnam’s third-largest market for pangasius exports. Over the first ten months of 2024, exports to CPTPP member countries totaled over $224 million, reflecting an 11% increase year-on-year.

Meanwhile, exports to the European Union remained steady, growing slightly by 0.04% year-on-year to nearly $144 million. Certain EU countries, including Lithuania, Ireland, Italy, Belgium, Spain, Poland, and Portugal, reported double-digit growth in imports of Vietnamese pangasius.

Vietnam’s pangasius exports are poised to surpass the $2 billion mark in 2024. Year-end demand is expected to rise to meet demand for the Lunar New Year and New Year holidays. Additionally, concerns over potential tax adjustments in the U.S. are driving importers to expedite their purchases before President Trump’s inauguration.

(Source: https://seafood.vasep.com.vn/)