Growth of Vietnam’s added-value pangasius exports to the world

In August 2024, Vietnam’s pangasius exports reached nearly $191 million, a 12% increase compared to August 2023. Accumulated pangasius exports in the first eight months of this year reached nearly $1.3 billion, a 9% increase year-on-year. Notably, value-added pangasius products reached nearly $6 million in August 2024, a significant 75% increase, and $27 million in the first eight months of this year, up 38% compared to the same period last year.

Exports of value-added pangasius to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bloc exceeded $8 million by the end of August 2024, a 31% increase year-on-year. June 2024 recorded the highest monthly value at over $1.3 million, up 35% compared to June 2023. Australia emerged as the largest consumer of these products within the CPTPP, accounting for 39% of total imports from Vietnam, with a value of over $3 million, representing a 21% year-on-year increase.

The United States has consistently increased its imports of Vietnam’s value-added pangasius products since the beginning of 2024. August 2024 marked the highest monthly export value to the US since the start of the year, reaching nearly $3 million, a staggering 15-fold increase compared to August 2023. Prior months also witnessed record-breaking growth, with April seeing a nearly 67,000-fold increase and July a nearly 42,000-fold increase. By the end of August, exports to the US totaled nearly $6 million, a 14-fold increase year-on-year.

Thailand ranked third in terms of importing Vietnam’s value-added pangasius. In August 2024, exports to Thailand reached nearly $600,000, up 17% year-on-year. However, while the overall eight-month total exceeded $4 million, a 1% increase, May 2024 saw Thailand halt its imports of these products. The UK, despite a 1% decline in the first eight months, maintained its fourth position as a consumer of Vietnam’s value-added pangasius, with a total value of nearly $4 million. August 2024 recorded the highest monthly export value to the UK for the year, although it was down 21% compared to August 2023, reaching over $726,000.

Vietnam’s value-added pangasius exports to the EU totaled over $2.3 million by the end of August, down 5% year-on-year. The Netherlands was the largest consumer within the bloc, accounting for 86% of the total value, with exports exceeding $2 million, a 29% increase year-on-year. China and Hong Kong, primarily importing frozen pangasius fillets, have also shown increased interest in value-added products. In August 2024, exports to China tripled year-on-year and reached the highest monthly value for the year at over $200,000. By the end of August, total exports to China reached $791,000, a 50% increase.

Popular value-added pangasius products include breaded pangasius fillets, breaded fish skin snacks, and breaded fish cutlets. The growing demand for Vietnam’s value-added pangasius products highlights the success of diversification strategies among Vietnamese seafood businesses. As the global market continues to evolve, Vietnamese enterprises are well-positioned to capitalize on emerging opportunities and strengthen their position in the international seafood market.

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