Vietnam is the second-largest supplier of whitefish to Russia

According to data from the International Trade Center (ITC), Vietnam has remained the second-largest supplier of whitefish to Russia since 2012, following Argentina. President Vladimir Putin’s state visit to Vietnam is expected to open new opportunities for export trade, including the export of pangasius to Russia.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), unlike other markets, Russia rarely imports value-added pangasius products. Instead, the focus is on dried pangasius and other frozen products, particularly frozen pangasius fillets from Vietnam.

Exports of dried pangasius and other frozen products (HS code 03, except for pangasius under HS code 0304) to Russia in the first five months of this year recorded a 77% increase compared to the same period last year. However, the demand for these products in Russia has been unstable, with frequent fluctuations. For example, in May 2024, the country saw an 8.5-fold increase compared to May 2023 and a three-fold increase compared to the previous month. This is in contrast to April 2024, which witnessed a 35% decrease compared to the same period in 2023.

Frozen pangasius fillets remain Vietnam’s main export product to Russia, accounting for 80% of the market share in the first five months of this year. In May 2024, the export value of frozen pangasius fillets to this market exceeded USD 2 million, a 6.5-fold increase compared to the same period last year. This was also the highest export value of frozen pangasius fillets to Russia since the beginning of the year.

According to VASEP, the war has significantly impacted the export activities of pangasius to the Russian market. However, compared to the same period last year, Vietnam’s pangasius exports to Russia in the first five months of this year have shown positive signs of recovery.

President Vladimir Putin’s state visit to Vietnam at the end of June marks a pivotal moment, aligning with the 30th anniversary of the Treaty on the Basic Principles of Friendship between Vietnam and Russia. This visit is expected to significantly enhance the Vietnam-Russia Comprehensive Strategic Partnership, expanding its scope across various sectors and elevating it to new heights. Notably, it paves the way for fresh opportunities in export trade, particularly in pangasius exports to Russia, as both nations work towards realizing the Joint Statement on the Vision for Comprehensive Strategic Partnership until 2030.