According to Vietnam Customs, in the first half of July 2024, Vietnam's Tra fish (pangasius) exports reached US$85 million, up 22% over the same period from last year 2023.
The Vietnam Association of Seafood Exporters and Producers (VASEP), on average reported tra fish exports raked in more than US$150 million each month, accounting for 20-22% of the total export turnover of the entire sector and second only to shrimp because this is a product with higher prices.
The largest consumption markets for Vietnamese pangasius include China, the US, the EU and CPTPP countries. However, Vietnamese pangasius is facing strong competition from other white fish. Specifically, cod is considered the “king” of white fish thanks to its high brand value, good meat quality and rich nutritional value. However, high prices and limited supply are major barriers.
According to the International Trade Center (ITC), Vietnam is the second source in the race for white fish exports to China, after Russia. The first half of this year witnessed China import nearly 80 thousand tons of white fish (mainly pangasius) from Vietnam, down 17% on-year. Meanwhile, imports from the US reached 45 thousand tons, up 57%; Norway reached 19 thousand tons, up 28%; and Greenland hit nearly 5 thousand tons, up 188%.
The ITC said that Vietnam is also the second largest supplier of white fish (mainly pangasius) to the US, after China. In the first 5 months of this year, the US imported more than 45 thousand tons of white fish (mainly pangasius) from Vietnam, an increase of 37%, accounting for 30% of the total US white fish imports from the world.
However, each type of fish has its own advantages and disadvantages. Pangasius is often priced lower than other white fish, helping to attract many customers, especially in emerging markets.
In addition, this is a type of fish with a large and stable output. Vietnam is one of the largest pangasius producing countries in the world, ensuring a stable supply for the market.
Pangasius is processed into many different products, meeting the needs of many customers. Moreover, Vietnam has a favorable geographical location, helping to reduce transportation costs and shorten delivery times.
Vietnamese pangasius holds huge potential for competition in the international market. However, according to VASEP, the quality of Vietnamese pangasius products still depends on many factors such as breed, feed, and farming environment.
In addition, this product also faces many trade barriers such as import tax, technical regulations, policies adopted by ever-changing markets, and unfair competition.
To be successful, the pangasius industry needs to proactively make a deeper inroad into the market, improve product quality, build brands, and diversify markets.
