Vietnam: New directions for two key export products of the seafood industry

Published 2024년 8월 12일

Tridge summary

Vietnam's seafood industry, with a focus on shrimp and pangasius, is experiencing challenges but also growth. Pangasius exports are on the verge of reaching USD 1 billion, with China and Hong Kong as the primary consumers, while the US, Brazil, Thailand, Colombia, and Saudi Arabia also show positive import growth in the first half of 2024. Shrimp exports have also seen positive growth and are expected to improve further in prices due to increased demand and lower competition, although high farming costs remain a concern. The industry's growth is attributed to market research, consumer trends, and sustainable solutions, with a expectation for smoother transportation and improved demand in the later half of the year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Although the two main export items of Vietnam's seafood industry, shrimp and pangasius, have grown, export enterprises are facing many difficulties and must find new directions. Pangasius fish exports reached near USD1 billion According to Vietnam Customs, China and Hong Kong (China) continue to be the largest consumers of Vietnamese pangasius, contributing 28% to Vietnam's total export value to markets. June 2024 is the month with the highest export turnover of Vietnamese pangasius to China and Hong Kong since the beginning of this year, with nearly USD 56 million, up 16% compared to June 2023. In total, pangasius exports in the first 6 months of this year reached USD 918 million, up 5% over the same period last year. Thus, pangasius enterprises are about to reach the USD 1 billion. According to analysis by the Vietnam Association of Seafood Exporters and Producers (VASEP), the US is the second largest market after China for importing the most Vietnamese pangasius. In June this ...

Source: WTOCenter