Vietnamese pangasius exporter shifts to value-added processing, targeting Chinese retail sector
Frozen Whole Catfish
Market & Price Trends
Published Nov 4, 2023
Vietnamese manufacturers are looking to increase their export volume and gross profit margins by tapping into the growing demand for value-added pangasius products in the Chinese market. Godaco Seafood, a Vietnamese exporter, is developing breaded fish and pickled fish specifically for the Chinese retail industry. While the overall market for pangasius in China has picked up in the third quarter, competition is intensifying and there is a surplus of high-priced inventory from last year, leading to lower overall profits.
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With the rise of pangasius value-added products in the Chinese market, some Vietnamese manufacturers also hope to ride on this forward train to increase export volume while increasing gross profit margins. At the Qingdao Fisheries Expo, John Nguyen, sales director of Vietnamese exporter Godaco Seafood, told UCN that the company is developing more value-added products, such as breaded fish and pickled fish, for the Chinese retail industry. "Five years ago, after opening a new factory, we shifted our production focus to value-added products. Currently our fillet products are mainly exported to Europe, North America, South America and the Middle East, and our value-added products are sold to Japan, South Korea, Singapore and Malaysia. Next , we want to promote breaded fish, pickled fish and other value-added products to the Chinese market." Nguyen said. Currently, Godaco's value-added products account for 10-20% of revenue, and the future goal is to grow to more than 30%. ...