Despite enduring numerous challenges in the opening months of the year, Vietnamese Tra fish (pangasius) exports are showing positive signs in several key markets such as China, Hong Kong (China), and the United States, with the product forecast to hit over US$1.7 billion this year.

According to details given by the General Department of Vietnam Customs, Vietnamese pangasius exports by mid-July reached US$942 million, a decline of 28% against the same period from last year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) pointed out that the decline in pangasius exports recorded in the first half of this year can be attributed to global fluctuations, the impact of food price inflation, and the Russian-Ukraine conflict.

VASEP experts, however, have outlined that there remains plenty of room for Vietnamese pangasius, especially deeply processed products in some markets such as Japan, the Republic of Korea, and Australia moving forward due to local exporters not coming under competitive pressure on supply source and price like in such markets as the US, EU, or China. 

Moreover, with the amount of inventories being cleared gradually in these markets, the demand is projected to rebound ahead in the final months of the year.

Most notably, there are bright prospects in some Southeast Asian markets due to their stable economies, lower inflation, geographical advantages, and preferential tariffs under the terms of free trade agreements (FTA).

The consumption demand is also forecast to rise during the year-end due to a series of festivals, which will also help local businesses to secure additional export orders.

In a bid to promote pangasius exports in particular and seafood exports in general, the VASEP and relevant agencies plan to organise the 26th Vietnam Fisheries International Exhibition (VIETFISH) slated for August 23 to August 25 in Ho Chi Minh City.

The expo is anticipated to provide an international playground for leading aquatic enterprises from all over the world in order to showcase their products, seek markets, and explore new business opportunities, as well as updating breakthroughs of advanced technologies in the field of aquaculture and seafood processing.

Source: VOV