Pangasius exports to fulfil US$2 billion target this year

China and Hong Kong (China) remained Vietnam’s largest pangasius export markets, spending more than US$500 million on the products throughout the reviewed period, up 1% year on year.

The United States was the second largest consumer of Vietnamese pangasius with more than US$317 million, up 26% year on year.

Meanwhile, pangasius exports to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) reached US$248 million, up 10%, as Mexico continued to be the largest buyer in the bloc with turnover of US$69 million, an annual rise of 5%.

Elsewhere, the EU was the country’s fourth largest export market with earnings rising by 3% to nearly US$161 million. The Netherlands emerged as the largest consumer in this bloc with more than US$43 million, up 7%.

By recording 10% export growth in 11 months, VASEP experts point out that Vietnamese pangasius exports are on track to fulfil the target of US$2 billion this year. However, the pangasius industry continues to face numerous challenges, especially amid fierce competition with other white-flesh fish products.

The VASEP recommends that local firms devise a proactive plan in order to both maintain and develop the market share of the Vietnamese pangasius in the international market moving forward.