Selling tra fish and shrimp to the US and EU earns more than 1 billion USD, what advantages do Vietnamese businesses have?

According to data from the General Department of Customs, pangasius exports to the US in April 2024 recorded many optimistic signals with a value of nearly 38 million USD, an increase of 34% compared to April 2024. By the end of April, pangasius exports to this market reached 102 million USD, an increase of 19% over the same period last year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), frozen pangasius fillets are still the main export item to the US. In April 2024, the export turnover of frozen fillet products to the US reached more than 37 million USD, an increase of 35% compared to April 2023. By the end of April 2024, frozen pangasius fillet exports to the US reached more than 100 million USD, an increase of 19% compared to the same period in 2023, accounting for 98% of the total export value of pangasius to the US.

In addition, by the end of April 2024, exports of VAT-valued pangasius and frozen pangasius reached nearly 2 million USD.

Vietnam's pangasius exports to the US in the first 4 months of 2024 reached 102 million USD. Source: VASEP

According to VASEP, US consumers are increasing their demand for whitefish products, especially pangasius from Vietnam. Pangasius exports to the US in April and the first four months of this year showed many signs of improvement after continuously declining in 2023.

"Recently, many Vietnamese businesses participated and introduced Vietnamese pangasius products at the North American Seafood Expo. With the advantage of delicious white-fleshed fish, suitable for processing a variety of dishes from packaged fillets, frozen products to pre-processed products such as breaded fish slices or fish sandwiches, it has attracted importers from this market," said Ms. Nguyen Thi Thu Hang, pangasius market expert of VASEP.

Ms. Hang said that the fact that whitefish supplies to the US market are decreasing in the context of scarcity of other whitefish products such as tilapia is also a positive signal for Vietnam's pangasius exports to this market.

"The news that the US is considering recognizing Vietnam as a market economy has brought optimism to many economic sectors in Vietnam, including the seafood industry," Ms. Hang said, adding that it is expected that in July 2024, the DOC will decide whether Vietnam can change its status from a non-market economy to a market economy. If Vietnam is recognized as a market economy, this will be an advantage for Vietnamese businesses in the upcoming administrative reviews of anti-dumping taxes on shrimp and tra fish.

By the end of April, total export turnover reached 974 million USD, up 10% over the same period.

Regarding shrimp exports, in April 2024, Vietnam's shrimp exports reached 287 million USD, up 0.2% over the same period last year. By the end of April, total export turnover reached 974 million USD, up 10% over the same period.

Accordingly, shrimp exports to the US in April 2024 decreased by 15% after still growing slightly in March and the first 4 months of this year, reaching 168 million USD, up 5% over the same period.

Shrimp exports to the Chinese market increased by 1.7% in April, reaching 64 million USD. In the first 4 months of the year, shrimp export turnover to this market reached 192 million USD, up 41%. Shrimp exports to South Korea also recorded a slight increase of 4% in April this year and the turnover in the first 4 months of this year to this market reached 95 million USD, down 10%.

The EU market was a bright spot in shrimp exports in the first four months of the year. Accordingly, shrimp exports reached 38 million USD in April, up 28% over the same period. In the first four months, the export value reached 119 million USD, equivalent to the same period last year.

"Vietnam's shrimp exports in the first four months of the year recorded a 10% increase compared to the same period last year, which is a sign that inventories in markets have decreased. However, actual consumer demand has not yet shown a clear recovery. In the context of facing many challenges, the Vietnamese shrimp industry should promote the production of value-added products, focus more on farming to increase productivity, reduce costs, and improve competitiveness to increase export turnover this year," said Ms. Phung Thi Kim Thu, shrimp market expert of VASEP.

According to the Import-Export Department ( Ministry of Industry and Trade ), Vietnam's seafood exports increased again in April 2024 when exports to the US increased more strongly, while exports to China recovered, increasing by 4.6% after a decrease of 16.4% in the previous month. Notably, Vietnam's seafood exports to many markets grew positively such as: Canada increased by 45.6%, Germany increased by 52.2%, the Netherlands increased by 32.7%, Russia increased by 73.2%...

According to the Import-Export Department, in the coming time, Vietnam's seafood exports are likely to continue to recover when demand from the US and Europe increases again. Seafood inventories in many markets are decreasing, while inflation is gradually being controlled, which will be a factor supporting seafood consumption demand in many countries in the coming time.

Source: https://danviet.vn/ban-ca-tra-tom-sang-my-eu-thu-hon-1-ty-usd-doanh-nghiep-viet-nam-dang-co-loi-the-nhu-the-nao-20240524101332408.htm