Vietnam pangasius exporters see good prospects for sales
Vietnam's pangasius exports in the first quarter of this year rose 89.6% year-on-year to $894 million, accounting for 27% of the country's seafood export value.
Exports of this item to the U.S hit $160 million over the period, up 123% from Q1/2021, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The figure for European markets was $46.7 million, up 86.2%, with Spain reporting a 67% growth, Netherlands 86%, Germany 97%, and Belgium 120%.
China accounted for $183.4 million, up 163% year-on-year. Of this, $97.5 million was from March, up 119%.
VASEP predicted that Vietnam’s pangasius exports to major markets in the second quarter would continue to grow due to the increased demand post-Covid-19, Vietnam’s competitive prices, and supply shortages from Russia.
Low pangasius inventories in the U.S. following two years of the pandemic, as well as decreased catfish farming areas for three consecutive years, have created a growth engine for Vietnam's pangasius industry since Q4/2021.
Besides, Malaysia has been a destination for nearly 40 Vietnamese pangasius enterprises, with total export value reaching $7.45 million in Q1, up 138% year-on-year.
Given the peaked price of raw pangasius in Mekong Delta at the end of Q1, the average export price of Vietnamese catfish has climbed rapidly to $3.2-3.4 per kilogram, with the highest number in the U.S. market of up to $4.5 per kilogram, surpassing the peak of 2019.
Despite increasing orders, pangasius businesses have dealt with raw catfish scarcity. This trend was expected to continue until the end of Q2, according to VASEP.
Shipments to the U.S. during this time were mostly large frozen pangasius fillets, while small and medium-sized ones were in short supply.
The pangasius farming area in the main producing localities, including Dong Thap and Vinh Long provinces, reached only 94.6% and 77.1% of total areas in Q1/2021, according to the Vietnam Directorate of Fisheries.
However, given the market’s strong recovery, many pangasius businesses have set breakthrough targets in the coming time.
A representative of International Development and Investment Corporation (IDI) said that the company expected net revenue of $361.5 million and profit after tax of $39.2 million in 2022, up 45% and 6.3 times higher than the 2021 results.
IDI has signed enough export orders until the end of Q2, and prepared a catfish reserve worth $61 million to embrace the market rebound, particularly in the American markets.
Other large enterprises like Sao Ta Foods Joint Stock Company and Vinh Hoan Corporation also forecasted double-digit growth profits in 2022.
Pangasius firms have decided to focus their resources in 2022 on farming and processing for export, diversifying pangasius products, and boosting expansion into other markets.
- Read More
Vietnam-China partnership to enable export of Kim Long brand cars
Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.
Companies - Sat, November 16, 2024 | 7:13 pm GMT+7
Northern Vietnam province attracts $124 mln investment from Taiwan firm
Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.
Industries - Sat, November 16, 2024 | 7:01 pm GMT+7
Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025
Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.
Energy - Sat, November 16, 2024 | 3:20 pm GMT+7
Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go
Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.
Finance - Sat, November 16, 2024 | 1:21 pm GMT+7
Indonesia secures funding for green power infrastructure at COP29
Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.
Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7
Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB
Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.
Banking - Sat, November 16, 2024 | 9:47 am GMT+7
Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts
Vietnam can take the advantage of protectionist economic policies by Donald Trump, the 47th president of the U.S., to strengthen its position in global supply chains, attract foreign investment, and drive sustainable economic growth, write Dr. Tran Ngoc Mai and Prof. Dr. Doan Ngoc Thang, lecturers at the Banking Academy of Vietnam.
Top News - Sat, November 16, 2024 | 9:30 am GMT+7
Former provincial Party chiefs receive warnings for Thuan An Group-related violations
The Politburo, Vietnam’s highest decision-making body, has issued warnings to Nguyen Xuan Ky, former Party chief of Quang Ninh province, and Bui Van Cuong, former Party chief of Dak Lak province, for violations related to Thuan An Group.
Politics - Sat, November 16, 2024 | 9:24 am GMT+7
GenAI set to increase Thai GDP by 6% by 2030
Generative artificial intelligence (GenAI) is projected to raise Thailand's GDP by 6% by 2030, with hefty contributions from the trade and manufacturing sectors, according to a joint online survey by SCB X and SCB Economic Intelligence Centre (SCB EIC) of the country.
Southeast Asia - Sat, November 16, 2024 | 9:00 am GMT+7
Thailand prepares for nuclear energy
Thailand’s Energy Regulatory Commission (ERC) will start looking into the legal aspects of a small modular reactor project this month to prepare Thailand for using nuclear energy.
Southeast Asia - Sat, November 16, 2024 | 8:30 am GMT+7
Data is money, big money: Vietnam tech giant FPT
Vietnamese tech giant FPT Corporation views data as a new resource and is determined to convert it into money and an artery of the economy, says its general director Nguyen Van Khoa.
Companies - Sat, November 16, 2024 | 7:18 am GMT+7
US to support Indonesia in developing small modular nuclear reactors
The U.S. has pledged to assist Indonesia in accelerating the development of small modular nuclear reactors (SMRs), according to Indonesia's Presidential Office.
Southeast Asia - Sat, November 16, 2024 | 12:13 am GMT+7
Singapore's venture capital market grows increasingly attractive
Despite a slump in funding, Singapore’s venture capital market remained active in the first nine months, The Straits Times reported.
Southeast Asia - Sat, November 16, 2024 | 12:08 am GMT+7
VinFast CEO-owned firm secures extra deal to lease EVs to ride-hailing firm
A taxi service provider based in Vietnam’s central province of Binh Dinh will lease 1,000 VinFast electric cars from an electric vehicle (EV) leasing firm that is 90% owned by billionaire Pham Nhat Vuong, the CEO of the Vietnamese carmaker.
Companies - Fri, November 15, 2024 | 8:35 pm GMT+7
Chinese, Vietnamese firms plan $2 bln renewable energy-hydrogen project
3TI Progetti Asia, a local planning-design business, and two Chinese firms plan to invest $2 billion in a hydrogen production project using renewable energy in Vietnam's south-central province of Ninh Thuan.
Energy - Fri, November 15, 2024 | 7:35 pm GMT+7
US Treasury retains Vietnam on ‘monitoring list’ for currency management
Vietnam, a major trading partner, remains on the U.S. Treasury Department’s “monitoring list,” the department has affirmed in its November 2024 report to the Congress.
Economy - Fri, November 15, 2024 | 4:48 pm GMT+7