Vietnam pangasius sector enters new development cycle
Vietnam’s tra fish (pangasius) export revenue expanded about 90% year-on-year in the first six months of the year, signaling a new development period for the sector.
According to Vietnam Association of Seafood Exporters and Producers (VASEP), tra fish processing factories have operated at their full capacity in the period to meet export orders.
Export revenue of the item is estimated at over $1.4 billion in the first half of the year, with growth recorded in all the 117 export markets, especially China and the U.S.
Pangasius processing at a factory in Vietnam. Photo courtesy of Ministry of Industry and Trade.
Good signs have especially been seen in the markets covered by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) such as Mexico, Canada, Australia and Japan.
CPTPP market is the third largest export market of Vietnamese tra fish after mainland China-Hong Kong and the U.S.
Tra fish export to the CPTPP market has risen strongly in the first six months of the year to $170 million, up 64 percent year-on-year. The figure is forecast to increase 35 percent to more than $110 million in the second quarter of this year.
Vietnam’s tra fish export is expected to recover strongly this year with a revenue of $2.6 billion on demand recovery.
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