Vietnam's pangasius exports are about to reach the 2 billion USD mark, China is still the largest customer importing this item from Vietnam. Vietnam is the world's number 1 supplier of pangasius.
China "huge"
According to the General Department of Customs, export turnover Pangasius November reached 179 million USD, up 16% compared to November 2023. Cumulative pangasius exports by the end of November reached 1.8 billion USD, up 10% over the same period last year.
Vietnam Association of Seafood Exporters and Producers (VASEP) stated that, Pangasius export Vietnam has reached the target of 2 billion USD as predicted at the beginning of the year. This shows that the market's attractiveness, competitiveness and potential are still strong.
Currently, Vietnam is still the world's number 1 source of pangasius and the "big customer" buying the most Vietnamese pangasius is still China.
In the first half of November alone, Vietnam's pangasius export turnover to China reached 27 million USD (687 billion VND), up 36% over the same period last year. Cumulative pangasius export turnover to the Chinese market in 11 months reached more than 506 million USD. Thus, on average, China spends more than 46 million USD (1,171 billion VND) per month to buy Vietnamese pangasius.
Currently, there are up to 119 Vietnamese enterprises participating in exporting pangasius to the Chinese market.
Pangasius is no longer "alone in the market"
In recent years, Vietnamese pangasius has had another strong competitor in the Chinese market, which is snakehead fish
According to VASEP, snakehead fish and pangasius have similarities in texture, flavor and culinary applications, making both fish popular in Chinese cuisine. Both have white, firm meat, mild flavor, are rich in protein and have their own competitive advantages.
In China, farmed snakehead fish is dominating imported pangasius, mainly for domestic consumption. Notably, China's snakehead fish farming output is estimated to reach 800,000 tons in 2024, of which 40% is for processing facilities and the rest for the live fish market.
According to VASEP, the development of domestic snakehead fish in China is taking place in parallel with the country's reduction in imports of Vietnamese pangasius. Specifically, in 2020, China imported more than 200,000 tons of frozen pangasius fillets from Vietnam, and by 2023 this number will decrease to 106,000 tons. Therefore, the scenario of China being self-sufficient in snakehead fish to gradually replace imported pangasius from Vietnam is entirely possible. This will be a concern when the billion-people market is the largest customer of Vietnamese pangasius.
According to Ms. Thu Hang - VASEP's pangasius market expert: "Vietnamese pangasius has a reasonable price, stable supply, suitable for large markets. However, export value is easily affected by trade barriers and international market fluctuations. Pangasius production and export activities still face many challenges, especially strong competition with other white fish species. Vietnamese enterprises are forced to have calculations for a new, more diverse direction."
For many years, Vietnam has had the strength to export frozen pangasius fillets and almost dominate the international market. However, at present, when pangasius is no longer "alone in the market", many countries have joined the race to raise and export pangasius. Therefore, businesses need to further enhance the competitiveness of pangasius in the market by increasing quality, ensuring absolute compliance with food hygiene and safety regulations to maintain the No. 1 position in global pangasius exports.
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