VASEP: Many factors for Pangasius fish to “reach” the 2024 growth target

DNHN - For the Chinese market, pangasius consumption is forecast to grow more strongly thanks to the Chinese government’s real estate market support and consumption stimulus policies in the first half of 2024.

The export prospects for Vietnamese pangasius in 2024 are seen as positive, especially after the challenges in 2023. The US and China are markets with prospects for recovery, thanks to reduced inventories and increased consumer demand.

Ms Le Hang, Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared that in the first two months of the year, the pangasius production industry began to show positive signs. Orders increased and the price of raw pangasius also increased from VND 25,000 - 26,000/kg in 2023 to VND 28,000 - 29,000/kg in early 2024. However, buying and selling are still taking place based on price caution from import customers.

Ms Hang explained that this growth is supported by the increasing demand for pangasius in some major importing countries. Specifically, inflation is expected to decrease, creating conditions for increased spending in the US. For the Chinese market, pangasius consumption is forecast to grow more strongly thanks to the Chinese government’s real estate market support and consumption stimulus policies in the first half of 2024.

However, Mr Truong Dinh Hoe, General Secretary of VASEP, also pointed out that to maintain and increase pangasius exports in 2024, businesses need to diversify their markets and consumer products. Although the market share of pangasius has decreased in some major markets, businesses have started to look for opportunities in smaller markets such as Mexico, Canada, Brazil and the UK.

Mr Hoe also stressed that focusing on competitively priced products is important to increase exports to the German market. Although the German economy is showing signs of recovery in 2024, people are still being cautious about shopping. Therefore, price competition is a major factor that food distribution chains are interested in.

In addition, compliance with regulations on the circular economy, sustainable development and green, clean development is also an important factor for increasing pangasius exports to Germany and other markets. This requires businesses to innovate production processes, apply high technology and focus on deep processing, as well as utilising processing by-products to create new products and increase value.

P.V