Processing tra fish for export. As of June 15, 2024, Việt Nam's pangasius export turnover to the CPTPP market reached US$114 million, an increase of 10 per cent year on year. — VNA/VNS Photo
After five years of implementation, the trans-pacific agreement has opened up many export opportunities for Vietnamese companies, particularly tra fish.
Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) the market has opened up to Vietnamese fisheries, as well as pangasius, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).
As of June 15, 2024, Việt Nam's pangasius export turnover to the CPTPP market reached US$114 million, an increase of 10 per cent year- on- year, according to Việt Nam's General Department of Customs. Of which, the export value in the first half of June was $12 million, up 23 per cent over the same period in 2023.
In the first six months of the year, Mexico was the largest importer of Vietnamese pangasius in this bloc, with a value of $31 million, an increase of 7 per cent, followed by Japan and Canada ($18 million each) and Singapore ($16 million).
However, in the period of 2019-2023, COVID-19 pandemic, political conflicts and distruptions to transportation routes in the world created many challenges for Vietnamese fishery exports, including to the CPTPP bloc.
The high inventory of tra fish in many key export markets kept Vietnamese tra fish exports down in 2023. However, compared to other markets, the pangasius export turnover reduction to CPTPP was still at an acceptable level.
This year, pangasius exports begin to recover in some markets, including the CPTPP bloc, which mainly consumes frozen pangasius fillets from Việt Nam.
VASEP forecasts that in the last six months of 2024, pangasius exports to the CPTPP bloc are expected to continue the increase because prices and demand are gradually stabilising.
To promote the exports, businesses need to improve their competitiveness and research this agreement's advantage in term of tariff to take export opportunities. — VNS