Statistics from Việt Nam Customs show that pangasius export turnover in the first five months of this year is estimated at US$725 million, up 2 per cent over the same period last year.

According to the Việt Nam Association of Seafood Exporters and Producers (VASEP), the largest import market for Vietnamese pangasius currently is the US, followed by China, Europe and some South American markets.

The US is currently increasing imports of processed pangasius products, with value added 8.5 times compared to the same period last year.

Frozen pangasius fillets are still the main product of pangasius exports to the US. By the end of May, exports of frozen pangasius fillets to the US reached more than $120 million, up 19 per cent over the same period last year, accounting for 98 per cent of the total value of pangasius exports to the US.

Trương Đình Hòe, general secretary of the VASEP, said that consumers in the US are having higher demand for white fish products, especially pangasius from Việt Nam. Recently, a large number of Vietnamese businesses participated and introduced Vietnamese pangasius products at the North American Seafood Exhibition.

The advantage of Vietnamese pangasius is that it is delicious and suitable for a variety of preparation methods for American consumers such as fish sticks or fish burgers, he said.

In addition, the fact that white meat fish supplies to the US market are decreasing is also a positive sign for Vietnamese pangasius exports to the market.

“The US is considering recognising Việt Nam as a market economy, which has brought optimistic hope to many Vietnamese economic sectors, including the fisheries industry. It is expected that in July, the US will decide whether to recognise Việt Nam as a market economy or not. If Việt Nam's economy is recognised, this will be an advantage for Vietnamese businesses for eliminating or reducing anti-dumping taxes on seafood products,” Hòe said.

In the European market, pangasius export turnover to this market in the first five months of this year is estimated at $70 million, down 7 per cent compared to the same period last year because this market only became vibrant again since April.

Thu Hằng, an expert from VASEP, said that Germany has surpassed the Netherlands to become the largest pangasius import market in Europe.

VASEP also recorded growth in many European markets in Vietnamese pangasius imports, including Lithuania increasing by 215 per cent, Spain up by 69 per cent, Belgium up 62 per cent and Greece up 46 per cent.

The European market is receiving more attention because demand for white meat fish is on the rise. In addition to focusing on products with high added value, businesses need to focus on fulfilling the market's requirements, as well as on promotion and marketing.

Vietnamese seafood exports to Europe, including pangasius, will be affected by the global economy. Vietnamese export enterprises need to take full advantage of the incentives and advantages that the Việt Nam-Europe Free Trade Agreement (EVFTA) bring to participate more deeply in the European market.

Meeting the green standards of this market bloc on environmental protection and sustainable development is also crucial.

VASEP forecasts that Việt Nam's pangasius export prices will increase by 10 per cent in the third quarter of this year, due to a combination of fuel factors, logistics costs and bank interest rates decreases. This is an opportunity for the entire Vietnamese pangasius industry. — VNS