Remarkable Growth Highlights a Positive Year for Vietnam’s Seafood Industry
In the first 11 months of 2024, Vietnam's pangasius exports achieved impressive results, with total revenue reaching 1.8 billion USD, representing a 10% increase compared to the same period in 2023. This demonstrates a steady recovery and growth for one of Vietnam's key seafood export products.
November Performance Shows Strong Momentum
In November alone, pangasius exports generated 179 million USD, a significant 16% increase compared to November 2023. This growth reflects both rising global demand and the competitive edge of Vietnamese pangasius products.
Leading Markets: China & Hong Kong
China and Hong Kong retained their positions as the largest markets for Vietnamese pangasius. Exports to these markets in November reached 50 million USD, showing a remarkable 27% increase compared to the same period last year.
For the first 11 months of 2024, total pangasius export revenue to China exceeded 500 million USD, marking a 1% year-on-year growth.
Impressive Growth in the U.S. and CPTPP Markets
Exports to the U.S. showcased strong results, with November exports reaching 26 million USD, a 14% increase compared to November 2023. The total export value to the U.S. during the first 11 months was 317 million USD, reflecting an exceptional 26% growth.
Similarly, CPTPP markets displayed solid performance. November exports to CPTPP countries totaled nearly 24 million USD, up 5% year-on-year, contributing to an 11-month total of 248 million USD, a 10% increase from 2023.
Additional Markets Show Positive Trends
Other key markets, including the EU, Thailand, the UK, and Colombia, also experienced growth. The EU, in particular, showed strong demand, consuming nearly 17 million USD worth of pangasius in November, up 43% compared to the previous year.
On Track to Reach 2 Billion USD
With this consistent growth, Vietnam's pangasius industry is on track to achieve its ambitious target of 2 billion USD in export revenue by the end of 2024. However, competition from other white fish species remains a challenge.
To sustain this momentum, Vietnamese seafood businesses must focus on:
- Diversifying products to meet varied consumer preferences.
- Exploring new markets to expand international presence.
- Enhancing marketing strategies to maintain and strengthen market share.
Conclusion
The performance of Vietnam’s pangasius exports in 2024 showcases the resilience and adaptability of the industry amid global challenges. As the year approaches its conclusion, the industry's ability to innovate and compete on the international stage will play a pivotal role in its continued success.
Source: VASEP
