Vietnamese High-Value-Added Pangasius Gaining International Market Attention
Vietnamese high-value-added pangasius is increasingly drawing attention in international markets. Consumers around the world are favoring it due to its versatility and the diversity of delicious dishes it can be prepared into, often combined with a variety of ingredients to create rich flavors.
In May 2024, exports of high-value-added pangasius products with HS code 16 amounted to over 2 million USD, marking a slight decline of 3% compared to May 2023. However, by the end of May 2024, the total exports of these products reached over 13 million USD, reflecting a significant 22% increase over the same period in 2023.
Top Destinations for Vietnamese High-Value-Added Pangasius
The top five destinations for Vietnamese high-value-added pangasius in the first five months of 2024 included:
- Singapore: Exports amounted to 3 million USD, accounting for 23% of the total export proportion.
- Thailand: Exports amounted to 2.6 million USD, representing 20% of the total.
- Japan: Exports reached 1.4 million USD, comprising 10% of the total.
- Australia: Exports totaled 1.1 million USD, making up 9% of the total.
- United States: Exports reached 1 million USD, accounting for 8% of the total.
Popular Products and Market Share
Among the various high-value-added products, fried breaded pangasius or frozen breaded pangasius fillets with HS code 16041990 were the most popular. These products accounted for 82% of the total export value of high-value-added products in the first five months of 2024. The export value of these products reached nearly 11 million USD, marking an impressive 31% increase over the same period last year. The top markets for these products included Singapore (25%), Thailand (24%), Japan (11%), the United States (9%), and Australia (8%).
Additionally, crispy fried pangasius skin snacks or frozen fried basa fish cakes with HS code 16042099 also gained favor among consumers in various markets. Exports of these products reached nearly 400 thousand USD in May 2024 and nearly 2 million USD in the first five months of the year.
Other Value-Added Products
Other value-added pangasius products, such as breaded, frozen fried pangasius pieces with HS code 16042091 and frozen basa fish balls mixed with vegetables with HS code 16042030, also saw increased export values. The export value of these products reached nearly 300 thousand USD, a 52% increase, and 113 thousand USD, a 33% increase over the same period last year, respectively.
Global Seafood Exhibition
In late April 2024, nearly 40 Vietnamese enterprises, including pangasius export companies, showcased a series of processed products to foreign partners at the 2024 Global Seafood Exhibition in Spain. Ready-to-eat products attracted many visitors who enjoyed them directly at the booths. These processed products, mixed with various ingredients, received high appreciation from customers.
Strategic Market Positioning
Beyond the main product of frozen pangasius fillets, Vietnamese high-value-added pangasius is increasingly solidifying its position in the international market. Market trends in recent years have demonstrated that adopting a business strategy focused on processed, high-value-added products is a strategic direction for Vietnamese seafood enterprises. The potential for exporting high-value-added pangasius presents numerous opportunities in international markets. This requires businesses to proactively adapt and stay attuned to evolving needs and market opportunities.
Source: Vasep.com
