September 3, 2012

Vietnam's pangasius fish exports may rise in September

Buoyed by high demand from foreign markets, Vietnam's pangasius fish exports are expected to increase in September.

The increase is largely due to a higher volume of pangasius fish purchased by foreign importers to meet high demand during year-end holidays, the Vietnam Association of Seafood Exporters and Producers (VASEP) said.

The VASEP forecasts that pangasius fish exports in the third quarter will increase by 12% against the second quarter, reaching an export value of US$480 million.

Pangasius fish contributes 26.3% to the nation's total seafood export turnover. Total export turnover of pangasius fish this year would likely reach US$1.8-2 billion, said Truong Dinh Hoe, the VASEP's secretary general.

Hoe said that the price of pangasius fish was raising, proving that global demand remained high. He added that the export-turnover goal for the year is reachable if the industry maintains pangasius fish quality and keeps the same number of partners.

The US, the EU and Southeast Asia continue to be the biggest markets for Vietnamese pangasius fish.

The VASEP said that since the end of the second quarter, pangasius fish exports had increased by 27-30% in the US, and by 30-40% in Southeast Asia.

In the first two quarters of this year, pangasius exports did not surge due to the global recession. In the first quarter, the export value increased by 13% on year, and in the second quarter, it rose only 6% from the same period last year to reach US$428 million.

In the first half of the year, the export value of pangasius fish rose only 3% on year to US$854 million.

Pangasius fish is one of Vietnam's export staples. In 2012, the country expects to earn US$2 billion from shipping pangasius fish abroad, up from US$1.8 billion in 2011.