October 11, 2011

EU's need for Vietnamese pangasius fish doubles

EU's demand for Vietnamese pangasius fish is likely to double in the fourth quarter as compared to the third quarter, said the Vietnam Association of Seafood Exporters and Producers (VASEP).

The importers from EU are offering to buy the Vietnamese products at a price higher by 20% from that in the last quarter, the VASEP said.

However, many Vietnamese processing plants are facing material shortage when many farmers in the Mekong Delta gave up the fish raising due to high production costs.

Currently, processing plants have to buy the fish at VND27,000 (US$1.29) per kilogramme compared to VND22,000-24,000 (US$1.05-1.15) earlier. The price is expected to rise further by year-end.

The country's revenues from exports of pangasius fish are currently estimated at US$1.2 billion and the VASEP is optimistic about the fish export in the fourth quarter. The country's total export revenues from the fish are likely to surpass US$1.5 billion by end-2011.