Pangasius exports forecast to hit 2.6 billion USD

Tuesday, 21/06/2022 21:12
With strong recovery momentum, Vietnam's tra fish (pangasius) exports are anticipated to hit 2.6 billion USD this year, VOV News quoted details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).
Pangasius exports likely to rake in 2.6 billion USD this year. (Photo: VOV) 
This figure represents a rise of 62.5% compared to the target of 1.6 billion USD set at the beginning of the year.

During the opening five months of the year, pangasius export turnover surged 90% to reach 1.2 billion USD against the same period from last year.

China remains the nation’s largest pangasius export market with a turnover of 317 million USD, thereby representing a rise of 124% on-year and accounting for 26.5% of total pangasius export turnover.

Despite supply chain disruptions caused by the COVID-19 pandemic in China, pangasius exports to Hong Kong (China) continued to witness three-digit growth.

Furthermore, the export price of pangasius fillets to China ranged between 3.15 USD and 3.25 USD per kilo, marking an increase of 0.5 USD per kilo compared to the same period last year.

Currently, the nation boasts nearly 100 Vietnamese enterprises which are exporting pangasius products to Hong Kong (China) market.

Photo for illustration. (Source: VASEP) 

Moreover, the United States made up the second largest consumer of Vietnamese pangasius during the five-month period with turnover reaching 310 million USD, an increase of 131% against the same period from last year, duly accounting for some 26% of total pangasius export turnover.

Most notably, the Food Safety and Inspection Services (FSIS) under the United States Department of Agriculture recently recognised six more Vietnamese pangasius processing factories which are eligible to export products to the US, a move which raises the number of establishments to 19.

Aside from strong exports to both Hong Kong (China) and the US, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bloc remains a major export market for Vietnamese pangasius.

In line with this, pangasius exports to the CPTPP bloc throughout the opening five months of the year surged by 64% to reach 146.5 million USD on-year, accounting for 12% of total pangasius export turnover.

Moving forward, the VASEP forecasts that frozen pangasius exports to this market in the second quarter will rise by over 35% to 110 million USD compared to the previous quarter.

Travel firms make plans for summer vacation

A corner of Grand World Phu Quoc. (Photo: 

Travel companies in Vietnam have made plans to meet the rising demand for visitors as the summer holiday peaks, reported Vietnam News Agency.

Tran Quoc Bao, deputy general director of Saigontourist, a leading tour operator, said it expects to serve more than 280,000 customers and the number may be higher because the demand for domestic and outbound tours is still growing strongly.

“Summer is the peak season of the year, so we focus all financial and human resources to diversify services, invest in renovating most products in line with the current market situation,” he was quoted by Tuoi tre (Youth) newspaper as saying.

Up to 160 package tourism products have been built to match market trends, meeting the requirements of resort tourism, Bao said.

According to Huynh Phan Phuong Hoang, deputy general director of Vietravel, there has been a sharp rise in the number of tours but the way Vietnamese tourists travel this year has also surprised the market.

Many families are willing to spend on high-class tours, demanding more stringent requirements on the quality of accommodation facilities and food services, she said.

Hoang said that by the end of May, tours that let travelers stay at 4-5 star hotels have been booked in some destinations such as Phu Quoc, Da Lat or Sa Pa.

Travel companies in Vietnam have made plans to meet the rising demand for visitors as the summer holiday peaks. (Photo: VNA) 

Tran Thi Bao Thu, marketing and communications director of Fiditour, said the demand for tours to the seas and highlands has risen strongly, adding visitors must book tours early to ensure their places and reasonable prices.

The price of air tickets to domestic destinations during the summer holiday is on the rise in line with a hike in petrol prices.

The tickets of flights from Hanoi and Ho Chi Minh City to Phu Quoc, Nha Trang, Hue and Quy Nhon are reported to be nearly four times that of two years ago.

According to the aviation businesses, the summer holiday is forecast to record an unprecedented increase in demand for air travel in the past three years since the outbreak of the COVID-19 pandemic

A representative of budget carrier Vietjet said ticket booking for summer vacations on domestic flights increase sharply, even higher than that for  Liberation and Reunification holidays. The operating frequency in mid-July is up to 450 flights per day, including domestic and international ones, instead of 200-300 flights as before.

According to the Vietnam National Administration of Tourism, in the first five months of this year, the number of foreigners arriving in Vietnam reached around 365,300, growing by 4.5 times compared to the same period last year. The volume of domestic travelers hit 48.6 million in the period and the revenue from the tourism sector was estimated at 211 trillion VND (9.1 billion USD).

Imports from Asia rise more sharply than exports

Vietnam had a trade deficit of some 56 billion USD with Asia in the first five months of 2022 as imports jumped, the Saigon Times quoted figures of the General Statistics Office.

China and the Republic of Korea were among Vietnam’s biggest exporters during the January-May period.

 Photo for illustration. (Source: VOV)

The country shipped goods worth 71.4 billion USD to Asia between January and May, up 13% year-on-year, while spending 127.3 billion USD buying goods from the region, a year-on-year increase of 17.6%.

Two-way trade between Vietnam and Asia reached over 198.6 billion USD, up 16.1% year-on-year, accounting for nearly 65% of the former’s total import-export value in the first five months.

Vietnam’s trade with other regions made gains during the five-month period, with an 18.4% increase in trade with the Americas at 64.8 billion USD. In addition, the country’s two-way trade with Europe amounted to 32.4 billion USD, up 9.8% year-on-year.

The country’s import-export value in May stood at 63.5 billion USD, sending the total value between January and May to 306.1 billion USD, up 16% year-on-year.

Vietnam exported goods worth 153.3 billion USD in the first five months, a 16.7% increase against the same period last year, while spending 152.9 billion USD importing goods, up 15.3% year-on-year. As such, Vietnam enjoyed a trade surplus of 434 million USD during the five-month period./.