During the first half of 2023, Vietnam pangasius industry faced a series of challenges that significantly impacted its export revenue. Their primary pangasius export markets, particularly the US and China, experienced substantial declines.
This adversity was compounded by pileup inventories within pangasius enterprises, and many fish remained in ponds not begin harvested. Despite these dire circumstances, exporters of Vietnam in the pangasius sector maintain optimism for the future, as they recognize the potential for substantial growth in export opportunities.
At the International Pangasius Outlook Forum organized by the Vietnam Association of Seafood Exporters and Producers (VASEP) in Ho Chi Minh City on August 24, industry experts highlighted the considerable potential for Vietnamese pangasius enterprises to tap into densely populated markets with moderate income levels.
Willemink Arno, the Operations Director of De Heus Vietnam and one of the forum’s speakers, underscored the global demand for white fish, including pangasius, from Vietnam. Particularly noteworthy is the robust consumption in high-income countries such as the US, where per capita consumption stands at approximately 22 kg per year. In contrast, the consumption of whitefish is trending lower in nations with lower to middle incomes. Consequently, the prospect of Vietnamese pangasius making headway into lower-income markets remains highly promising.
Mr. Arno highlighted the context, explaining that Vietnam’s annual pangasius production reaches around 2.5 million tons, whereas China’s output stands at a mammoth 27 million tons per year, growing at a rate of approximately 15% annually. Despite this significant production potential, urban areas in China exhibit relatively modest per capita consumption rates, indicating a substantial untapped market demand. This scenario offers Vietnamese pangasius businesses a notable opportunity to expand their market share.
VASEP shares this positive outlook, asserting that a meticulous exploration and engagement with these populous middle-income markets could lead to a turnaround. The organization anticipates the potential for a resurgence in Vietnam pangasius exports, even achieving the ambitious export target of US $2.3 billion.
