According to the VASEP, additional Vietnamese companies have been licensed to export pangasius to the US, while the consumption demand for this kind of catfish in China is forecast to pick up on a shortage of supply sources.

With high demand from several major markets, Vietnamese aquatic exports in the second quarter of this year are projected to reach a record high of US$3 billion, according to the forecasts made by the Vietnam Association of Seafood Exporters and Producers (VASEP).

April alone witnessed seafood exports surge by 50.6% to US$1.13 billion against the same period last year, bringing the total export value during the initial four months of the year to over US$3.6 billion, a rise of 46.8%.

Specifically, shrimp exports during the reviewed period edged up by 41.5% to US$1.36 billion, while tra fish (pangasius) exports also skyrocketed by 94% to US$950 million compared to the corresponding period from last year.

Several major consumers of Vietnamese pangasius, including China, the United States, and Canada, witnessed spectacular growth, with respective rises of 161%, 128%, and 69%.

According to the VASEP, additional Vietnamese companies have been licensed to export pangasius to the US, while the consumption demand for this kind of catfish in China is forecast to pick up on a shortage of supply sources.

Most notably, due to the impact of the ongoing Russia-Ukraine conflict, some countries such as the US and Europe have moved to place a ban on seafood imports from Russia, opening up a wealth of opportunities for Vietnamese seafood products to increase their market share in these demanding markets.

The VASEP anticipates that with the huge demand from the key markets such as China and the US, seafood exports ahead in the second quarter are likely to hit between US$2.8 billion and US$3 billion, representing an increase of between 36% and 38% against the same period last year.

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