In April and May 2024, the price of pangasius at the farm and pangasius fingerlings was stable. However, prices may increase due to supply shortages if farmers raise fish slowly.

As of mid-May 2024, raw pangasius in the Mekong Delta ranges from 27,500 - 28,000 VND/kg. Fish farming households and businesses adjust farming output appropriately to meet export needs.

Previously, in the first month of this year, the price of catfish at the pond for the small size 800 - 1,200g increased by 4%, while the price of 1,200g and larger than 1,200g increased by 7%. Demand increased due to concerns about supply shortages to serve consumption during and after the Lunar New Year holiday, causing prices of raw fish and fingerlings to increase. In February 2024, the price of pangasius fingerlings continued to increase by 2%, because the price of raw fish at the pond increased after the Lunar New Year holiday, leading to increased demand for fingerling fish. However, at the end of February 2024, the supply of pangasius fingerlings is still limited with a high stocking loss rate.

Large fish are especially popular in the Chinese market. In the 19th week, the price of pangasius type 1200g+ was at 27,615 VND/kg; The price of small-sized pangasius from 800gr - 1000g has stabilized at about 27,010 VND/kg; The price of fish 1000gr - 1200gr increased in week 18 and was at 27,250 VND/kg.

In April 2024, raw pangasius prices continued to decrease by 0.3% -3%, because the purchasing speed of large enterprises was still relatively slow and the amount of purchasing from outside farms was limited. Small processing enterprises also purchase raw materials at low prices and take early holidays in April.

In contrast to China, the US and EU markets consume more than 800gr - 1000gr of raw pangasius. The price of 100% net weight pangasius fillets meets EU export standards at 2.7 USD/kg.

The price of fingerlings decreased by 7% in April 2024 and in week 19 (May 4-10, 2024), the price reached 25,700 VND/kg for 30 fish/kg.

Farmers are hesitant about raising fingerlings, which could lead to a tight supply of raw material harvest, leading to a supply shortage at the end of August or September this year. The reason why farmers are hesitant to expand pond area is that most input costs are much higher than in previous years and the decrease in pond prices in March 2024 also leads to a decrease in profits. reduce. However, raw pangasius prices may recover this year thanks to strong demand from China, the US, the EU and some other markets, as inventories have decreased, and the supply of other types of white fish Tilapia is also scarce.

After the first months of the year, pangasius exports declined, up to this point, pangasius exports have shown signs of recovery, with markets increasing imports, causing pangasius export turnover to skyrocket. 

Processing pangasius fillets for export at Sao Mai Group's factory. Illustration photo: Vu Sinh/TTXVN

Statistics from Vietnam Customs show that pangasius export turnover in the first 5 months of 2024 is estimated to reach 725 million USD, up 2% over the same period in 2023.

According to the Vietnam Association of Seafood Exporters and Producers, the largest import market for Vietnamese pangasius currently is the US, followed by China, Europe and some other South American markets. Among Vietnamese pangasius products, the US is currently increasing imports of processed pangasius, with value increasing 8.5 times compared to the same period in 2023. Meanwhile, frozen pangasius entering the US market is slow. decline due to reduced consumer demand.

Frozen pangasius fillets are still the main product of pangasius exports to the US. By the end of May 2024, exports of frozen pangasius fillets to the US reached more than 120 million USD, an increase of 19% over the same period in 2023, accounting for 98% of the total value of pangasius exports to the US.

Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers, shared that consumers in the US are increasing their demand for white meat fish products, especially pangasius from Vietnam. Recently, a large number of Vietnamese businesses participated and introduced Vietnamese pangasius products at the North American Seafood Exhibition. With the advantage of delicious white-fleshed fish, suitable for processing a variety of dishes from packaged fillets, frozen products to processed products such as fish sticks or fish burgers, it has attracted importers to come. from this market.

In addition, the fact that white meat fish supplies to the US are decreasing in the context of scarcity of other white meat fish products such as tilapia is also a positive sign for Vietnamese pangasius exports to the US market.

"The information that the US is considering recognizing Vietnam as having a market economy has brought optimistic hope to many Vietnamese economic sectors, including the fisheries industry. It is expected that in July 2024, the DOC will There is a decision on whether Vietnam will be able to change its status from a non-market economy to a market economy. If Vietnam is recognized as having a market economy, this will be an advantage for businesses Vietnamese businesses in the upcoming administrative reviews of anti-dumping taxes on shrimp and pangasius," said Mr. Truong Dinh Hoe.

As for the European market, although this market has become vibrant again from April 2024 until now, pangasius export turnover to this market in the first 5 months of 2024 is estimated to reach 70 million USD, but there are signs that a decrease of 7% compared to the same period in 2023.

Ms. Thu Hang, pangasius market expert, Vietnam Association of Seafood Exporters and Producers, said that Germany surpassed the Netherlands to become the largest destination for Vietnamese pangasius exports in Europe. In addition, in May 2024, the Vietnam Association of Seafood Exporters and Producers also recorded that many markets in the European bloc had positive growth in Vietnamese pangasius imports, including: Lithuania increased by 215%, Spain increased by 215%. Spain increased by 69%, Belgium increased by 62%, Greece increased by 46%, Portugal increased by 15%...

Pangasius businesses assess that the market needs to focus more on the market because of the demand for white meat fish consumption. In addition to focusing on value-added products and ensuring green standards in this market, communication and marketing activities for pangasius products in this market need to continue to be promoted.

The representative of the Vietnam Association of Seafood Exporters and Producers assessed that European economic recovery and growth in 2024 will not be easy due to the increasingly tense developments of the Russia-Ukraine conflict, along with with the conflict in the Middle East, with its destabilizing and risky impacts on the economic prospects of this Union. Seafood exports to Europe, including pangasius, will be affected by the global recession. Vietnamese export enterprises need to take full advantage of the incentives and advantages that the Vietnam-Europe Free Trade Agreement (EVFTA) brings to participate more deeply in the European market. At the same time, meeting the green standards of this market block on environmental protection and sustainable development are also important factors for Vietnamese businesses to penetrate deeper into Europe.

With the current prosperity of pangasius processing and export, the pangasius industry forecasts that Vietnam's pangasius export price will increase by 10% in the third quarter of 2024, due to the combination of fuel factors and logistics costs. , bank interest rates cool down. This is an opportunity for the entire Vietnamese pangasius industry.

Mr. Ong Hang Van, Deputy General Director of Truong Giang Seafood Joint Stock Company, said that as one of Vietnam's leading pangasius export enterprises, Truong Giang Seafood currently exports more than 50% of its goods to China. Quoc. The remaining mainly serve markets such as Canada, Colombia, Taiwan (China), Singapore... The pressure on businesses' inventory has gradually decreased, which will be an opportunity to increase production and fulfill new orders at low levels. Better price. Recently, China has reduced inventory so it has increased purchasing, and at the same time, South American markets such as Colombia prefer pangasius at cheap prices, so Truong Giang's export proportion has increased by more than 100% over the same period. In general, the market cannot recover immediately, or prosper in just a short time, but also depends on many objective factors of the world situation and internal businesses, to promote the pangasius industry. in the third quarter of 2024.

(vasep.com.vn) The reluctance of Chinese consumers amid a slowing economy has forced domestic seafood importers to focus on cheaper species, putting Vietnamese pangasius in the spotlight. Prime location to take advantage.

Cheaper at retail stores than domestically produced freshwater fish such as carp, pangasius has become the fish of choice for many consumers cooking at home as well as mass restaurant chains. .

Beijing restaurant outlet Yu Ni Zai Yi Qi, competing nationally with a new wave of fish-focused casual dining chains, including the rapidly expanding Tai Er chain, relies on Pangasius is a staple on the menu. Another restaurant that's quickly making pangasius a staple is the quick-service seafood restaurants run by Seven Fresh, with grilled fish dishes of all species starting at CNY22.90 ($3.20 USD). , 2.97 EUR) to 26.90 CNY (3.76 USD, 3.49 EUR).

An employee at Shou Gang supermarket in Beijing said frozen pangasius fillets are also popular in China's lucrative baby food market because pangasius is a clean and tender white fish that is widely consumed. Parents trust it as a healthy choice for their children.

Sales of both pangasius and tilapia, another domestic competitor, have increased in recent months as China's economy weakens.

However, they are still competitive and the rise of pangasius has a negative impact on domestic tilapia producers, who are hoping to reduce their dependence on export markets by selling more domestically. 

Tilapia remains price-competitive with pangasius, but a spike in prices earlier this year due to reduced production has threatened further price increases, possibly sending seafood buyers elsewhere. 

Statistics in the March 2024 USDA China Seafood Products report refer to a "war" between the two species. Although the report shows that Vietnamese pangasius imports to China have decreased from 228,000 tons in 2022 to 128,000 tons in 2023, this number is still higher than China's total tilapia exports of up to 126,000 tons. last year.

A good sign for some domestic suppliers is that China's seafood output in 2024 is expected to increase thanks to "expanded aquaculture area and production efficiency."