According to Vietnam Customs, in the first half of July 2024, Vietnam's pangasius exports reached 85 million USD, up 22% over the same period in 2023. Cumulative exports up to July 15, 2024 reached more than 1 billion USD, up 6% over the same period last year.

According to statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), on average, tra fish exports bring in more than 150 million USD each month, accounting for 20-22% of the total export turnover of the industry and second only to shrimp because this is a product with a higher price.

Vietnamese pangasius exports face competition in the international market. Illustrative photo

According to VASEP, the largest markets for Vietnamese pangasius include China, the US, the EU and CPTPP countries. However, Vietnamese pangasius is facing strong competition from other white-fleshed fish.

Specifically, cod is considered the “king” of white fish thanks to its high brand value, good meat quality and rich nutritional value. However, high price and limited supply are major barriers.

In the US, cod is the most consumed whitefish, especially frozen cod fillets with HS code 030471. In 2023, imports of this product into the US reached 475 million USD, down 22% over the same period last year, accounting for 27% of the total whitefish imported into the US from the world.

Pollock is a good alternative to cod due to its sweet taste, low fat content, and lower price. Although pollock is a stable fish and is often used to make basic products such as fish balls and fillets, there is less product variety. China is a large market for pollock.

Tilapia is also rich in protein and essential amino acids, and the price of tilapia is often quite competitive in the market. Tilapia, especially frozen tilapia fillets, is a favorite product in the US, second only to cod fillets. According to the International Trade Center (ITC), in 2023, the US imported 372 million USD of this product, down 28% compared to 2022.

Basa fish has many similarities with tra fish, but basa fish is usually larger in size and has thicker meat. However, the quality of basa fish meat is not consistent and the brand has not been built as strongly as tra fish.

According to ITC, Vietnam is the second source in the race to export white fish to China, after Russia. In the first half of this year, China imported nearly 80 thousand tons of white fish (mainly pangasius) from Vietnam, down 17% compared to the same period in 2023. Meanwhile, imports from the US reached 45 thousand tons, up 57%; Norway reached 19 thousand tons, up 28%; from Greenland reached nearly 5 thousand tons, up 188%...

According to ITC, Vietnam is also the second largest supplier of whitefish (mainly pangasius) to the US, after China. In the first 5 months of this year, the US imported more than 45 thousand tons of whitefish (mainly pangasius) from Vietnam, an increase of 37%, accounting for 30% of the total US whitefish imports from the world.

However, each type of fish has its own advantages and disadvantages. Pangasius is often priced lower than other white fish, helping to attract many customers, especially in emerging markets.

In addition, this is a type of fish with a large and stable output. Vietnam is one of the largest pangasius producing countries in the world, ensuring a stable supply for the market. Pangasius is processed into many different products, meeting the needs of many customers. Moreover, Vietnam has a favorable geographical location, helping to reduce transportation costs and shorten delivery times.

Vietnamese pangasius has great potential to compete in the international market. However, according to VASEP, the quality of Vietnamese pangasius products is not uniform and depends on many factors such as breed, feed, and farming environment. In addition, this product also faces many trade barriers such as import tax, technical regulations, policies of constantly changing markets, and unfair competition.

To be successful, the pangasius industry needs to proactively "deepen" the market, improve product quality, build brands, and diversify markets.