Business

Vietnamese tra fish sector likely to enter new development cycle

Vietnam’s tra fish (pangasius) export revenue expands about 90 percent in the first six months of this year compared to the same period last year, signaling a new development period for the sector.
Vietnamese tra fish sector likely to enter new development cycle ảnh 1Illustrative image (Source: VNA)
HCM City(VNA) – Vietnam’s tra fish (pangasius) export revenue expands about 90 percentin the first six months of this year compared to the same period last year,signaling a new development period for the sector.

According to theVietnam Association of Seafood Exporters and Producers (VASEP), in the firsthalf of 2022, tra fish processing factories have operated at their top capacity to meet export orders. So far, tra fish export revenue is estimated at 1.4 billionUSD.

The associationreported that growth has been recorded in all the 117 export markets, especiallyChina (124 percent) and the US (131 percent).

Particularly, goodsigns have been seen in the markets covered by the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) such as Mexico (71percent), Canada (86 percent), Australia (19 percent) and Japan (64 percent).To date, CPTPP is the second largest export market of Vietnamese tra fish afterChina, Hong Kong (China), and the US.

The demand for fish from CPTPP markets has risen strongly in the first sixmonths of this year to 170 million USD, up 64 percent year on year. The exportrevenue of frozen tra fish to the markets is forecast to increase 35 percent tomore than 110 million USD in the second quarter of this year.

With the current strong developmenttrend, along with the recovery of import markets, Vietnam’s tra fish export isexpected to recover strongly this year with a revenue of 2.6 billion USD.

To this end, expertsheld that the sector needs great efforts in all stages of the production chain.

Truong Thi Le Khanh, Chairman of Vinh Hoan company, noted that tra fish pricesis rising and will continue to rise in the rest of the year, the same as input and logistics costs. The Chinese market is likely to import moretra fish from Vietnam as its domestic reserve is reducing.

A recent report fromBIDV Securities Company (BSC) commented that after two years of downturn due toCOVID-19 impacts, tra fish sector is entering a growth cycle in 2022.

The BSC held that a strong rise in demand for the product is a major factor forthe growth of the industry from the last quarter of 2021. With all thefavourable factors, Vietnam is likely to enter a new development cycle in 2022and following years, it predicted./.
VNA
#Vietnam’s tra fish #Vietnam Association of Seafood Exporters and Producers (VASEP) #CPTPP markets #Vietnam #Vietnam news #Vietnam News Agency
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