Business

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.

Tra fish processed at Sao Mai Group (Photo: VNA)
Tra fish processed at Sao Mai Group (Photo: VNA)

HCM City (VNA) – Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.

Statistics from the General Department of Vietnam Customs showed that the country raked in an estimated 725 million USD from shipping tra fish overseas during the first five months of 2024, up 2% year-on-year.

The US remained the largest buyer, followed by China, Europe, and several South American markets, the Vietnam Association of Seafood Exporters and Producers (VASEP) said, adding the export value of processed tra fish rose 8.5-fold against the same time last year while frozen fillets have been the key export to the US with export turnover of over 120 million USD, rising 19% year-on-year and accouting for 98% of total tra fish shipments to this market.

According to VASEP General Secretary Truong Dinh Hoe, the US’s consideration of recognising Vietnam as a market economy has brought positive prospects to many economic sectors, including the fisheries. If the recognition comes, this would be an advantage for exporters in the upcoming anti-dumping duty reviews on shrimp and tra fish.

As for the European market, tra fish exports in the first five months of the year fell 7% year-on-year to some 70 million USD. VASEP said Germany surpassed the Netherlands to become the biggest importer within the bloc, adding markets recording positive growth during the period include Lithuania (215%), Spain (69%), Belgium (62%), and Greece (46%).

An expert from the association said as tra fish export to the bloc will be affected by global recession and escalating tension, Vietnamese firms need to capitalise on the EU-Vietnam Free Trade Agreement to better integrate into the market.

Furthermore, it is necessary for them to meet the EU’s green standards on environmental protection and sustainable development so that more products will be able to access the region, the specialist said.

The tra fish sector forecast that exports will expand 10% in Q3 with fuel and logistics costs as well as interest rates cooling down./.

VNA
#tra fish export #bounce back #VASEP #frozen fillets #market economy #free trade agreement #sustainable development
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