Photo: VASEP/FIS

Value-Added Pangasius Exports to the U.S. in 2024 Reach a Decade-High

VIET NAM
Tuesday, January 14, 2025, 00:10 (GMT + 9)

The United States remains one of the largest markets for Vietnamese pangasius, primarily importing frozen fillets.

Recent years have seen a shift towards increased demand for value-added (VAT) pangasius products, reports Thu Hang, Editor of the Vietnam Association of Seafood Exporters and Producers (VASEP).

According to Vietnam Customs, in November 2024, exports of VAT pangasius products to the U.S. exceeded $2 million, a staggering 4,270% increase (42 times) compared to the same period in 2023. Over the first eleven months of 2024, VAT pangasius exports to the U.S. totaled over $12 million, marking a remarkable growth of 2,182% (21 times) year-over-year.

This achievement represents the highest value of pangasius exports in the last decade, dating back to 2015. Notably, 2022 previously held the record for pangasius export value to the U.S., fueled by post-pandemic recovery and a surge in imports during the first half of the year. However, the subsequent oversupply led to significant inventory build-up in 2023. Compounded by economic challenges, declining demand, and tighter consumer spending, the U.S. market became a bottleneck, making 2023 one of the most challenging years for Vietnam’s pangasius export industry.

The Rise of Value-Added Pangasius Products

In the first 11 months of 2024, the U.S. primarily imported breaded pangasius products from Vietnam under HS code 16041990. These include frozen breaded pangasius fingers (25g), fried breaded pangasius, frozen breaded pangasius slices, and frozen breaded pangasius nuggets, which accounted for 99.9% of VAT pangasius exports to the U.S. during this period, generating $12.4 million in revenue.

Five Vietnamese companies contributed to this growth in VAT pangasius exports:

• Van Duc Tien Giang: Dominating with a 74% share of exports.
• Bien Dong: Holding 13%.
• NTFS Seafood: Contributing 12%.
• Vinh Hoan: Accounting for 2%.
• SKYEX: Representing a small share (0.0002%).

Other VAT pangasius product categories exported to the U.S. included:

• HS code 16042099: Frozen tra fish skewers, crispy fried tra fish skin snacks.
• HS code 16042030: Frozen boiled tra fish balls, frozen tra fish balls.
• HS code 16042091: Frozen fried and breaded tra fish pieces.

Strengthening Vietnam’s Pangasius Brand

While frozen pangasius fillets remain the core product, VAT pangasius offers significant opportunities for growth. Expanding awareness and aggressively marketing these value-added products can help shape a stronger global presence for Vietnamese pangasius.

Looking ahead to 2025, Vietnam’s VAT pangasius exports are poised to sustain the robust momentum of 2024, paving the way for even greater achievements in global markets.

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