Vietnam’s Catfish Industry Shines: Reaching the $1 Billion Milestone
Amidst economic fluctuations, Vietnam’s catfish export sector has made a notable mark, estimated to reach the $1 billion export milestone within the first 7 months of 2023. The robust recovery of this industry instills confidence that catfish exports can continue to surge, nearing the target of $1.7 billion by year-end.
Emerging from the Depths: Catfish Starts Swimming Up
Although still down approximately 28% compared to the same period last year, the catfish export sector has found its path to a swift recovery. Regarded as one of the commodities with a quick rebound potential due to its competitive pricing and widespread demand, catfish is becoming the “shining star” of the seafood industry.
Catfish and Market Pulse: Exports Aiming for Recovery
Critical export markets like China and the US are putting in efforts for recovery, especially during the end-of-year shopping season. The resumption of import activities enhances the prospects for Vietnam’s catfish industry. This represents a positive sign for catfish export prospects in 2023, with the potential to reach $1.7 – $1.8 billion.
A Journey Beyond the Threshold: Expanding Catfish Exports
On the journey to the $1 billion mark, China continues to be the most significant consumption market for Vietnamese catfish, with an estimated $337 million export value. The US market also plays a pivotal role, contributing over $162 million. Furthermore, Vietnamese catfish exporters are concentrating on developing Middle Eastern markets, which remain promising and less affected by inflationary trends.
Catfish and Global Connectivity: Opening Doors to the Middle East Market
As the 30th anniversary of diplomatic relations between Vietnam and the UAE approaches, the Comprehensive Economic Partnership Agreement (CEPA) could be signed, creating favorable conditions for catfish exports and other Vietnamese goods to access the Middle Eastern market.
Perseverance Through Challenges: Vietnam’s Catfish Steadfast Amidst Turbulence
In the face of economic difficulties, the achievements of Vietnam’s catfish industry in boosting exports and striving for $1.7 – $1.8 billion in 2023 illustrate the resilience and strength of Vietnamese enterprises and farmers. The strong recovery of this sector serves as clear evidence of innovation and sustainable development.
