Notable Increase in Exports
Amidst the challenges posed by the COVID-19 pandemic, the sales of Vietnamese pangasius in England experienced a significant boost, with a notable 7.3% increase recorded in the first half of 2020. The Vietnam Association of Seafood Exporters and Producers (VASEP) reported a remarkable rise of 15.2% in pangasius exports to England compared to the same period last year, reaching a total value of $31.7 million. This growth stands out as the most positive among the top 10 importers of Vietnamese pangasius during the first six months of this year.
Competitive Pricing Advantage
One contributing factor to the success of Vietnamese pangasius in the English market is the competitive selling prices. During the first half of 2020, the prices ranged between $2.98 and $3.98 USD per kilogram, making them highly attractive to buyers. If these favorable price levels can be sustained in the upcoming two quarters, it is projected that exports to England will witness a further increase of 10% by the end of the year.
Market Promotion Strategies
To further strengthen the position of pangasius in significant markets, especially within the European Union (EU), businesses in the pangasius industry have devised comprehensive strategies. These efforts are largely driven by the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), which provides multiple tariff benefits for Vietnamese seafood exports. Leveraging these advantages, companies are actively working to enhance the image of pangasius and increase its market presence within the EU.
Expanding Online Trading and Establishing Partnerships
In addition to tariff benefits, businesses are also exploring opportunities in online trading to tap into new markets and forge partnerships. By leveraging digital platforms and e-commerce channels, they aim to expand their reach and establish valuable connections with potential buyers worldwide. These initiatives are expected to contribute significantly to the overall growth of the pangasius export industry. With these strategies in place, the export value of pangasius is projected to reach approximately $1.6 billion in 2020, solidifying its position as a key player in the global seafood market.