Seafood Industry – Expected to maintain growth momentum in the remaining months of 2024
• In August 2024, Vietnam’s pangasius exports saw a slight increase of 2% YoY, reaching USD 174 million. This growth was supported by a 6% YoY increase in export volumes, despite average selling prices for the sector being 4% lower than the same period last year. The overall industry growth rate slowed down in August due to the absence of a low base effect for export volumes. However, export volumes to the U.S. and China maintained strong double-digit growth, with YoY increases of 24% and 19%, respectively.• Pangasius export value is expected to increase in both price and volume for the remaining months of the year. Price growth is forecasted due to (1) the upcoming holiday season, (2) a low base in 2023, and (3) gradual increases in pangasius prices in line with other fish types. Volume growth will be driven by (1) retail F&B inventory to sales ratios in the U.S. remaining below the 5 year average, (2) lower U.S. imports of fish fillets during 7M2024 compared to the same period last year, suggesting inventory levels are not excessively high, and (3) pangasius prices remaining lower than those of other fish species.
• In August 2024, shrimp exports reached USD 358 million (+8% YoY). Within this, whiteleg shrimp accounted for USD 267 million (+7% YoY), black tiger shrimp reached USD 42 million (-5% YoY), and other shrimp species, primarily lobsters, totaled USD 48 million (+25% YoY). Export volumes for whiteleg and black tiger shrimp rose by 12% and 5%, respectively, although average selling prices remained 4% and 9% lower than last year.
• In the pangasius sector, Vinh Hoan Corporation (VHC) is expected to benefit more than Nam Viet Corporation (ANV) due to anticipated sustained price growth in the US market (main export market of VHC), while prices in China (main export market of ANV) have yet to recover. In the shrimp sector, although Japan’s market (main market of FMC) growth has slowed, increased export volumes to the US and the UK (which together account for 40% of FMC revenue) are expected to improve overall export volumes.
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