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Seafood Industry – The Competitive Situation of the Pangasius and Whiteleg Shrimp Sectors

• According to the June 2024 Food Outlook report by the Food and Agriculture Organization of the United Nations (FAO), farmed seafood is expected to grow strongly due to increasing consumption trends, which will support the aquaculture industry in Vietnam in the long term.
• The pangasius industry has seen year-to-date growth compared to the same period last year, primarily driven by increased production in key markets, while the average selling price remains lower than the previous year. Pangasius products in the U.S. are facing increasing competition in fresh salmon consumption despite high salmon prices. However, we expect pangasius production to gradually improve month by month until August, benefiting from gaining market share over tilapia, which is currently priced lower, thus creating a competitive advantage. Additionally, the gradual increase in tilapia prices also supports the gradual increase in pangasius selling prices
• The shrimp sector experienced growth in the first four months of the year compared to the same period last year, primarily due to increased production, while the average selling price remained lower than the same period. In the whiteleg shrimp segment, selling prices in various markets are still low and have not shown strong recovery trends. However, the Japanese market has maintained competitiveness compared to other countries, while the Chinese and US markets face more difficulties due to Ecuador gradually gaining market share.