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Export value of pangah will reach US$2.4 billion this year, up from $2.3 billion last year.

Pangasius exports expected to increase

Click on the flag for more information about Viet Nam VIET NAM
Tuesday, February 12, 2019, 00:50 (GMT + 9)

The Việt Nam Association of Seafood Exporters and Producers (VASEP) predicts the export value of tra fish will reach USD 2.4 billion this year, an increase from USD 2.3 billion obtained last year.

Experts of the sector consider this is a possible result, as the US-China trade is impacting many economies, including Việt Nam, and that it has had a positive impact on some export products, specially the tra fish industry, which will benefit from increasing Chinese demand for seafood products. The Vietnamese pangasius industry expects to benefit from an increase in Chinese demand for seafood, Viet Nam News reported.

         

Besides, when the Việt Nam-European Union (EU) free trade agreement (EVFTA) comes into effect, tariffs on both raw and processed tra fish entering the EU will be eliminated. They currently stand at 5.5 per cent and 7 per cent, respectively.

However, according to VASEP Deputy General Secretary Nguyễn Hoài Nam, tra fish exports still face challenges, including import control programmes in Europe and the US.

Deputy director of the General Department of Fisheries Trần Đình Luân, stressed that the department is working with businesses to build a brand for high-quality tra fish fillets and to improve processing technologies.

At the same time, they will promote the processing of products with high added value and reduce the amount of waste created in the process. To do this, the fisheries sector needs to invest in technology and make the best possible use of raw materials.

As regards last year´s exports, the association said that the industry’s export value set a new record high of USD 2.3 billion, a year-on-year increase of 27 per cent.

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