Dominate the market with good prices
In the context of record inflation in some countries, the prices of food items have increased. Pangasius products with the advantage of affordable prices have become the right choice for many consumers around the world, so Vietnamese pangasius processing and exporting enterprises quickly increase their market share in other countries.
According to statistics of Vietnam Customs, in the first eight months of 2022, Vietnam's pangasius exports reached over $1.8 billion, up 81% over the same period last year. In which, pangasius exports to the US market - a market with high inflation - accounted for 23% with more than 421 million USD, up 87%. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), it is expected that in the first nine months of 2022, pangasius exports will reach more than 2 billion USD, up 81% over the same period last year. With this result, Vietnamese pangasius processing and exporting enterprises have cut costs, lowered prices, and coordinated with importers and transporters to adjust reasonable costs for the parties. for a reasonable price.
According to analysis by VASEP, inflation in the UK is at a 40-year record high and is almost the highest in European countries, so consumption of high-priced food items is limited. As a result, exports of shrimp, tuna and some marine fish species to the UK dropped sharply. Meanwhile, pangasius exports still maintained a growth rate of 16% because pangasius was affordable, moreover the UK was short of white fish due to the ban on seafood from Russia, so pangasius became a substitute fish in the market. UK market, especially the popular fish & chip products of this country. In terms of tariff advantages, the FTA with the UK has a mechanism to follow the EVFTA agreement with the EU, which means that pangasius has a roadmap to reduce tax to 0% after 3 years. Thus, in 2022, this product will almost be imported into the UK with a tax rate of 0%, which is an advantage for Vietnamese pangasius exporters.
According to Ms. Le Hang, Deputy Director of VASEP's Training Center, with reasonable prices, it is possible that US pangasius imports will gradually increase in the coming months, when the inflation of food prices in general and seafood prices increases. in particular, making the US market more wobbly, and at the same time entering the cycle of increasing demand for Christmas and New Year. Favorable export thanks to good prices, so the sales of pangasius enterprises increased over the same period.
Manage to keep orders
The high inflation situation in many countries around the world has had a strong impact on Vietnam's export products, export enterprises have managed to manage to keep orders. As one of the major shrimp exporters in the Mekong Delta, Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Food Joint Stock Company, said that inflation in the US is high, exchange rates fluctuate, and costs Increased sales have made Vietnam's shrimp exports to the US difficult in recent months. Meanwhile, major competitors in the US market such as Ecuador and India have both advantages in freight rates because of their proximity and cheap shrimp. Shrimp exports to Japan seem to be better than the US and EU markets due to lower freight rates.
Accounting for nearly half of seafood export turnover, Vietnam's main shrimp export product is recorded to dominate many major markets. However, in recent times, export enterprises have faced many difficulties when increasing inflation. In the first eight months of this year, in the top 10 main shrimp import markets of Vietnam, shrimp exports to the US and UK decreased, while exports to the remaining markets all grew positively.
Despite facing many challenges, most export enterprises are currently accelerating, trying to fill year-end orders, striving to bring seafood export turnover to 10 billion USD.
At Foods Connection team
