Vinh Hoan's exports increase sharply, pangasius prices are forecast to continue to increase in 2022

(seafood.vasep.com.vn) The 11-month report of Vinh Hoan Seafood Corp shows that export growth is very good, mainly thanks to the US market. Vinh Hoan's 11-month report shows that, in November 2021, the parent company's export revenue (excluding Sa Giang) reached VND 912 billion, an increase of 38% over the same period last year and an increase of 17% compared to October 2021. This is also the month with the highest export revenue of Vinh Hoan since the beginning of the year.

Pangasius is still the company's main export product with 617 billion dong in revenue, up 30% over the same period but only 3% higher than last month. The group of related by-products increased by 53% over the same period and 34% compared to the previous month, making the second largest contribution to the company's revenue share (175 billion dong).

The healthcare product group had a slower growth rate (up 24%), dropped to 4th place in revenue contribution, bringing in only VND52 billion. Meanwhile, the grocery group rose to fourth place with 62 billion dong, thanks to a growth of 321%. The by-product group alone decreased by half compared to the same period last year, only 7 billion VND, but improved by 4% compared to the previous month.

Regarding export markets, the US continues to be Vinh Hoan's main consumption market with an increase of 68% to 415 billion dong, accounting for 45% of total export value. Exports to China and other regions also increased by 4% and 49% over the same period, respectively. In Europe alone, export revenue decreased slightly by 3% to VND88 billion.

However, compared to October 2021, Vinh Hoan's November exports to the US decreased by 12% while other markets increased by 49-68%.

It is forecasted that the price of Vietnamese pangasius will increase in 2022 due to scarcity of raw materials, high feed costs, processing factories, and contributions have not completely recovered.


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PANGASIUS MARKET

Ms Ta Ha

Email: taha@vasep.com.vn

Tel: +84.24.3771.5055 (ext. 214)

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