Pangasius processing factory. (Photo: seafoodfromvietnam)

Encouraging outlook for Vietnam pangasius industry

VIET NAM
Thursday, January 12, 2012, 01:50 (GMT + 9)

Duong Ngoc Minh, Chairman - General Director of Hung Vuong Corporation and Vice Chairman of Vietnam Association of Seafood Exporters and Producers (VASEP), said that 2012 will offer a “golden” chance for Vietnam pangasius industry.

Exports of pangasius are predicted to keep increasing and to reach a value of approximately USD 2 billion. However, for this to take place depends mainly on government’s policies.

Last year Vietnam exported 600,000 tonnes of pangasius (tra fish) for USD 1.8 billion, a year-on-year of 26.5 per cent.

At present, financial crisis continues to challenge Vietnam seafood exporters; yet, they could turn these challenges to advantages for pangasius export.

Because the European Union is also struggling with economic difficulties, pangasius from Vietnam has a chance to compete in this market.

At the same time, prices of rice and soy bean used to produce animal feed are expected to decrease 15 percent, leading to a sharp drop in feed prices. This will encourage Vietnam fish producers to invest in fish farming.

It is expected that in 2012, Vietnam government will kick off its policies on stabilizing macro economy, keeping inflation at 9 per cent. This will encourage local firms to invest in production.

According to Mr. Minh, during this year, Vietnam enterprises will turn their shipments to emerging markets such as Mexico, Brazil, Chile, Peru, Algeria, Angola, and Africa and exports to traditional markets like the European Union and the United States will keep growing. 

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