Vietnam Association of Seafood Exporters and Producers (VASEP) cited the latest data from Vietnam Customs that thanks to making optimal use of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as of June 15, cumulative pangasius exports to this market block reached USD 114 million, an increase of 10% over the same period in 2023.

Currently, Mexico is the largest importer of Vietnamese pangasius with a value of USD 31 million, an increase of 7%. Followed by countries such as: Japan with USD 18 million, an increase of 35% over the same period last year; Canada with USD 18 million, an increase of 15% over the same period in 2023; Singapore with USD 16 million, an increase of 0.2% over the same period last year.

VASEP forecasts that in the second half of 2024, pangasius exports to the CPTPP bloc will maintain the growth momentum of the first 6 months of the year when prices and demand are gradually stabilizing. Businesses need to improve their competitiveness and study the benefits that this agreement brings in terms of tariffs to seize opportunities and increase exports.

In fact, the CPTPP agreement took effect in Vietnam from January 14, 2019, but after 5 years of implementation, this new generation FTA has opened up opportunities for Vietnam's pangasius exports to the CPTPP market block.

After the Covid - 19 pandemic, 2023 is considered a struggling year for pangasius exports and CPTPP. However, looking at actual data compared to other markets, pangasius export turnover to CPTPP is still at an acceptable level in the general decline situation.

According to VASEP, in 2023, pangasius exports to Canada reached USD 37 million, a decrease of 34% compared to 2022, and even a decline of 22% compared to 2018 - the year before the FTA took effect. Previously, in 2022, pangasius export turnover to Canada reached USD 56 million, an increase of 17% compared to 2018.

Value-added pangasius exports to the CPTPP bloc reached nearly USD 5 million, an increase of 55% over the same period in 2023, accounting for 5% of the share and 37% of the total value-added pangasius exported by Vietnam to other countries.

According to the Directorate of Fisheries, Vietnam's pangasius export activities are assessed to maintain a positive outlook in the second half of 2024 with a series of factors supporting demand recovery.

Kylie Nguyen