Vinh Hoan’s month-on-month sales value continues to improve
Vietnam’s leading pangasius company Vinh Hoan earned more export value in July compared to June, mainly due to a jump in exports to the United States, the firm said in its July update.
The company’s export value in July rose 1.1 percent from June to VND 629 billion (USD 27 million, EUR 22.7 million).
The month-on-month increase shows “signs of continued recovery,” the company said.
Sales from its pangasius products surged 6.3 percent to VND 437 billion (USD 18.8 million, EUR 15.8 million), followed by its by-products with VND 109 billion (USD 4.7 million, EUR 3.9 million), 1.8 percent lower than June, and its wellness products with VND 50 billion (USD 2.2 million, EUR 1.8 million), down 28.6 percent month-on-month.
The U.S. was the largest buyer of pangasius of Vinh Hoan in July with sales value of VND 251 billion (USD 10.8 million, EUR 9.1 million), a surge of 49.4 percent from June, “as foodservice reopens and market participants adapt to market situation,” Vinh Hoan said.
The impressive growth in the U.S. has helped offset the lower export values in other markets.
Europe was the second largest destination for pangasius from Vinh Hoan in the month, with the export value of VND 112 billion (USD 4.8 million, EUR 4.0 million), down 16.4 percent month-on-month.
The value of the exports to China in the month fell 16.9 percent to VND 103 billion (USD 4.4 million, EUR 3.7 million) from June.
However, in comparison with the same month of 2019, Vinh Hoan’s export value in July dived nearly 9 percent, as the value of exports to the U.S. and China still went down compared to a year ago. The value of the exports to the U.S. and China in July shrank 15.5 percent and 13.4 percent year-on-year, respectively, “as the pandemic suppressed demand and trading softened.”
Vinh Hoan’s sales value to Europe, meanwhile, grew 53.4 percent from July 2019 as the market “benefited from modern retail growth,” the company said.
Photo by Toan Dao/SeafoodSource