Vietnam’s leading pangasius exporter, Vinh Hoan, reported lower sales values in February against January due to the Lunar New Year holiday.
Vinh Hoan exported VND 436 billion (USD 18.9 million, EUR 15.8 million) worth of seafood products in the month, down 31 percent month-on-month, the company said in its February update. It did not provide a year-on-year breakdown for February.
Vinh Hoan attributed the drop in sales to its “reduced operational capacities” during the country’s biggest holiday, the Lunar New Year festival, which took place from 10 to 16 February.
The U.S. remained its top export destination, with sales value of VND 195 billion (USD 8.4 million, EUR 7.0 million), a decline of 27 percent from January. The U.S. was followed by the European Union, which purchased VND 68 billion (USD 2.9 million, EUR 2.5 million) of pangasius from Vinh Hoan in the month, 38 percent lower month-on-month. The company’s sales to China in February were unchanged from January, at VND 42 billion (USD 1.8 million, EUR 1.5 million).
Vinh Hoan earned VND 302 billion (USD 13.1 million, EUR 10.9 million) from the exports of pangasius products in February, down 31 percent from January. Its byproducts sales in the month also fell 20 percent month-on-month to VND 72 billion (USD 3.1 million, EUR 2.6 million). The company’s wellness product exports were worth VND 35 billion (USD 1.5 million, EUR 1.3 million), 51 percent lower than January.
In the first two months of 2021, Vinh Hoan’s sales, however, increased 11 percent year-on-year to VND 1.068 trillion (USD 46.2 million, EUR 38.7 million). That total included VND 462 billion (USD 20.0 million, EUR 16.7 million) from the U.S., down 1 percent from a year earlier; VND 177 billion (USD 7.6 million, EUR 6.4 million) from Europe, up 21 percent; VND 83 billion (USD 3.6 million, EUR 3.0 million) from China, soaring 173 percent; and VND 346 billion (USD 15.0 million, EUR 12.5 million) from other markets, up 7 percent year-on-year.
The export value of its pangasius products in January and February rose slightly – 0.3 percent – year-on-year to VND 744 billion (USD 32.2 million, EUR 26.9 million). Vinh Hoan's sales of byproducts were worth VND 163 billion (USD 7.0 million, EUR 5.9 million), up 83 percent, and its wellness products were worth VND 106 billion (USD 4.6 million, EUR 3.8 million), 30 percent higher year-on-year.
Vinh Hoan said earlier this year it completed the purchase of a 51.29-percent stake in Sa Giang Import and Export Corp., which produces ready-to-eat foods such as shrimp chips, instant noodles and some other products.
Photo courtesy of Vinh Hoan
