Vinh Hoan, Vietnam’s leading pangasius exporter, reported an increase in its year-on-year export value in October, which was supported by higher sales to China, the company said.
Vinh Hoan exported pangasius and other products worth VND 735 billion (USD 31.6 million, EUR 26.7 million) in the month, rising 11 percent year-on-year.
The U.S. remained the largest destination for Vinh Hoan's pangasius in October, with sales value of VND 242 billion (USD 10.4 million, EUR 8.8 million), down 1.2 percent from the same month last year. Sales to Europe in the month also fell 11.4 percent to VND 70 billion (USD 3 million, EUR 2.5 million) compared to October 2019.
Continuing the upward trend last month, the company's sales to China rose in October to help offset the decline from the U.S. and European markets. China remained the second-biggest buyer of pangasius from Vinh Hoan in the month, importing the volume worth VND 210 billion (USD 9 million, EUR 7.6 million), jumping 32.9 percent year-on-year.
Compared to September, Vinh Hoan’s export value in October also surged 32.7 percent, which was “primarily due to exports value in some major markets increased in the end of the third quarter,” the company said.
Month-on-month growth was seen in all key markets in the month, including the U.S. (up 26.7 percent), China (53.3 percent higher), Europe (up 2.9 percent), and other markets (rising 34.8 percent).
In October, Vinh Hoan earned VND 538 billion (USD 23.2 million, EUR 19.5 million) from pangasius product exports, up 9.4 percent year-on-year and 55 percent from September. Its by-products in the month grew 41.1 percent year-on-year to VND 103 billion (USD 4.4 million, EUR 3.7 million), but falling 27.5 percent from September. The company’s wellness products went up 43.8 percent year-on-year to VND 46 billion (USD 2 million, EUR 1.7 million), up 64.3 percent month-on-month.
