Vinh Hoan recorded strong domestic sales and exports to the United States in February.
The Cao Lanh City, Dong Thap Province-based company, Vietnam’s leading pangasius exporter, recorded total sales, including those from its Sa Giang subsidiary, of VND 1.075 trillion (USD 47.1 million, EUR 42.8 million) in February 2022, a year-over-year increase of 146 percent. The U.S. remained its largest export market, with sales value of VND 627 billion (USD 27.5 million, EUR 25 million) in February, up 221 percent year-on-year and accounting for 58.3 percent of its total sales.
Vietnam became the company’s second-largest market in February, with total sales – including Sa Giang’s shrimp chips and rice products – growing 176 percent year-on-year to VND 192 billion (USD 8.4 million, EUR 7.6 million).
Vinh Hoan’s exports to Europe totaled VND 90 billion (USD 3.9 million, EUR 3.6 million) in February, and its sales to China rose 73 percent to VND 72 billion (USD 3.2 million, EUR 2.9 million).
Vinh Hoan earned VND 785 billion (USD 34.4 million, EUR 31.3 million) from the sale of pangasius products in February, 160 percent higher year-on-year. Sales of its miscellaneous products skyrocketed by 816 percent year-on-year to VND 118 billion (USD 5.2 million, EUR 4.7 million), followed by its byproduct sales of VND 94 billion (USD 4.1 million, EUR 3.8 million), up 29 percent year-on-year, and its wellness product sales of VND 41 billion (USD 1.8 million, EUR 1.6 million), up 18 percent year-on-year.
Compared with January, the sales in February rose 30 percent thanks to growing sales to the U.S. and China, Vinh Hoan said.
Vinh Hoan’s growth in sales rose in line with Vietnam’s overall pangasius export value. The country’s pangasius exports rose 127 percent year-on-year in February to USD 171 million (EUR 155.7 million). Through the first two months of 2022, Vietnam has exported USD 384 million (EUR 349.7 million) worth of pangasius, 93 percent higher year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Mounting international demand for Vietnam’s seafood has led to a shortage of material for processing, driving up pangasius prices recently, VASEP said on 15 March. Farm-gate prices of pangasius in the Mekong Delta were between VND 30,000 and VND 32,000 (USD 1.30 and USD 1.40, EUR 1.20 and EUR 1.30) per kilogram, up by between VND 5,000 and VND 7,000 (USD 0.22 and USD 0.30, EUR 0.19 and EUR 0.28) per kilogram from two months ago.
As many local farmers are resuming stocking to take advantage of the higher demand, following pandemic-related disruptions last year, pangasius fingerling prices have surged to between VND 55,000 and VND 58,000 (USD 2.40 and USD 2.50, EUR 2.20 and EUR 2.30) per kilogram, doubling from their price at the end of 2021, according to VASEP.
Photo courtesy of Vinh Hoan
