The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts Thailand will be a favorite destination for pangasius exporters from Vietnam in 2023 due to expected growth in food consumption there.
In 2022, most countries in Southeast Asia, including Vietnam and Thailand, were forced to deal with negative impacts from China’s strict Covid-related regulations, fallout from the Russia-Ukraine conflict, and a slowdown of the global economy.
Despite the turmoil, many Southeast Asian countries recorded higher economic growth and faced less-intense inflation than other regions.
The region has become an ideal market for Vietnam's pangasius exports, VASEP said, thanks to its proximity and preferential taxes under regional free trade agreements and bilateral free trade deals.
In the first 11 months of 2022, Vietnam shipped pangasius worth USD 183 million (EUR 172 million) to countries in Southeast Asia, up 87 percent year-on-year. Thailand, Singapore, Malaysia, and the Philippines were key regional markets in the period, with sales rising by between 50 and 93 percent by value year-on-year.
Vietnam's pangasius exports to Thailand reached USD 83 million (EUR 78 million) om 2-22, up 67 percent year-on-year, and accounting for 45.3 percent of Vietnam’s total pangasius export value in Southeast Asia. In the first 11 months of the year, Vietnam exported seafood products worth USD 306.1 million (EUR 287.5 million) to Thailand, an increase of 27.1 percent year-on-year, according to the latest customs data.
About 80 pangasius companies exported products, mainly frozen fillets, to Thailand in the period through November, with Nam Viet (Navico) accounting for more than a quarter of the Vietnamese pangasius market share in Thailand. Four other companies, including Hung Phuc Thinh Food, CP Vietnam, SeafoodDirect2012 and Cuu Long Fish, each held between 8 and 10 percent market share in Thailand.
VASEP said Thailand's economy has fully recovered from the Covid-10 pandemic. Its tourism industry has returned in full force, driving up demand from local restaurants and hotels. VASEP said Thailand has "unique domestic growth drivers" that will create a continued positive business environment through 2023. Expected positive impacts from recently approved economic stimulus packages are forecast to further boost domestic consumption, VASEP said.
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