Vietnam’s leading pangasius exporter, Vinh Hoan, and its top shrimp-export company, Minh Phu, both saw sales increase in the first month of 2022, despite declines in exports to China.
Vinh Hoan – excluding its Sa Giang subsidiary – shipped seafood products worth VND 777 billion (USD 34.1 million, EUR 30 million) in January, an increase of 23 percent from a year earlier, the company said in an update.
Its sales to the United States rose 25 percent year-on-year to VND 332 billion (USD 14.6 million, EUR 12.8 million), and sales to Europe increased to VND 131 billion (USD 5.8 million, EUR 5.1 million), up 20 percent. However, the value of its exports to China declined 36 percent year-on-year to VND 27 billion (USD 1.2 million, EUR 1 million) in the month.
In January, Vinh Hoan saw its sales of pangasius products increase to VND 489 billion (USD 21.5 million, EUR 18.9 million), up 11 percent year-on-year. Its byproduct products moved up 28 percent to VND 117 billion (USD 5.1 million, EUR 4.5 million), and its wellness products sales hit VND 85 billion (USD 3.7 million, EUR 3.3 million), up 19 percent.
Compared to December 2021, Vinh Hoan’s January sales dropped 13 percent. While it increased its sales by value to the U.S. and Europe, the value of its exports to China decreased 84 percent.
Minh Phu, the largest shrimp company in Vietnam, exported shrimp worth USD 47.9 million (EUR 42.1 million) in January, up 54 percent from a year ago, Minh Phu CEO Le Van Quang told SeafoodSource.
Minh Phu’s U.S. sales reached USD 9.4 million (EUR 8.3 million), increasing 203 percent. Its sales to Japan reached USD 10 million (EUR 8.8 million), soaring 81 percent. Its E.U. sales hit USD 6.9 million (EUR 6 million), up 55 percent; its sales to Australia and New Zealand grew 56 percent year-on-year, reaching USD 10.4 million (EUR 9.1 million); and its Canada sales reached USD 6.3 million (EUR 5.6 million), up 115 percent.
Ho Quoc Luc, the chairman of shrimp exporter Fimex and former head of Vietnam Association of Seafood Exporters and Producers (VASEP), said on 19 February he expects 2022 will be an “interesting” year for Vietnam’s seafood industry.
Vietnamese pangasius producers could benefit from an expected increase in prices and a decline in pollock supply, with demand potentially shifting to pangasius as an alternative in key markets like the U.S., China, and E.U. For the shrimp sector, Luc said he believes Vietnam’s shrimp exports could surpass USD 4 billion (EUR 3.5 billion) this year, up 2.6 percent from USD 3.9 billion (EUR 3.4 billion) in 2021.
Photo courtesy of VASEP
