Vietnam’s leading pangasius company Vinh Hoan saw its sales value drop in June as sales to the U.S., its largest market, went down sharply compared to May, according to the company’s latest update.
Vinh Hoan exported seafood products worth VND 1.063 trillion (USD 45.7 million, EUR 45.5 million) in the month, falling 30 percent from the same month in 2021.
The U.S. remained the largest buyer for seafood products from Vinh Hoan, with sales value of VND 330 billion (USD 14.16 million, EUR 14.12 million) in June. Despite maintaining its lead, that value was 59 percent lower than May, despite an increase of 11 percent year-on-year.
The company’s sales in Vietnam, including of its noodle, rice paper, and shrimp chips produced by its Sa Giang subsidiary, were VND 252 billion (USD 10.81 million, EUR 10.78 million), down 1 percent month-on-month but up 87 percent from June 2021.
Sales to Europe increased to VND 184 billion (USD 7.89 million, EUR 7.87 million), 47 percent higher year-on-year, but down 5 percent from May this year.
In contrast to falling sales elsewhere, sales to China grew both year-on-year and month-on-month, reaching VND 159 billion (USD 6.81 million, EUR 6.79 million) in June, up 46 percent from the same month last year and rising 19 percent from May.
Vinh Hoan’s export value for the remaining markets was also up by 78 percent year-on-year, and 20 percent month-on-month, to VND 137 billion (USD 5.86 million, EUR 5.85 million).
Vinh Hoan earned VND 608 billion (USD 26 million, EUR 25.97 million) from the exports of pangasius products in June, 27 percent higher year-on-year but tumbling 41 percent from May this year. Its byproducts sales in the month increased to VND 236 billion (USD 10.12 million, EUR 10.09 million), up 46 percent year-on-year but down 8 percent month-on-month, while its miscellaneous product exports reached VND 94 billion (USD 4.02 million, EUR 4.01 million), jumping 412 percent year-on-year and up 3 percent from May.
Meanwhile, pangasius prices in Vietnam have dropped compared to previous months. In the week ending 7 July, the farm-gate prices of pangasius in Dong Thap Province were between VND 29,000 and VND 30,000 (USD 1.25 and USD 1.29, EUR 1.24 and EUR 1.29) per kilogram for fish sizes between 0.7 and 0.8 kilograms.
These prices were down by between VND 2,000 and VND 2,500 (USD 0.09 and USD 0.11, EUR 0.09 and EUR 0.11) per kilogram compared to the week ending 5 May, according to VASEP data.
Photo courtesy of Vinh Hoan
