Vietnam’s leading pangasius company saw its export value rebound in June compared to May, as exports to the United States and China surged, Vinh Hoan said in its June update.
Vinh Hoan exported pangasius worth VND 622 billion (USD 26.7 million, EUR 23.4 million) in June, up 12.9 percent from May.
The month-on-month increase shows “signs of recovery from May,” the company said.
Sales from its pangasius products went up 16.4 percent to VND 411 billion (USD 17.7 million, EUR 15.4 million), followed by sales of its byproducts at VND 111 billion (USD 4.8 million, EUR 4.2 million), 14.4 percent higher than May, and its wellness products with VND 70 billion (USD 3 million, EUR 2.6 million), up 4.5 percent month-on-month.
The U.S. was the top destination for pangasius Vinh Hoan’s pangasius shipments in June, with sales value reaching VND 168 billion (USD 7.2 million, EUR 6.3 million), an increase of 54.1 percent from May. Shipments to China also grew 11.7 percent month-on-month to VND 124 billion (USD 4.7 million, EUR 5.3 million) in value in June. But the value of the exports to the European Union in the month fell 6.3 percent to VND 134 billion (USD 5.7 million, EUR 5 million) from May.
According to Vinh Hoan, its month-on-month growth in sales to the U.S. and China “outperformed as foodservice continues to recover and market participants adapted to market situation.”
However, in comparison with the same month last year, the company’s export value in June contracted 35.9 percent, highlighted by the declines in sales to the U.S. and China. The value of the exports to the U.S. and China in June dropped 64.1 percent and 46.3 percent year-on-year, respectively, “as the pandemic suppressed demand and trading softened from June 2019 when market participates sought to replenished depleted pangasius inventory at the time.”
Vinh Hoan’s sales value to the E.U., meanwhile, soared 106.2 percent from June 2019, the data showed, as buyers resumed purchases after negative claims about pangasius' safety and environmental issues damaged the fish’s image there last year.
Vietnam’s pangasius export value continued to witness a decline compared to last year. The United Kingdom and Singapore have been two rare bright spots for pangasius exports from Vietnam recently, amid downturns in other major markets.
Photo courtesy of Vinh Hoan
