Illustrative photo.

Exports to the market grew by 123 percent year-on-year to 160 million USD since demand was high and supply was modest. Increased transportation costs due to the impact of COVID-19 was a contributing factor to the increase in prices, not only to the US but to all markets.

Exports to the EU market fetched 2.9-3.45 USD per kilogramme.

Total exports topped 646 million USD, year-on-year growth of 88 percent, according to VASEP.

The high global demand drove up the average export price of frozen pangasius fillet to 3.4 USD, 0.25 USD higher than in January this year.

In the Chinese market too, prices are much higher than last year, ranging from 2.4 USD to 3.25 USD per kilogramme compared to 1.9 - 2.7 USD a year earlier.

After falling for many exports to the EU jumped by 86.2 percent in the first quarter of 2022 to 46.7 million USD, with huge increases seen in shipments to all the major markets in the bloc like the Netherlands (86 percent), Germany (97 percent), Belgium (120 percent), and Spain (67 percent).

It is forecast that the demand for essential goods, including food and seafood, will increase sharply in the EU providing a good opportunity for Vietnamese companies to export frozen pangasius, VASEP said.

In the second quarter too exports to these major markets are likely to rise sharply due to a shortage of cod and pollock supply from Russia.

Duong Nghia Quoc, Chairman of the Vietnam Pangasius Association, said China has large demand for Vietnamese pangasius, and, along with the promotion of trade relations between the two countries, it is also essential to provide information about China’s zero-COVID policy and food safety and hygiene regulations to local businesses.

The price of commercial pangasius in the domestic market rose by 40 percent this year to 30,000 VND per kilogramme./.