Opportunities for Vietnamese pangasius in the US and EU markets

The sanctions of the United States and the European Union against seafood from Russia are opening up opportunities for Vietnamese pangasius to fill the gap in these markets.

According to the Vietnam Association of Seafood Exporters and Processors (VASEP), in 2023, Russian pollock exports reached about 880,000 tons, worth 1.2 billion USD, up 13% in volume and down 5% in value. Pollock is a popular and widely consumed seafood in the world and is the main competitor of pangasius because it is naturally caught and priced similarly to farmed pangasius.

In late December 2022, the United States expanded its ban on Russian seafood for two years, aimed at preventing and excluding salmon, cod, crab, and pollock products from the US market, even if those products are processed in a third country that changes the country of origin of the product. This is a decisive move by the United States in response to the Russia-Ukraine conflict. As of the end of November 2023, the United States had imported 28,000 tons of pollock worth 100 million USD, mostly Alaska pollock from Russia processed in China.

Photo by Bao Cong Thuong

Along with the United States, Europe is also taking action on Russian pollock. In November 2023, the EU decided to impose a 13.7% tariff on products from Russia, such as pollock fillets and cod (a type of seafood that directly competes with Vietnamese pangasius), including products processed in China but of Russian origin. Previously, these products all enjoyed a 0% tariff in the EU. This tariff makes Russian pollock products less competitive in the market. In the context of high demand for whitefish in the EU, Vietnamese pangasius is expected to fill the gap in the diets of people in the European region.

Major markets such as the United States and the European Union are gradually turning their backs on Russian salmon. As a result, the imposition of widespread and stricter sanctions on the product has led to a severe shortage of supply to the market, while consumer demand has remained strong. This is an opportunity for Vietnamese pangasius exports to replace wild-caught salmon,” VASEP said.

According to Bao Cong Thuong

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