The price of pangasius fish is forecasted to exceed 30,000 dong/kg

The price of pangasius fish has risen to about 30,000 dong/kg and is expected to continue to increase due to low supply and high demand from export markets.

Pangasius price surges

Since the fifth day of the Lunar New Year, many farmers in Tien Giang province have started to harvest pangasius fish according to the requirements of export enterprises. The supply is scarce while the demand for raw materials from the factories is high, so the output of pangasius fish is very favorable, and the farmers can sell their fish at high prices.

Image: Bao Cong Thuong
The price of pangasius fish is forecasted to exceed 30,000 dong/kg

Currently, the price of pangasius raw materials here is at 30,000 dong/kg. With this price, the farmers can recover their losses from last year.

Previously, in Dong Thap, many pangasius farmers in Chau Thanh district sold pangasius raw materials ranging from 26,000 to 26,500 dong/kg (size from 800g to 1.1kg).

According to the export enterprises in the industry, markets such as China, the United States … have high demand for Vietnamese pangasius. In January and February, the market warmed up and developed well. After Tet, many enterprises operating in the field of processing and exporting pangasius fish have accelerated the import of goods to pay orders for partners.

Talking to the reporter of the Trade Newspaper, Mr. Duong Nghia Quoc – Chairman of the Vietnam Pangasius Association – said that the price of pangasius fish from 28,000 to 29,500 dong/kg, the market situation is on a very good upward trend.

The supply decreased because in 2023 the low price caused the pangasius farmers not to develop the farming area much, while the current import markets “eat goods” help the price of pangasius fish move.

With the high price level as it is now, the question is whether there is a concern about the lack of supply or not? On this issue, Mr. Duong Nghia Quoc said that pangasius farmers and enterprises can boost farming and catch up with the trend of pangasius fish going up. Because, most of the enterprises and farmers in the chain have prepared to create a continuous source of goods.

On the other hand, the breeding stage with pangasius fish is also fast, so the crisis or the price of pangasius fish increase/decrease is not a concern for the supply. The enterprises and large farming households also grasp the cycle of pangasius fish fluctuations in the past few years, so they all have experience in this.

“Most of the people have entered the chain linked with the enterprises. The small-scale farming households outside are mostly large-scale livestock households”, Mr. Duong Nghia Quoc said.

“Also at this time in 2022 and 2023, at the pangasius farming areas in the Mekong Delta region such as An Giang, Dong Thap and Can Tho City, … the price of pangasius fish also increased sharply to 31,000 – 32,000 dong/kg”, Mr. Duong Nghia Quoc said and predicted that the price of pangasius fish could increase even more. Because, the source of raw materials is currently scarce.

The issue that the pangasius industry is facing at this time is that, although the current price of animal feed has decreased, it is still high, partly due to the import tax on animal feed raw materials, which is specifically here is soybean meal at 2%. Therefore, it is proposed to reduce this import tax to support farmers and increase the competitiveness of the product.

Export is expected to accelerate

In 2024, the whole pangasius industry set a target of exporting 2 billion USD, striving to achieve a pangasius farming area of 5,700ha, pangasius commercial output of about 1.7 million tons. To achieve this goal, 224 enterprises in the industry have started to operate again after a long time of resting for the Lunar New Year.

Mr. Duong Nghia Quoc said that this depends on the economic and political situation of the world, if the import market is stable, the export possibility can completely reach the number of 2 – 2.4 billion USD.

In addition, the Red Sea conflict is also affecting the export activities of Vietnamese pangasius, increasing transportation costs, prolonging transportation time to the US and EU markets. This is a disadvantage for both exporters and importers, reducing the profits of enterprises.

“In previous years, pangasius exports to the US market accounted for about 20%; the EU market accounted for about 10%; the Chinese and Hong Kong (China) market accounted for more than 30%”, Mr. Duong Nghia Quoc said.

It is estimated that in January 2024, Vietnam’s seafood exports will reach 730 million USD, up 60.8% over the same period in 2023 because January 2023 coincided with the Lunar New Year holiday. Vietnam’s seafood exports have shown signs of recovery and are likely to increase again in 2024, especially in the second half of the year. In which, exports of two key seafood products, shrimp and pangasius, basa will recover after a sharp decline in 2023.

To achieve the export turnover of pangasius fish of 2 billion USD in 2024 and continue to bring pangasius products to 146 countries and territories around the world, Mr. Phung Duc Tien – Deputy Minister of Agriculture and Rural Development – suggested that the whole industry should focus more on building brands, marketing campaigns for product images, farming technology, raw material areas for processing … to enhance the presence and reputation of Vietnamese pangasius on the international market. At the same time, promote the promotion of pangasius products through international exhibitions, fairs, building networks of partners and customers at home and abroad.

Author: Bao Cong Thuong

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