Global Food

 
From SeafoodSource on September 21, Vinh Hoan, a Vietnamese pangasius company, reported that due to the continued weakening of exports to China, exports in August decreased year-on-year.

The export data of Vinh Hoan in August showed that the export value of the month was 617 billion VND (26.5 million USD/22.4 million euros), a decrease of 5.1% year-on-year. Among them, the United States is the largest export market for pangasius, with an export value of 208 billion VND (8.9 million USD). /7.6 million euros), unchanged from the same period last year.

In 2019, China was Vietnam’s largest target market for pangasius. In August this year, China became the company’s third largest market, with an export volume of 114 billion VND (4.9 million USD/4 million Euro), a year-on-year decrease of 25.5%. The company said that the decline in sales in this important market was "due to rising inventory levels in the value chain."

Vinh Hoan's exports to Europe in August increased by 39.3% year-on-year to 117 billion VND (5 million USD/4.3 million Euro), as exports "continue to benefit from modern retail." Vietnam’s export (including seafood) gains came into effect in the EU-Vietnam Free Trade Agreement (EVFTA) on August 1.

Sales of the company's pangasius products fell by 8.9% in August to 410 billion VND (17.6 million USD/15 million Euro). Its sales of by-products increased to 113 billion VND (4.9 million US dollars/4 million euros), 16.5% higher than August 2019, while its health care product sales fell 86.2% year-on-year to 54 billion VND (2.3 million US dollars / 2 million euros). Compared with July, the total value of exports in August fell by 1.9%, mainly due to the decline in sales to the United States. The company’s sales of pangasius to the United States fell 17.1% month-on-month due to market dynamics and unstable trade conditions.

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