Vietnam Basha exports continue to grow, market prospects are promising

According to the latest data released by Vietnam Customs, Vietnam's exports of basa fish are expected to reach US $544 million in the third quarter of 2024, a significant increase of nearly 14% compared with the same period last year. 

In the first nine months of this year, Vietnam's exports of basa fish reached US $1.46 billion, up 8 percent year-on-year.  Although some major markets such as the mainland of China, Hong Kong and Thailand experienced a slight decline in the first half of September, the overall export situation still showed an upward trend thanks to the positive performance of the previous months.  This fully demonstrates that Vietnam basha remains competitive in the global market and can withstand short-term fluctuations in some markets. 

In terms of product types, the export value of processed basa fish group increased significantly by 42%, demonstrating Vietnam's deep strength in basa fish processing and strong market demand.  Meanwhile, frozen whole basha and frozen basha fillets/cuts also achieved growth of 24% and 4%, respectively, further enriching the export product structure of Vietnam basha. 

 In terms of export markets, traditional markets such as the United States, Brazil and Thailand continue to maintain high demand for Vietnam basa.  Exports to the United States grew 23%, Brazil grew 26%, and Thailand grew 9%. 

 It is worth noting that Mexico and Canada continue to increase demand for Vietnam basa under the framework of CPTPP (Comprehensive and Progressive Trans-Pacific Partnership Agreement).  Mexico, in particular, exported a cumulative $55 million of basa fish to Vietnam in the first nine months of this year, up 19 percent year-on-year.  This trend indicates that Vietnam basha is expanding new market space and gradually establishing a diversified export market structure. 

 In addition, the price of raw basha fish has continued to rise recently, and the supply of larger fish in the market exceeds demand, and the price has reached an all-time high.  This trend is expected to continue until the end of the year, bringing more opportunities for Vietnam basha export enterprises. 

 In anticipation of continued recovery in export prices and growth in export turnover, Vietnam basa fish exporters are actively preparing supplies to meet consumer demand at the end of the year.  At the same time, the Vietnam government has also issued a series of supporting policies, such as the breakthrough of VAT policy, which provides strong support for enterprises to expand market share.