448 enterprises in Vietnam seize the export of Basha fish, and the competitive pressure explodes!

Recently, Vietnam basa fish export market has shown unprecedented competition.  According to Vietnam Fisheries Association (VASEP), as many as 448 Vietnam enterprises actively participated in the export business of basa fish during the first 10 months of 2024, and the competitive pressure rose sharply. 

Yonghuan, an industry giant, continues to lead the way, accounting for 14% of the country's total exports of basa fish. Its products are exported to 39 countries such as the United States, China and the Netherlands, among which the United States has become its largest export destination.  Wande Qianjiang, Nanyue Company, I.D.I Company and Dacheng Company are not willing to be outdone and strive to seize market share.  The export volume of Wande Qianjiang accounts for 5.33%, and the key markets are the United States, Singapore and China Hong Kong; South Vietnam Company accounts for 3.31%;I.D.I Company accounts for 4.38%. 

As the largest consumer market for Vietnam basa fish, China attracted 119 Vietnam enterprises to compete.  Changjiang Aquatic Products Co., Ltd. took the top spot, accounting for 12% of the total export value of the China market, followed by Dacheng Co., Ltd. with 10% share, Nanyue Co., Ltd. with 7% share, Xiongyu Co., Ltd. with 6% share, Cát Tng and Yonghuan with 5% share each. 

With the global demand for basa fish growing, the number of Vietnam enterprises participating in export is increasing.  However, the rise of basha fish farming industries in other countries has made Vietnam enterprises face more severe challenges.  The Vietnam basa fish industry, which has long been dominated by frozen basa fillets (HS Code 0304) in the international market, has to seek change in the face of fierce competition.  Many enterprises realize that only by diversifying product types, increasing investment in R & D and production, and actively promoting high value-added basa fish products can they maintain a leading position in this global market share competition, otherwise they will gradually decline in the increasingly fierce competition wave, and the traditional advantage pattern of Vietnam basa fish export will be completely broken and reshaped.