Vietnam Shrimp & Pangasius Market Update : November 24, 2017
According to the Saigon Times, The Vietnam Association of Seafood Exporters and Producers (VASEP) forecast total export turnover of seafood to reach $8.3b this year. This is an increase from $8b in the July Forecast.
For the past 2 years seafood exports have been around $7b per year but already in October 2017 the exports totalled $6.73b which is 18% up on last year.
Pangasius exporters are struggling with Europe where sales have fallen. But the Pangasius exporters have achieved great success in finding new markets like China where sales are up 46% and Brazil where sales are up 59%.
Shrimp exporters have seen strong growth, up 21% in the first 8 months of the year. Overall shrimp exports are expected to be up around 6% in 2017. Like Pangasius suppliers shrimp exporters are also finding good growth in Asian markets