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Forecast of Pangasius Export Situation in Vietnam by the End of 2024: Trends and Prospects
- Global Demand Growth: In major markets such as the US, China and EU, it is forecast to continue to increase. Consumer behavior trends are starting to recover after the COVID-19 pandemic. Although the global economic recession causes consumers to spend sparingly, Pangasius still retains its advantage thanks to its reasonable price.
- Supportive Trade Policies: Free trade agreements along with supportive policies from the Vietnamese Government are helping to reduce trade barriers and tax rates, opening up many new export opportunities for the seafood industry.
- Economic and Political Upheavals: Issues such as political conflicts, trade tensions, and the war between Russia and Ukraine are causing many difficulties. In addition, climate change, epidemics, and rising transportation costs are also significant challenges.
- Quality and Environmental Protection: Importing countries are increasingly placing stricter requirements on product quality and environmental protection. This forces processing enterprises to carefully monitor the farming, processing, and production processes.
- Competition from Other Countries: Thailand, China and India are stepping up seafood production and export. Furthermore, the US's application of high anti-dumping and anti-subsidy taxes has created a very fierce competitive environment in the international market.
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