Vietnam saw a sharp rise in catfish output but lower export value in the first ten months of this year, according to the Vietnam Pangasius Association.
Vietnam saw a sharp rise in catfish output but lower export value in the first ten months of this year. Illustrative photo.
The global economic slowdown has been blamed for the fall in catfish exports. Demand for Vietnamese fish has fallen by 54 percent, 18 percent and 25 percent on-year in the US, EU and China, respectively between January and October, Vietnam’s catfish has also faced fierce competition from cheaper fish products from other countries.
Catfish prices in Vietnam have sharply fallen to just VND26,500 per kilo, equal to production costs.
Ong Hang Van, deputy director of Truong Giang Seafood JS Company, said that his firm was incurring losses. He hoped the situation would improve from now to the year-end, but in the first ten days of this month, they did not receive any orders.
Vietnam’s catfish exporters have been urged to promote their products in the world market to boost exports in the coming time.
Last year, Vietnam earned USD2.4 billion from exporting fish to 140 markets.
