Vietnam becomes largest exporter of frozen pangasius fillets to Malaysia

14:55 | 05/12/2024 Foreign trade Follow Ven.vn on

(VEN) - Vietnamese pangasius products have consistently ranked among the most favored whitefish in numerous markets, and Malaysia is no exception. Vietnam’s pangasius exports to Malaysia have experienced continuous growth in recent years.

Malaysia’s whitefish imports of from January to August 2024 - photo: VASEP

Malaysia’s whitefish imports in the first 8 months of 2023 and 2024 (unit: million USD) - photo: VASEP

According to data from the General Department of Vietnam Customs, pangasius export value to Malaysia in October 2024 exceeded US$3 million, a 19% increase compared to that of October 2023, taking the total to US$29 million in the first 10 months of this year, up 21% year-on-year. Pangasius exports grew monthly except August, with July witnessing the highest monthly pangasius export turnover to Malaysia since early 2023, reaching over US$4 million, up 52% year-on-year.

Vietnamese pangasius exports to Malaysia mainly included frozen fillets under HS code 0304, which yielded nearly US$24 million in the first 10 months of this year, up 18% year-on-year. Meanwhile, other frozen/dried pangasius product exports yielded more than US$3 million, up 19% year-on-year.

Although their export value remains modest, high-value-added (HVA) pangasius product exports to Malaysia grew strongly. In the first 10 months of 2024, HVA pangasius exports to Malaysia exceeded US$ 1.5 million, up 115% year-on-year. They increased year-on-year by 526% in January, 399% in March, 325% in May, 315% in June, and 404% in July.

According to the International Trade Center (ITC), in the first eight months of 2024, frozen pangasius fillets under HS code 0304 were the biggest whitefish product imported by Malaysia, with a total value of US$18 million, up 38% year-on-year and accounting for 42% of all whitefish imported by Malaysia during the same period. Vietnam became the largest exporter of frozen pangasius fillets to Malaysia, representing 96% of Malaysia’s total imports of products under HS code 0304.

In recent years, the trade relations between Vietnam and Malaysia have shown significant progress, reflecting stronger ties and untapped potential for bilateral cooperation. There is huge room for enhancing the bilateral trade, especially in light of efforts to leverage regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP) Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)./.

Thu Hang

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