Vietnam’s pangasius export value grew 6% QoQ in Q3 2023. According to the Vietnam Association of Seafood Producers and Exporters (VASEP) and AgroMonitor, Vietnam’s pangasius export value achieved USD482mn in Q3 2023. This is mainly led by the 14% QoQ increase in volume that was partially offset by the 8% QoQ decrease in average selling prices (ASP). We believe the higher sales volume QoQ was mainly driven by discount promotions from fish producers and in turn, F&B retailers, while consumer sentiment in the U.S. and China has not yet recovered due to uncertainties in the global economic outlook lingering in 9M 2023.

Export volume to the US remained flat QoQ, while jumping QoQ in China and Europe. In Q3 2023, China remained Vietnam’s largest market for pangasius exports. The volume of exports to China increased by 19% QoQ, accounting for 32% of Vietnam’s export value. Sales to the European market grew 19% QoQ while that of the US declined 1% QoQ. Consumer confidence remains low in 9M 2023 in both the US and China, vital export markets for Vietnamese pangasius filet, as per the US Conference Board and China National Bureau of Statistics' indices. In addition to the high prices outlook for the rest of 2023, consumers are expected to switch their choices of purchase to private label/store-branded products in the holiday season, per NielsenIQ’s survey. Therefore, we believe Vietnamese pangasius filet is an economical option that is positioned to benefit from higher consumption during the holiday season.

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