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Raw pangasius prices leveled off after hitting a two-year peak

05/01/2022

In mid-December, the price of Vietnam's raw pangasius began to level off to about VND24,000/kg after hitting a two-year peak at the end of November.

After hitting a two-year peak at the end of November, Vietnam's raw pangasius prices began to move sideways or show signs of a slight decline in mid-December (around the 50th week of 2021), according to Undercurrent News.

Specifically, the price of 0.8 - 1 kg pangasius remained stable at VND 24,000/kg (equivalent to  USD 1.05/kg), but 1 - 1.2 kg and more than 1.2 kg all decreased by 0.8% down to VND 24,000/kg.

Despite showing signs of slowing down in mid-December, the price of pangasius purchased at the farm is still higher than the price level in 2020 and 2021, Undercurrent News noted.

In the third quarter of 2021, the COVID-19 pandemic was with complicated developments, causing the Mekong Delta provinces to implement social distancing measures. Farmers have to sustainably raise fish to harvest age because seafood processing factories have to temporarily close or operate on-site, resulting in a reduction in both capacity and labor force.

Undercurrent News adds that the 0.8 - 1 kg pangasius is the ideal size to produce fillets for export to the EU and the US. However, since September, the supply of this fish has decreased sharply, causing the price of raw materials to increase.

Processing factories also took advantage of buying raw materials and cold storage of 0.8-1 kg fish for processing and export, causing a shortage of supply in the last months of 2021.

The price of pangasius exported to China and ASEAN has also tended to increase in recent months, while the price of pangasius exported to the US has tended to slow down.

The high demand of the markets while the shortage of supply can bring the price of raw pangasius into a new price increase cycle in early 2022.

A representative of VINAPA said that all large enterprises have farming areas and associated areas. Therefore, farmers need to consider weather factors, market forecasts and cooperate with businesses to have appropriate and safe production plans when the COVID-19 pandemic is still unpredictable.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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