MEKSEA.COM – The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a significant catalyst for the seafood industry to “take off,” including pangasius. The implementation of FTAs always facilitates enterprises in expanding and diversifying markets, enabling Vietnamese seafood products, including pangasius, to penetrate deeper into the global production and supply chain.

CPTPP came into effect in Vietnam on January 14, 2019. After five years of implementation, this new-generation FTA has opened opportunities for Vietnamese pangasius exports to the CPTPP market bloc.

However, the 2019-2023 period witnessed complex global fluctuations, with lockdown orders due to Covid-19, sanctions due to wars, and conflicts on transportation routes, posing many challenges for Vietnamese pangasius to get closer to the CPTPP countries. The year 2023 was the most challenging in the past decade for pangasius exports, and the CPTPP was no exception. Despite this, compared to other markets, the export turnover of pangasius to the CPTPP remained at an acceptable level amid the overall decline. In 2023, five years after the CPTPP agreement came into effect, pangasius exports to Canada reached USD 37 million, down 34% compared to 2022 and 22% compared to 2018, the year before the FTA took effect. Previously, in 2022, pangasius export turnover to Canada reached USD 56 million, up 17% compared to 2018.

Agricultural, forestry, and fishery exports in general, and pangasius exports in particular, are sectors that are difficult to negotiate to achieve market-opening commitments. However, under the CPTPP, partners have fundamentally eliminated and reduced tariffs to 0% immediately when the FTA took effect for most of Vietnam’s seafood products, including pangasius.

In 2024, as the inventory accumulated due to massive imports in 2022 gradually depleted, pangasius exports began to recover and flourish in several markets, including the CPTPP market bloc.

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Kindly please visit Meksea website to explore our pangasius products: https://mekseaconnection.com/product-category/pangasius/

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

(Reference: VASEP)

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