Unlocking potential of Vietnam’s value-added pangasius exports to Malaysia
Vietnamese pangasius products have consistently topped the list of favored whitefish in global markets, and Malaysia is no exception. As a member of ASEAN, one of the world's largest free trade areas, Malaysia has seen a steady increase in pangasius imports from Vietnam in recent years.
According to Vietnam Customs data, October 2024 saw pangasius exports to Malaysia exceed USD 3 million, a 19% rise compared to October 2023. Cumulatively, exports to this market in the first ten months of 2024 reached USD 29 million, marking a 21% year-on-year increase, with positive growth recorded in nearly every month except August. July 2024 set a record as the highest export month since early 2023, with over USD 4 million in revenue, a 52% increase year-on-year.
Frozen pangasius fillets (HS code 0304) remain the primary export category, contributing nearly USD 24 million in the first ten months of 2024, an 18% increase over the same period last year. Other frozen or dried pangasius products, including whole fish and portions, also saw growth, reaching over USD 3 million, a 19% rise year-on-year.
The most remarkable growth, however, lies in value-added pangasius products. Despite a modest overall export value, these products have shown significant momentum in the Malaysian market. From January to October 2024, value-added pangasius exports reached over USD 1.5 million, surging 115% year-on-year. Monthly growth figures were particularly striking: January increased by 526%, March by 399%, May by 325%, and July by 404% compared to the previous year.
Data from the International Trade Centre (ITC) indicates that frozen pangasius fillets (HS code 0304) were Malaysia’s most imported whitefish product in the first eight months of 2024, valued at USD 18 million, up 38% year-on-year. These fillets accounted for 42% of Malaysia’s total whitefish imports, with Vietnam dominating the supply chain, contributing 96% of Malaysia’s imports in this category.
In recent years, trade relations between Vietnam and Malaysia have seen positive developments, reflecting stronger ties and growing cooperation potential. With both nations actively leveraging opportunities from regional trade agreements like RCEP and CPTPP, the groundwork is set for further bilateral trade expansion.
As these agreements foster closer economic collaboration, Vietnam’s pangasius exports, including value-added products, are poised to gain a stronger foothold in Malaysia. This sustained growth will contribute to the broader goal of enhancing Vietnam-Malaysia trade and investment partnerships in the future.
VFM
