|Tra (Pangasius) exports to the EU are likely to fall further due to COVID-19
The VASEP attributed the fall to the novel coronavirus pandemic which has been taking its toll on economies globally, including those in the EU. By the time, the EU had dropped to fourth place in the top 5 largest Pangasius export markets of Vietnam, after China, Hong Kong (China), the US and ASEAN.
Indeed, the first 5 months of this year saw Vietnamese Pangasius exports to the EU decrease continuously. In addition, Pangasius material prices also dropped as Vietnam's biggest Pangasius export market, China, stalled, leading to a decrease in the export value of Pangasius to the EU.
The COVID-19 pandemic is yet under control in Europe. The Eurozone economy is forecast to nosedive to a record level of about 7.75% this year. These factors are to have a great impact on Pangasius exports to the EU this year, and the value of Pangasius exports to this market is likely to further decline in the near future.
To lessen the impact, the fisheries sector is to strengthen the control of aquaculture conditions and the quality of inputs. It will encourage farmers and processors to join the interconnected supply chain network to operate according to the supply and demand law in the market.