Vietnam’s seafood industry is poised for growth in 2024, buoyed by positive developments from key international markets, such as the U.S., China, the Middle East, and ASEAN countries. Moreover, the UK and Brazil have unexpectedly ramped up their imports of Vietnamese tra fish (pangasius).
Recently, the U.S. Department of Commerce (DOC) announced the final results of the 19th administrative review (POR19) on frozen pangasius fillet imports from Vietnam.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said the U.S. Department of Commerce has sharply slashed tariffs compared to the previous review period. This reduction bodes well for Vietnamese pangasius exporters in the near future.
IDI Seafood Corporation is one of six Vietnamese pangasius exporters benefiting from this anti-dumping duty rate reduction. This advantage is expected to help IDI further penetrate and increase its market share in both the U.S. and South America.
To leverage this chance, IDI Seafood Corporation and Patagonia Cuisine LLC signed a strategic partnership agreement for market development in the U.S. and South America on July 25 in Long Xuyen City, An Giang Province. Patagonia Cuisine LLC is based in Atlanta, Georgia, with Alberto Valenzuela as the CEO.
The partnership between IDI Seafood Corp and Patagonia Cuisine LLC signals a bold and urgent strategy for development ahead of the shopping season in the U.S., Europe and South America in the second half of the year. The collaboration aims to strengthen the “IDI” brand and boost its potential for sustainable growth.
Speaking at the signing ceremony, Alberto Valenzuela, CEO of Patagonia Cuisine LLC, expressed his optimism toward the partnership: “After thorough research, we found that IDI is a highly reputable brand both domestically and internationally. IDI’s products have been present in the U.S. market for over 10 years and are highly valued by consumers for their diversity, consistent quality, and competitive prices. Therefore, partnering with IDI is a good choice, a profound and smart move that will benefit both parties. Today, in Vietnam, IDI Seafood Corp and Patagonia Cuisine LLC signed a strategic partnership agreement for development in the U.S. and South American markets, marking a strong legal foundation for our brands to expand globally at the right time.”
As a key member of the Sao Mai Group ecosystem, IDI Seafood Corp has an annual production capacity of around 100,000 tons of raw fish. It has consistently maintained its position among the top 10 aquaculture and seafood processing companies in Vietnam, contributing strongly to the development of the country’s seafood industry.
Currently, IDI’s products are available in 50 countries and territories worldwide, including the U.S. market, which is known as the most demanding with its numerous quality standards and stringent tax policies.
Despite positive signals for growth, seafood exports have continued to face numerous challenges due to global economic uncertainties. To mitigate risks in this context, IDI has focused on strengthening its financial capacity, securing raw material sources, and leveraging the sharp acumen of its leadership in management.
The company has actively monitored the situation and implemented flexible solutions to adapt to changes in the consumer market. It has strived to improve product quality, adopt advanced and clean production technologies, ensure absolute food safety and hygiene, and maintain environmental friendliness to reduce costs and enhance competitiveness.
IDI’s leadership determined that promoting its seafood brand in the U.S. market is among the urgent missions of the company. Hence, the agreement between IDI Seafood Corp and Patagonia Cuisine LLC is viewed as a strategic move for the company to expand and strengthen its presence in the U.S. and South America.
According to the plan, IDI Seafood Corp is establishing a high-quality breeding center and constructing a third seafood processing plant to take advantage of the preferential tax policies in the U.S. to expand its presence in this demanding market.
As tra fish exports are expected to continue rising from now until the end of the year due to high demand from major markets like China and ASEAN, IDI will make further efforts to reform sales methods, implement flexible payment mechanisms, and adopt solutions to reduce production costs to diversify markets.
