IDI Partners with Patagonia Cuisine to Expand in US and South American Markets

Entering 2024, Vietnamese seafood is experiencing a strong upward trend, buoyed by promising developments in global import markets. Countries such as the United States and China, as well as the Middle East and ASEAN nations are showing significant optimism. Notably, the UK and Brazil have also spent substantially importing Vietnamese pangasius.

Mr. Le Van Canh, Managing Director of IDI Seafood Corp, addresses the event

The US Department of Commerce (DOC) recently announced the final results of the 19th anti-dumping duty review (POR19) on frozen pangasius fillets exported from Vietnam to this market.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), this tariff announced by DOC has significantly decreased from the previous view (POR18). This is a positive signal for Vietnamese pangasius exporters in the future.

Accordingly, IDI is among the six Vietnamese pangasius exporters benefiting from reduced anti-dumping duty rates. This competitive edge provides the company with a significant opportunity to expand its market presence and enhance its share in both the US and South American markets.

On the afternoon of July 25, in Long Xuyen City, An Giang, I.D.I International Development & Investment Corporation (IDI Seafood Corporation) formalized a Strategic Development Partnership with Patagonia Cuisine LLC of Atlanta, Georgia. The agreement was signed in the presence of Patagonia Cuisine's Executive Director, Mr. Alberto Valenzuela.

The cooperation between IDI Seafood Corp and Patagonia Cuisine LLC has demonstrated an innovative and urgent vision for the shopping season in the second half of 2024 in the US, Europe and South America. The two sides have joined hands to successfully make the “IDI brand” stronger and foster the potential for sustainable development.

Speaking at the signing ceremony, Mr. Alberto Valenzuela, CEO of Patagonia Cuisine LLC, optimistically said: “We did research and surveys. IDI is a very prestigious brand, domestically and internationally. Especially, its products have been in the US for over 10 years and highly appreciated by consumers because they meet a series of criteria on variety, stable quality and affordable prices for many consumer segments. Therefore, nothing could be more wonderful than our confidence in joining IDI to lead the way for both sides by the signing of a strategic partnership agreement, which is a profound and smart move. Today, in your country Vietnam, IDI Seafood Corp and Patagonia Cuisine LLC jointly signed a strategic development partnership in the US and South American markets, which is a solid legal statement for the brand to cover the world market at the right time."

IDI is part of the Sao Mai Group ecosystem, a key member of the group, capable of processing 100,000 tons of raw fish a year. In any stage. IDI is always a Top 10 export seafood processor in Vietnam and makes a positive contribution to the country's seafood industry.

IDI's products are currently present in 50 countries and territories around the world. The US market is considered the most demanding with many barriers in terms of quality specifications and especially tax policies.

IDI Seafood Corp and Patagonia Cuisine LLC agree to cooperate in developing the US and South American markets

Regarding seafood exports, despite having many improvements and facing a lot of difficulties due to global economic uncertainties, IDI has focused on strengthening financial health, raw material sources and especially the sharpness of the leadership.

The company actively grasps market situations and proposes many positive and flexible solutions to complex market developments. It continuously improves product quality, applies advanced clean production technology, ensures absolute food safety and hygiene as well as environmental friendliness to reduce costs and sharpen competitiveness.

IDI is excitedly paving the way for the seafood product brand to penetrate deeply, take root and develop in the US market. This is a mission and urgent action of the company's leadership. The cooperation with Patagonia Cuisine LLC is considered a suitable solution for IDI to develop strongly in the US and South America.

IDI's pangasius exports are showing clear signs of recovery

According to the plan, IDI is carrying out a high-quality seed center and building the third seafood factory. Its advantages in seafood export markets are supporting its expansion into the US thanks to the preferential tax policy.

From now until the end of the year, pangasius exports are forecast to further increase on high demand from major markets such as China and ASEAN. IDI will focus on reforming sales methods, adopting flexible payment, diversifying markets and applying solutions to reduce production costs.

By Nhu Phuong, Vietnam Business Forum