First half of 2025: Vietnam’s pangasius exports rise but growth potential tightens

Pangasius export structure: Frozen fillets remain dominant

In the first half of 2025, Vietnam’s pangasius exports under HS code 03 reached 997 million USD, accounting for 98% of total pangasius export value,up 11% year-on-year. Among these, frozen pangasius fillets (HS code 0304) contributed 821 million USD also up 11% – continuing to serve as the leading product driving industry-wide export turnover.

Deep-processed pangasius products (HS code 16) still account for a small share, showed impressive growth. Cumulative exports of processed pangasius reached 26 million USD in the first six months of 2025, a 48% increase year-on-year. This positive trend highlights the industry’s shift toward higher value-added products, in line with the industry’s restructuring goals.

Pangasius export trends in key markets

In terms of markets, China & Hong Kong continued to show negative growth in pangasius imports from Vietnam in both June and the first half of 2025. However, the region remained the largest consumer of Vietnamese pangasius. Exports to China & Hong Kong in June 2025 reached 53 million USD, down 4% compared to June 2024. Cumulative exports to this market for the first six months totaled 249 million USD, a 4% decrease compared to the same period in 2024.

The U.S. showed a strong recovery, with June 2025 pangasius exports reaching 34 million USD – a 23% increase compared to June 2024. Total exports to the U.S. in the first half of 2025 hit 175 million USD, up 10% year-on-year.

Following the United States, Brazil continues to demonstrate robust demand for Vietnamese pangasius, especially frozen fillets. In June 2025, pangasius exports to Brazil reached 16 million USD, a remarkable 111% increase compared to June 2024. For the first half of the year, exports to Brazil also totaled 175 million USD – up 10% compared to the same period last year.

On July 5, 2025, at the Vietnam Business Forum held in Brazil’s capital, Prime Minister Pham Minh Chinh and other delegates witnessed the signing of a cooperation agreement between Vietnam’s Nam Viet Corporation (NAVICO) and Brazil’s AV09 Comercio Exporter Ltda. This agreement marks one of the first concrete steps toward boosting bilateral trade with an ambitious target of 15 billion USD by 2030. Additionally, Vietnam and Brazil agreed to accelerate negotiations for a Free Trade Agreement (FTA) between Vietnam and the MERCOSUR bloc, complete the legal investment frameworks, facilitate visa processes and expand flight connections to strengthen business and economic ties in the coming period. Notably, NAVICO participated as a supplier in the first official export shipment of pangasius, basa and tilapia from Vietnam to Brazil – marking a historic milestone in agricultural trade relations between the two nations.

In June 2025, Vietnam’s pangasius exports to the EU reached 13 million USD, down 15% compared to June 2024. However, cumulative exports to the EU in the first half of this year totaled 90 million USD, up 5% year-on-year. The Netherlands remained the top EU importer of Vietnamese pangasius with exports in the first six months reaching 26 million USD, up 11% compared to the same period in 2024.

Tariff retaliation measures from the U.S. have become a particularly hot topic. As of the latest update on July 15, 2025, the U.S has extended the temporary suspension of countervailing tariffs but is preparing to implement new rates starting August 1. Under a new executive order, President Trump has officially sent letters to several countries, announcing the application of new countervailing duties on all imports from these countries into the United States, effective from August 1, 2025. Vietnam will be subject to a 20% countervailing duty. Facing the risk of new U.S. tariffs, several Vietnamese businesses have shifted toward deeply processed, high-quality products to enhance export value and mitigate the impact of post-tariff price increases. As a result, pangasius exports to the U.S have still recorded growth compared to the same period last year, primarily driven by orders placed earlier in the year – especially FOB/CIF contracts signed in advance – which do not yet fully reflect the market conditions of June.

Source:  https://seafood.vasep.com.vn/