A Vietnamese fish species “swims” throughout the Southeast Asian market

Besides the main markets of China and the US, Vietnam's pangasius exports to Southeast Asian countries, including Thailand, have recorded remarkable growth.

Pangasius prices hit 3-year high

According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), the price of commercial tra fish has increased to 31,500 - 33,500 VND per kg, the highest in 3 years, farmers are excited but the output is not much.

In Hong Ngu district, Dong Thap province, farmers are excited when the price of tra fish increases sharply. Specifically, fish under 1kg costs 31,500 VND per kg, while large fish mainly exported to China costs 33,500 VND, an increase of nearly 10,000 VND compared to the same period. With this price, farmers earn a profit of about 7,000 VND per kg.

Can Tho farmers take care of tra fish. Photo: PV

In the first half of February 2025, pangasius exports reached more than 75 million USD, an increase of 118% over the same period last year. Cumulative pangasius exports up to February 15, 2025 reached more than 208 million USD, an increase of 5% over the same period in 2024.

The price increase may be due to the scarcity of supply, while the export market has not yet improved. Some farmers have reduced density to cope with erratic weather, the large difference in day and night temperatures, and slow fish growth. On the other hand, last year's continuously low prices caused many farmers to suffer losses and have no capital left to reinvest.

Vietnam’s pangasius production is expected to continue to increase despite competition from other producers. Pangasius is forecast to be valuable throughout 2025. However, it is necessary to improve the quality of fingerlings to reduce losses and diseases, thereby reducing costs.

In 2025, the Vietnamese pangasius industry plans to maintain output at about 1.65 million tons, down about 20,000 tons compared to 2024. In 2024, pangasius exports will reach 2 billion USD, up 9% and contribute 20% to the total seafood export turnover of Vietnam.

Pangasius export prospects in Southeast Asian market

Information from VASEP shows that in the first two months of 2025, Thailand emerged as the second largest consumer of Vietnamese pangasius in Asia, indicating bright prospects from the Southeast Asian market.

Vietnam Customs data shows that in the first half of February 2025, pangasius exports to Thailand reached more than 3 million USD, an increase of 280% over the same period last year. Cumulative pangasius exports to this market as of February 15, 2025 reached 9 million USD, an increase of 24% over the same period in 2024.

With this growth, Thailand has risen to the second position in the top countries importing the most Vietnamese pangasius in Asia, after China. At the same time, it is the fourth largest single market for consuming Vietnamese pangasius, after China and Hong Kong, the US and Brazil.

In the first month of 2025, frozen pangasius fillets remained the main pangasius product exported from Vietnam to Thailand. The export value of HS 0304 products in January 2025 to the "Land of Golden Pagodas" reached nearly 5 million USD, down 6% compared to January 2024.

VASEP believes that Thailand continues to be one of the markets with stable growth, with the consumption of Vietnamese pangasius expanding. With undeniable advantages such as: High consumption demand as the food service industry develops strongly with a diverse system of restaurants, hotels, and eateries. Vietnamese pangasius is popular in ready-made dishes, seafood buffets, and international-style restaurants.

Processing tra fish in Dong Thap. Photo: KN

The short distance helps reduce transportation costs, increasing price competitiveness compared to other sources; the advantage of the ASEAN Free Trade Agreement (ATIGA) helps reduce import taxes, creating momentum for Vietnamese pangasius when entering the Thai market; Vietnamese pangasius is suitable for consumer tastes as Thai customers increasingly prefer white fish to replace other seafood sources with higher prices.

"Exporting pangasius to Thailand in 2025 has great potential thanks to high consumption demand, favorable geographical location and preferential trade policies. However, to maximize the opportunity, businesses need to focus on product diversification strategies, improve quality and increase trade promotion to this market - VASEP recommends.

Apart from Thailand, Vietnam’s pangasius exports to Malaysia have seen steady growth in recent years, boosted by the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam is the largest supplier of frozen pangasius to Malaysia, accounting for 95% of the country’s total imports of the product. Since the CPTPP came into effect in January 2019, the agreement has played an important role in boosting trade between Vietnam and other member countries, especially Canada, Malaysia, Mexico and Singapore.

Production in Indonesia fell sharply in 2024 compared to the previous year. However, the decrease in supply did not correspond with a rise in prices as the average Indonesian consumer bought less due to the weakening national economy.

Amid stagnant or even declining demand, processors and packers have been competing fiercely with each other in the domestic market while still trying to increase exports.

According to Rabobank’s Global Aquaculture Outlook for 2025, pangasius production is expected to increase by 7% year-on-year. Vietnam will remain the leading producer, with both output and export value increasing in 2024. Despite competition from China, India and Indonesia, Vietnam is poised for strong growth, with the country expected to prevail after the US imposes tariffs on China. Meanwhile, in Indonesia, severe weather due to the El Nino phenomenon from 2023 to mid-2024 has significantly impacted pangasius production in 2024.

According to Vietnam Customs, in the first half of February 2025, pangasius exports reached more than 75 million USD, an increase of 118% over the same period last year. Cumulative pangasius exports as of February 15, 2025 reached more than 208 million USD, an increase of 5% over the same period in 2024. China, the United States and Brazil are still the top 3 markets, although exports to China as of February 15 this year decreased by 8%.

Source: https://danviet.vn/mot-loai-ca-cua-viet-nam-boi-khap-thi-truong-dong-nam-a-20250323185600508.htm