Hanoi (VNS/VNA)⛦ - Pangasius exports have seen robust growth from the start of the year, driving farm-gate prices to their highest levels in three years, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

VASEP said the strong price surge in early 2025 was largely due to limited supply. Currently, larger pangasius weighing over 1.2kg are selling at 32,440 VND (1.29 USD) per kilogram, a record high since 2022. These bigger fish are particularly popular in the Chinese market, while smaller fish, approximately 1kg in weight, are in demand for fillet exports to the EU and the United States, selling between 30,000 VND and 31,000 per kilogram. This scarcity is primarily driven by the fact that, as of late December 2024, only around 5% of the total stock comprises fish weighing more than 1.2kg, while those in the 800 g to 1 kg range account for 37%. In addition, heightened demand from China - especially during the Lunar New Year - and slower growth rates during the cold December weather have contributed to the supply shortage. Juvenile fish prices have also spiked, reaching 6,300 VND per kilogram in January 2025, the highest since February 2023. These pricing trends have had a significant impact on export revenue. In January 2025, pangasius exports are estimated to bring in 209 million USD, a 27% increase over January 2024. Over the entire year of 2024, total pangasius exports reached 2 billion USD, up 9% from 2023, and contributed 20% of Vietnam’s total seafood export revenue. China continued to be the largest market for Vietnamese pangasius, generating over 580 million USD in 2024, a modest increase of 1.3% compared to the previous year. The US remains the second-largest market. December 2024 exports to the US reached nearly 28 million USD, a 40% increase from December 2023, with annual exports to the US totalling 345 million USD, up 27% year-on-year. Exports to countries under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also grew, with revenues surpassing 274 million USD in 2024, a 10% increase. Within this group, Mexico remained the largest importer, with exports valued at 76 million USD, up 4% from 2023. In December 2024 pangasius exports to the European Union reached nearly 16 million USD, an 18% increase year-on-year. Key EU markets include the Netherlands, Germany, Belgium, and Spain. Notably, exports to Germany dipped slightly by 2%, reaching just over 37 million USD. Meanwhile, other markets such as Brazil, Thailand and Colombia saw impressive growth of 15%, 4%, and 36%, respectively. In terms of product segmentation, frozen pangasius fillets continue to dominate the export mix, generating 1.6 billion USD in revenue in 2024. Processed pangasius exports grew by 45% to reach 43 million USD, while dried pangasius and other frozen products (including whole fish and steaks) brought in 357 million USD, up 23% from 2023. In an earlier development, Vietnam and the US decided to lift the anti-dumping duties on Vietnamese pangasius fillets, ending a long trade dispute. As a result, Vinh Hoan Corporation, the largest Vietnamese pangasius exporter to the US, has been relieved off anti-dumping duties. Historically, pangasius exports to the US experienced impressive growth, particularly in 2016 when exports increased by 23% compared to the previous year. However, between 2018 and 2020, exports suffered a sharp decline due to tariff barriers and external factors such as the US-China trade war. In 2019, exports dropped by 48% from 2018, followed by a further 14% decrease in 2020. Despite these challenges, the sector appears poised for a strong recovery in 2025 as global demand picks up./.