Vietnam Pangasius Exports Top $2 Billion in 11 Months as Frozen Fillets Drive Growth
Vietnam’s pangasius (tra fish) trade just posted one of its clearest “momentum” signals of the year. As of the end of November 2025, Vietnam’s pangasius export turnover surpassed USD 2 billion, up 9% versus the same period in 2024, according to Vietnam’s seafood industry association VASEP. November alone reached USD 195 million, also +9% year-on-year, reinforcing that demand held up into the year-end buying window.
For frozen seafood buyers, the headline isn’t just the number. It’s what’s underneath it: frozen pangasius fillets remain the engine, growth is coming from diversified markets (CPTPP countries and South America in particular), and exporters are actively leaning into value-added formats to protect margins in markets where tariffs and competition are squeezing prices.
Frozen pangasius fillets are still the core product (and they’re growing)
VASEP’s latest update makes it very clear what the market is buying: pangasius fillets (HS0304). From January to November 2025, pangasius fillet exports generated more than USD 1.6 billion, up 11% year-on-year, and remained the largest category in Vietnam’s pangasius export mix.
That matters because HS0304 is where most B2B sourcing happens: retail-ready frozen fillets, foodservice portions, and bulk packs for further processing. When fillets grow faster than the total category, it usually means two things are happening at once:
- buyers are prioritizing “easy to handle” specs (fillets over whole fish), and
- pangasius is gaining share as a reliable whitefish option in cost-sensitive menus and private label programs.
At the same time, the data shows a steady push into processed/value-added pangasius. VASEP reported HS16 processed pangasius products reached USD 48 million from January–November, up 13% versus 2024. That’s still a small share, but the direction is important: value-added is where suppliers can differentiate (seasoned portions, marinated cuts, breaded formats) while buyers can lock in consistent yields and simplify operations.
VietnamPlus echoed the same product mix trend for January–October 2025: frozen pangasius fillets (HS0304) nearly USD 1.5 billion (+11%), while processed pangasius products rose to USD 44 million (+19%).
The “where” is shifting: CPTPP and Brazil up, while the US and EU are under pressure
The second big part of the story is geography.
On the downside, VASEP pointed to a sharp November drop in the U.S., where pangasius exports totaled USD 20 million, down 23% year-on-year. VASEP linked the decline to a 20% reciprocal tariff that weakened Vietnam’s price competitiveness, and noted the downtrend has persisted since August.
Europe also softened. VASEP said EU exports were USD 12 million in November, down 25% year-on-year, with declines particularly tied to the Netherlands and Germany. For exporters, that kind of drop usually forces quick adjustments: either shift more volume into other markets, or move up the value chain to protect unit economics.
Now the upside: CPTPP markets and South America continue to do heavy lifting.
VASEP reported Mexico as a standout in November, with export turnover reaching USD 8 million, up 50% year-on-year. Japan and Malaysia were also positive, each up 2%. VietnamPlus put a bigger frame around this: pangasius exports to the CPTPP bloc reached USD 305 million in the first 10 months of 2025, up 36%, representing 17% of Vietnam’s total pangasius exports.
Brazil is another key datapoint because it often acts as a “gateway” market for South America. VASEP reported Brazil reached USD 15 million in November, up 13% year-on-year. Earlier in the year, SeafoodSource described South America as a growth engine and said shipments to Brazil surged 54% year-on-year in the first eight months of 2025 to USD 118 million, noting buyers were using pangasius as a cheaper substitute for tilapia.
That substitution dynamic is important for frozen seafood buyers because it usually expands pangasius beyond its “traditional” uses. When tilapia prices move up, pangasius often moves from being a budget option to being a strategic alternative for value menus, battered products, and mixed whitefish programs.
China’s role: rebound signs, but concentration risk remains
Even while the headline story is “diversification,” China is still huge—and VASEP’s update suggests it has regained momentum. VASEP said export data shows robust growth momentum in China, and that contraction in the U.S. and EU has elevated China’s share to 30% of Vietnam’s pangasius export structure.
Fish Focus also reported that in October 2025, exports to China and Hong Kong reached USD 73 million, up 19% year-on-year, describing it as a rebound ahead of year-end consumption.