Pangasius fetch record price in early 2025

VASEP said the strong price surge in early 2025 was largely due to limited supply.

A worker at a pangasius packaging facility in Can Tho city (Photo: VNA)
A worker at a pangasius packaging facility in Can Tho city (Photo: VNA)

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./.

VNA

See more

At an automotive exhibition in Shanghai, China. (Photo: AFP/VNA)

Chinese electric vehicles drive back into Vietnamese market

About a decade ago, Chinese car brands like Zotye Z8, Beijing X7, and Brilliance V7 entered the Vietnamese market to limited success. But a new fleet of modern Chinese vehicles began to gain traction in the Vietnam market last year.

Illustrative image (Photo: VNA)

Nearly 16 trillion VND raised through January bond auctions

The January auctions saw a strong preference for 10-year and 15-year bonds, representing 80.2% and 14.8% of the total, respectively. Specifically, 10-year bonds raised 12.81 trillion VND, while 15-year bonds garnered 2.36 trillion VND.

Thang Long ferry at Cau Da port in Ba Ria - Vung Tau province. (Photo: VNA)

Vung Tau - Con Dao high-speed ferry reoperated

The high-speed ferry service connecting Vung Tau city and Con Dao island in the southern province of Ba Ria-Vung Tau and vice versa was resumed on February 7 by Phu Quoc Express JSC after a 5-month suspension.

At the working session between the Vietnam Directorate of Market Surveillance and the US Embassy over counterfeit Sunview-branded raisins in Hanoi on February 7. (Photo: dms.gov.vn)

Vietnam, US tackle counterfeit Sunview-branded raisins

Statistics showed that since 2024, there have been 27 documented cases involving Sunview raisins, resulting in fines of over 536 million VND (21,440 USD), primarily due to the sale of smuggled goods and products of unclear origin.

The VF3 model manufactured by VinFast is the most popular model in Vietnam's market. ( Photo courtesy of the company)

EVs will no longer be exempt from registration fees

Instead of enjoying a zero percent registration fee, battery-powered electric vehicles (EVs) will be required to pay 50% of the fee applicable to internal combustion engine cars with the same seating capacity.

Thuan An Fishing Port (Photo: tuoitrethudo.vn)

Thuan An fishing port opens, boosting Hue’s seafood industry

The second docking area of Thuan An Fishing Port has a minimum cargo handling capacity of 20,000 tonnes per year, and is capable of simultaneously accommodating 500 fishing vessels of at least six metres in length for docking and storm shelter.

Vietnamese prefer buying gold to mark God of Wealth Day (Photo: VNA)

Gold prices up again on God of Wealth Day

Gold prices surged significantly, exceeding the threshold of 90 million VND (3,550 USD) per tael at the opening session of the God of Wealth Day on February 7 (the 10th day of the first lunar month).