Pangasius prices reach record highs

Data from Undercurrent News’ pricing portal showed that in mid-January 2025, larger-sized fish (1.2 kg and above) reached record highs. However, during the fifth week of the year (January 27 – February 2), farm prices for all size categories saw a slight dip.

This decline is likely temporary, especially for smaller fish sizes. “Demand for 800g–1kg pangasius is expected to remain strong in February due to tight supply and steady processing plant demand,” noted a Ho Chi Minh City-based consultancy firm commissioned by Undercurrent News. “In contrast, larger fish may face price pressure as demand from processing plants eases following a surge in exports to China before Tet.”

In the fifth week of 2025, pangasius weighing 1.2 kg was priced at 32,625 VND/kg (USD 1.28/kg). This size is highly preferred in the Chinese market, while smaller sizes are primarily processed into fillets for export to the EU and the U.S., with the latter favoring the larger end of this range.

China’s Lunar New Year holiday lasted from January 28 to February 4, while many Vietnamese processing plants closed between January 24 and February 1. Prices for 1–1.2 kg and 800g–1 kg fish also dipped slightly to 31,560 VND/kg and 31,540 VND/kg, respectively.

The primary reason for rising prices of larger fish is limited supply. As of late December, pangasius in the 800g–1kg range accounted for only 37% of total farmed production, down 1% from November. This decrease was due to cold and rainy weather, which reduced feeding activity and slowed fish growth.

At the same time, processing plants continued harvesting fish in this size category. Meanwhile, larger fish (1.2 kg and above) remained scarce, comprising just 5% of total production. The majority of farmed pangasius weighed under 800g, making up about 58%, a 1% increase from the previous month. Consequently, the shortage of raw materials persisted into early January.

Analysts suggest that this year’s supply shortage and price surge are more severe than usual seasonal fluctuations. In January, farm prices for 800g – 1kg fish rose 7%, while prices for fish 1.2 kg and above increased 8%.

Vietnam’s pangasius export volume in January reached 60,262 tons, marking a 30% drop from December and a 15% decline year-over-year. However, rising export prices helped total export revenue increase by 27% compared to the same period last year, reaching USD 209 million, according to VASEP.

Pangasius fry prices remained elevated after Tet, despite a minor decline in the second week of January. By the fifth week, 30-fish-per-kg fry were priced at 44,100 VND/kg, near the peak recorded at the start of the year.

Fry prices started 2025 at a high level, and it remains uncertain when they will stabilize. According to the consultancy firm, prices continued their upward trend from August 2024, rising by 10% in January.

“Demand for pangasius fry is expected to remain strong in February as raw material prices continue to climb. However, supply may be constrained as farmers reduced stocking during Tet, while cold weather has slowed growth and increased mortality rates,” the firm explained.

VFM