Vietnam’s pangasius exports made a strong start to 2026, although most of the growth was concentrated in January, with February already pointing to softer momentum.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius export revenue reached USD 119 million in February 2026, down 5% year on year. However, a sharp surge in January lifted cumulative shipments for the first two months to USD 331 million, up 28% compared with the same period in 2025. February performance was partly weighed down by the Lunar New Year holiday, which disrupted processing schedules and export deliveries.
China remained the largest market. February exports to China rose 19% year on year to USD 26 million, bringing the January–February total to USD 94 million, up 86%, driven largely by pre-holiday stocking demand.
By contrast, shipments to the US fell 19% in February to USD 18 million. For the first two months, exports to the US declined 5% to USD 38 million. VASEP attributed the softer performance to slower consumption and cautious purchasing amid shifts in US tariff policy.
VASEP noted that the headline 28% growth in the January–February period was heavily skewed by January’s strong rebound, while February saw a broad-based slowdown across several destinations due to seasonal factors. China, however, maintained solid momentum and continued to anchor overall export growth.
A separate report from Mirae Asset Research said China and the US remain Vietnam’s two core pangasius markets, though their roles are diverging. China is consolidating its position as the largest-volume outlet with steady absorption capacity, while the US faces headwinds from high inventories, tariff barriers and tighter traceability requirements.
Signs of diversification are also emerging. Brazil, the third-largest market, recorded USD 10 million in February, down 27% year on year, but still posted an 8% increase to USD 29 million for the first two months. Exports to Thailand rose 18% to USD 15 million in the January–February period. Shipments to CPTPP member countries increased 23% to USD 59 million, while exports to the EU edged up 7%.
The data indicate that market diversification is gradually reducing reliance on individual destinations and strengthening the sector’s resilience to cyclical volatility.
Nevertheless, risks persist. Tight whitefish supply in the EU continues to provide underlying support, but rising tilapia exports from China and Brazil could intensify competition in the mid-range segment where Vietnamese pangasius is positioned. Meanwhile, geopolitical tensions in the Middle East remain a wildcard for global shipping routes and freight costs, with potential knock-on effects for seafood trade flows in the months ahead.
VFM
