Will the U.S. surpass China as Vietnam’s top pangasius importer in 2025?
According to Vietnam Customs data for Q4/2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, up 17% year-on-year, with steady growth each month. For the full year, exports totaled USD 581 million, a 1% increase from 2023.
In the past decade, 2017 was the first year China surpassed the United States as the largest importer of Vietnamese pangasius. However, the U.S. quickly regained the top position in 2018, with Vietnamese pangasius exports reaching USD 550 million, compared to USD 529 million for China.
However, pangasius exports to the U.S. have struggled to grow since 2019 due to persistent anti-dumping tariffs. Meanwhile, China has remained Vietnam’s top pangasius importer for six consecutive years.
In 2024, China accounted for 29% of Vietnam’s total pangasius export value. October saw the highest export turnover of Vietnamese pangasius to China and Hong Kong since the start of the year, surpassing USD 61 million, up 9% from the same period in 2023.
Frozen pangasius fillets from Vietnam are highly favored by Chinese consumers. In QIV/2024, the export value of these products to China reached over USD 100 million, marking a 62% increase compared to QIV/2023. In 2024, exports of frozen pangasius fillets to China and Hong Kong totaled USD 349 million, a 6% decrease compared to the same period last year, accounting for 60% of the total pangasius exports to this market.
In QIV/2024, China increased imports of dried fish and other frozen products (whole fish, portions, fish maws, etc.) by 7% compared to the same period in 2023. The export value of frozen pangasius in QIV/2024 saw a 92% increase compared to QIV/2023.
The United States and China are the leading markets for Vietnamese pangasius exports. Could China’s position as the top market change in 2025 following the recent bilateral agreement between Vietnam and the United States to lift anti-dumping duties on Vietnamese frozen pangasius fillets?
The United States’ enforcement of the WTO ruling presents a significant opportunity for more stable Vietnamese pangasius exports to the U.S. market. It also plays a crucial role in demonstrating goodwill to strengthen the multifaceted relationship between Vietnam and the United States, particularly as the two nations elevate their ties to a Comprehensive Strategic Partnership.
VFM
