Vietnam’s pangasius (panga) market saw a downward adjustment in Week 48 of 2025. Farmgate prices fell in key farming regions, with Dong Thap reporting 29,500–30,000 VND/kg for 800–1,300g fish. Larger sizes above 1,300g held slightly higher at 30,500–31,000 VND/kg. According to industry sources, the decline reflects a “technical correction” after several months of elevated prices, influenced by slower farming activity due to weather conditions and more stable procurement. Despite the correction, national supply remains tight.
Meanwhile, China continues to strengthen its position as Vietnam’s top pangasius importer. Vietnam’s pangasius exports to China hit USD 73 million in October, up 19% year-on-year, marking the highest monthly performance of 2025. Total exports from January to October reached USD 483 million, representing 27% of all Vietnamese pangasius exports—solidifying China as the dominant market. Rising consumption and the year-end restocking cycle have made China the primary growth engine for Vietnam’s pangasius industry.
However, competitive tensions are building. Chinese domestic tilapia—supported by lower production costs and strong availability—is increasingly capturing market share, pressuring imported pangasius. At the same time, Vietnamese processors are struggling with high fingerling prices and elevated raw material costs, squeezing margins. According to VASEP, export performance in Q4 will depend heavily on the strength of Chinese consumer demand and ongoing competition from similar whitefish products.
Looking ahead, Chinese demand is expected to remain strong through the pre-Spring Festival stocking season, supporting high export volumes. Still, cost pressures and price volatility may lead the industry into a period of “stable but cautious” growth, with underlying risks that producers will need to monitor closely.
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