Photo: VASEP/FIS

Vietnam's Tilapia and Pangasius Exports Thrive Despite Market Dynamics

VIET NAM
Friday, April 25, 2025, 20:00 (GMT + 9)

Strong Growth in Pangasius and Tilapia Markets Signals Export Potential

Vietnam continues to strengthen its position as a leading global supplier of white-fleshed fish, particularly pangasius and tilapia, driven by increasing demand for affordable, healthy protein. While exports are showing strong momentum in early 2025, the industry also faces structural challenges that must be addressed to maintain competitiveness in the years ahead, as reported by Ms.Thu Hang, Editor of the Vietnam Association of Seafood Exporters and Producers (VASEP)

Global Tilapia Market Outlook and Vietnam’s Position

The global tilapia market is forecast to reach USD 10.6 billion in 2024 and grow to USD 14.5 billion by 2033, with a compound annual growth rate (CAGR) of 3.52%. Production is expected to hit 7 million tons in 2024, rising slightly to 7.3 million tons in 2025. Consumption is climbing steadily, especially in health-conscious and cost-sensitive markets.

Vietnam’s tilapia industry—comprising both black and red tilapia—has gained significant traction. In 2024, exports are projected to reach USD 41 million, up 138% from 2023. Red tilapia contributed USD 13 million (+20%), while black tilapia surged to USD 28 million, a remarkable 348% increase.

In Q1 2025, tilapia exports reached nearly USD 14 million, up 131% YoY. The US alone accounted for 46% of this, with exports tripling compared to the same period in 2024. Exports to Russia and Belgium followed, reflecting growing interest from non-traditional markets.

Advantages and Export Opportunities

Vietnam, already the world’s top exporter of pangasius, benefits from a tropical climate, large water surface areas (3,300 ha in the Mekong Delta), and low-cost farming systems. Tilapia’s short growth cycle (5–6 months) and increasing use of tarpaulin tanks and RAS technology further support competitive production.

Global tilapia demand is expected to increase 13% annually, potentially reaching USD 20 billion by 2030. The US alone imports around 200,000 tons per year. Vietnam is also making inroads into the EU market, where strict standards enhance the reputation and value of its tilapia.

China’s declining tilapia production and high tariffs (54% on exports to the US in 2025) are creating a window of opportunity for Vietnamese exporters to gain market share. Bilateral trade agreements such as RCEP and tariff reductions in key markets are expected to support further growth.

Pangasius Export Update – Q1/2025

According to Vietnam Customs, pangasius exports reached USD 182 million in March 2025, marking a 16% YoY growth. Cumulative Q1/2025 exports were USD 465 million, up 13% from the previous year.

The US remains Vietnam's second-largest pangasius buyer, despite recent trade tensions. A new executive order by President Donald Trump in April 2025 imposing tariffs on several economies introduces uncertainties. While a 90-day deferment temporarily softens the impact, the long-term effects on seafood exports remain unpredictable.

Meanwhile, Vietnam and China recently signed cooperation agreements, including agricultural trade, and reaffirmed their commitment to leverage RCEP and ACFTA frameworks for more balanced bilateral trade. These developments may further influence the dynamics of pangasius exports.

Conclusion

Vietnam’s white-fleshed fish sector, encompassing both pangasius and tilapia, is demonstrating robust export potential amid a complex global trade landscape. To stay competitive, the industry must address persistent structural challenges, modernize its production and processing systems, and leverage trade partnerships. With targeted investment, strategic government support, and market-driven innovation, Vietnam is well-positioned to expand its footprint in global seafood markets.

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