Vietnamese pangasius exporters have posted strong sales and profits so far in 2025, but continued uncertainty in U.S. tariff policy may alter the industry’s strategies the rest of the year.
Siam Canadian Vietnam Sales Manager Le Thuy Trang told SeafoodSource that with mid-summer approaching, pangasius is now in peak breeding season, with fingerling quality holding strong and prices improving over previous cycles across Vietnam.
Though the industry has seen success this year, she added that recent trade developments have introduced uncertainty, which may discourage stocking and risk a raw material shortage by the fourth quarter.
“With existing antidumping duties, pangasius is already struggling to stay competitive in the U.S. market,” Trang said. “Now, with [Trump’s] additional 20 percent reciprocal tariff, the pressure is even greater. We’re hopeful that the strong and consistent quality of Vietnamese pangasius will help maintain its position, but the outlook remains challenging.”
Trang said that these trade tensions might push some Vietnamese exporters to shift their focus toward other markets where conditions are more favorable while others have shown no intention of pulling out of the U.S. market and remain committed to their growth strategies, such as major pangasius exporting firm Vinh Hoan Seafood.
Vinh Hoan said that any steep reciprocal tariffs from the U.S. – a market that buys nearly half of its pangasius exports – will have only short-term impacts on the company.
It expects U.S. consumer demand to stabilize once buyers adjust to new price levels, noting that the market has previously absorbed pangasius prices twice as high as current levels. The company also explained it will not absorb additional tariff costs itself, as contracts require U.S. partners to bear any new duties, and these partners, according to Vinh Hoan, have sufficient profit margins to handle the increase.
Despite ongoing tariff risks, the company has no plans to reduce exports to the U.S., as it is not subject to the ongoing antidumping review by the U.S. Department of Commerce. In fact, Vinh Hoan is exploring tilapia exports to the U.S. as a potential alternative to Chinese supply, though it said more time is needed to build a sales and distribution network comparable to its pangasius operations, according to Vietnamese security firm BIDV Securities Company.
In May, Vinh Hoan’s sales by value increased 6 percent year over year to VND 1.2 trillion (USD 45.9 million, EUR 39.3 million); the U.S. was responsible for VND 433 billion (USD 16.5 million, EUR 14.2 million) of those sales, marking a 17 percent increase year over year.
Another leading pangasius exporter in Vietnam, Nam Viet Joint Stock Company (Navico), resumed pangasius sales to the U.S. in 2022 after leaving the market in 2014.
The firm has seen similar sales gains to Vinh Hoan this year, hauling in sales by value of VND 65 billion (USD 2.5 million, EUR 2.1 million) from the U.S. in the first quarter, representing a 38.3 percent increase year over year.
Navico said the growth was driven by renewed partnerships with major seafood distributors and the revival of client relationships dating back to 2014. Navico’s exports are also unlikely to be affected by the U.S. antidumping duties, but unlike Vinh Hoan, the company is actively pursuing a strategy of market diversification and expansion.
On 5 July, it signed a strategic cooperation agreement with AV09 Comercio Exporter, a food importing firm in Brazil, to supply pangasius and tilapia to the South American nation. The Vietnamese supplier expects the first shipments of pangasius under the new deal to be delivered later this year. It also hopes Brazil will serve as a strategic gateway for the company to enter other nations that are part of Mercosur, a regional bloc that includes Argentina, Paraguay, and Uruguay, Navico said in a statement.
Navico’s push into new markets aligns with its bold growth ambitions for the years ahead. The company has set a profit-before-tax target of VND 1 trillion (USD 38.2 million, EUR 32.8 million) for 2025, which aligns with its record-breaking VND 500 billion (USD 19.1 million, EUR 16.4 million) achieved in the first half of this year. That target is set to rise further, with goals of VND 1.2 trillion (USD 45.9 million, EUR 39.3 million) in 2026 and VND 1.4 trillion (USD 53.5 million, EUR 45.9 million) in 2027, Navico said on 4 July.
The growth in profits during 2025-2027 “will serve as an important springboard for the company to enter a super growth cycle, driven by thorough restructuring and broadened export markets,” Navico said.
Another major Vietnamese pangasius exporter, I.D.I., is also targeting Brazil for market expansion this year, alongside North America, other South American countries, China, and India.
Vietnam’s export data so far in 2025 justifies the growth ambitions of pangasius producers.
Pangasius export value in the country rose 12 percent year over year in May to USD 189 million (EUR 162 million), pushing the total for the first five months of the year to USD 829 million (EUR 710.3 million), which was up 11 percent compared to the same period in 2024, according to Vietnam Association of Seafood Exporters and Producers (VASEP).