(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Over the past decade, China first surpassed the U.S. as the largest importer of Vietnam’s pangasius in 2017. However, in 2018, the U.S. reclaimed its position, with exports of pangasius to the U.S. reaching USD 550 million, while exports to China totaled USD 529 million.
Since 2019, however, exports of pangasius to the U.S. have struggled to achieve significant growth due to the ongoing anti-dumping tariffs. As a result, China has been the leading market for Vietnam’s pangasius exports for the past six consecutive years.
In 2024, exports of pangasius to China accounted for 29% of Vietnam’s total seafood exports. October 2024 recorded the highest monthly export value to China & Hong Kong since the beginning of the year, exceeding USD 61 million, a 9% increase compared to the same month in 2023.
Frozen pangasius fillets from Vietnam are highly favored by Chinese consumers. In Q4 2024, the value of these exports to China surpassed USD 100 million, a 62% increase compared to Q4 2023. For the whole year of 2024, frozen pangasius fillet exports to China & Hong Kong reached USD 349 million, a 6% decrease from the previous year, representing 60% of the total pangasius exports to this market.
In Q4 2024, China increased imports of dried pangasius and other frozen products (whole fish, cut fish, fish maws, etc.) by 7% compared to Q4 2023. Exports of value-added pangasius products in Q4 2024 saw a remarkable growth of 92% compared to the same period in 2023.
Currently, the U.S. and China are the top two markets for Vietnam’s pangasius exports. With the recent signing of a bilateral agreement between Vietnam and the United States to remove the anti-dumping tariffs on pangasius fillets from Vietnam, the number one position held by China may be challenged in 2025.
The U.S. implementation of the WTO ruling opens up significant opportunities for Vietnam’s pangasius exports to the U.S. to stabilize. This move also plays a crucial role in demonstrating the commitment to strengthening the multi-faceted relationship between Vietnam and the U.S., especially in the context of the two countries upgrading their relations to a Comprehensive Strategic Partnership.