Vietnam’s pangasius sector has adapted well so far amid the trade disruptions thrown at it this year, with leading exporters posting high profits on the back of early export pushes and aggressive cost-cutting during the second quarter of 2025.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius exports in the first half of the year overall were worth just over USD 1 billion (EUR 878.5 million), marking an 11 percent year-over-year increase as exporters rushed shipments to the U.S. ahead of higher reciprocal tariffs. The positive trend extended into July, bringing total sales for the first seven months of 2025 to USD 1.2 billion (EUR 1 billion), an 11.1 percent increase year over year.
Q2 was particularly solid for many of the sector’s top-listed companies, which benefited from lower costs of goods sold, favorable exchange rates, higher selling prices, and reduced financial and selling expenses, helping them post high net profits compared to a year earlier and recover from plunging stock prices experienced in the first quarter of 2025.
Leading exporter Vinh Hoan posted net revenue of VND 3.2 trillion (USD 121.7 million, EUR 104.6 million) in Q2, which was on par with the same period last year, while successfully reducing its cost of goods sold, financial expenses, and selling costs. Its Q2 net profits totaled VND 522.5 billion (USD 20 million, EUR 17 million), marking an increase of 53.7 percent year over year.
Vinh Hoan attributed the higher net profits to a rise in sales volume and the decline in production costs, the company said in a statement on 31 July.
Another major pangasius company, I.D.I Corp., recorded Q2 revenues of VND 2 trillion (USD 75.2 million, EUR 64.5 million), which was up 1.9 percent year over year. Though the firm’s revenue remained relatively flat, similar to Vinh Hoan, the company’s net profit surged 80 percent year over year in the period to VND 33 billion (USD 1.3 million, EUR 1.08 million) in Q2, marking the highest level in the last 11 quarters.
The increase in I.D.I’s Q2 net profits was partly driven by the firm’s lower selling expenses that were largely thanks to a drop in freight costs.
Meanwhile, Navico’s Q2 revenue jumped 45 percent year over year to VND 1.7 trillion (USD 65.8 million, EUR 56.5 million) due to growth in sales volumes and selling prices. Its Q2 net profit hit an all-time quarterly high of VND 332.8 billion (USD 12.7 million, EUR 10.9 million), compared to a loss of VND 2 billion (USD 76,300, EUR 65,500) a year earlier.
The positive quarter was not limited to top exporters; smaller firms also saw significant year-over-year growth in both revenue and profit.
Cuu Long An Giang’s Q2 revenue totaled VND 584 billion (USD 22.3 million, EUR 19.1 million), which was up 3.9 percent from the same period in 2024. Its net profit in the period skyrocketed 86.9 percent to VND 6 billion (USD 228,850, EUR 196,540).
Aquatex Ben Tre posted Q2 revenues of VND 177.5 billion (USD 6.8 million, EUR 5.8 million), representing an increase of 11.9 percent year over year. Its net profit jumped 81.6 percent year over year to VND 61.3 billion (USD 2.3 million, EUR 2 million), which the firm attributed to sales value growth, improved production efficiency, and lower operating expenses.
Despite the strong performance in Q2, VASEP warned that stronger headwinds are likely to buffet the industry as the year progresses, specifically due to the 20 percent U.S. reciprocal tariff that became effective 7 August which could push selling prices higher and dampen demand. Sales to China, another leading market for pangasius, have also stalled due to high inventory levels, VASEP said, forcing exporters to expand to other markets in Southeast Asia, South America, and the Middle East.
The trade group also said that despite the reciprocal tariffs, Vietnamese exporters have certain advantages in the U.S. market.
In a final ruling in June 2025, the U.S. Department of Commerce decided to apply a 0 percent antidumping duty for frozen pangasius fillets exported to the U.S. by seven Vietnamese companies during the administrative review period from 1 August 2022 to 31 July 2023, VASEP said in a statement. Vinh Hoan was also not levied with an antidumping duty.
Additionally, on 31 July, U.S. President Donald Trump increased tariffs on Brazil from 10 percent to 50 percent. VASEP, citing the International Trade Center, said Brazil was the fifth-largest global supplier of whitefish, mainly tilapia, to the U.S. in 2024, with the export value reaching nearly USD 59 million (EUR 50.7 million). As a result, VASEP said Vietnam, the second-largest exporter of whitefish to the U.S. after China last year, is likely to benefit from the challenges facing Brazilian suppliers.
“Against the backdrop of Brazil potentially losing its competitive advantage due to higher tariffs, many U.S. importers are reportedly seeking alternative partners with stable supply chains, guaranteed [product] quality, and quick response capabilities, among which Vietnam is one of the top choices,” VASEP said.
Nevertheless, expanding into new markets and strengthening distribution networks in Europe, the Middle East, and Latin America should still remain a long-term priority for Vietnamese exporters, VASEP said.
