TRA FISH EXPORTS ON TRACK REACH CLOSE TO $2 BILLION IN 2025

The growth outlook is driven by the global economic recovery post-pandemic and increasing international demand for affordable protein sources like tra fish, VASEP said.

Packing tra fish fillets for export at a Sao Mai Group's factory. VNA/VNS Photo Vũ Sinh - VNA

HÀ NỘI — Việt Nam's tra fish exports are expected to sustain strong momentum into 2025, with projected revenues reaching approximately US$2 billion, on par with 2024 figures, the Vietnam Association of Seafood Exporters and Producers (VASEP) has forecast.

The growth outlook is driven by the global economic recovery post-pandemic and increasing international demand for affordable protein sources like tra fish, VASEP said.

It added that trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the ASEAN Free Trade Agreement (ATIGA) are facilitating access to key markets, including Thailand, Mexico and Brazil.

China continues to be a standout market.

Despite a slight drop in export prices, demand surged in late 2024, with exports hitting $163 million in the fourth quarter, a 17 per cent increase year-on-year. For the full year, exports to China totalled $581 million, marking a modest 1 per cent rise from 2023.

According to VASEP, Chinese consumers heavily favour frozen tra fish fillets, which account for 60 per cent of exports to the market. Demand is expected to remain robust in 2025, supported by China’s economic stimulus policies and real estate market recovery.

However, challenges remain, the association said.

In the US, uncertainty over trade tariffs could dampen demand for raw materials by April 2025, prompting exporters to adjust their strategies. Rising production costs, including fuel and feed prices, and stiff competition from other whitefish species add further pressure. Additionally, a shift toward lower-value whole tra fish products could impact profit margins.

To stay competitive, VASEP advises businesses to align production with market demand and leverage advantages from existing trade agreements. Negotiations to upgrade the ASEAN-China Free Trade Agreement (ACFTA) to version 3.0 are underway, aimed at unlocking further export potential to China.

Meanwhile, a potential tariff agreement with the US could prove pivotal in strengthening Việt Nam’s foothold in that market, it said, emphasising the importance of investing in value-added products, such as processed pangasius, to meet evolving consumer preferences and sustain export growth.

Impressive Q1 growth

Exports continued its strong recovery in March, reaching $182 million, up 21 per cent month-on-month and 16 per cent year-on-year, according to VASEP.

This robust growth was primarily fueled by rising consumption demand from key markets, particularly China (including Hong Kong) and the US, reaffirming the strategic role of Vietnamese tra fish in the global seafood trade.

In March, total tra fish export volume hit nearly 79,000 tonnes, representing a 23 per cent increase year-on-year. The average export price climbed by 2 per cent to $2.28 per kilo. The recovery extended across all major markets such as the UK (120 per cent), mainland China and Hong Kong, up 61 per cent, the EU (73 per cent), Brazil (44 per cent), the US (28 per cent), Mexico (15 per cent) and ASEAN (11 per cent).

China remained the largest importer, purchasing over 21,000 tonnes of Vietnamese tra fish in March. Export value to China totalled $38 million, up 6 per cent year-on-year, despite a 4.2 per cent drop in average export price to $2.04/kg, following six consecutive months of price increases. — VNS

Source: VNS