According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports totaled US$1.02 billion in May alone, up 0.6% year on year. The May figure raised five-month export earnings to US$4.67 billion, an increase of 11% compared with the same period in 2025. Shrimp and pangasius continued to underpin growth, while demand from China played a significant role in boosting overall export performance.

Shrimp was the largest seafood export product, generating US$1.9 billion in export revenue, up 11.5% year on year and accounting for around 40.4% of total seafood exports. Growth was supported by recovering demand in several Asian markets, strong performance of processed shrimp products, and increased lobster exports to China.

Meanwhile, pangasius exports brought back US$905 million, up 12.6%. The product has benefited from relatively stable supply, competitive pricing, and its suitability for increasingly cost-conscious consumers across many markets.

A sharp decline of around 30% in global pollock production, coupled with rising fuel costs, has pushed up prices for whitefish raw materials. Against this backdrop, some importers have shifted toward farmed fish species with more stable supplies, such as pangasius and tilapia, creating additional opportunities for Vietnamese exporters.

The strong performance of shrimp and pangasius has also been supported by robust demand from China and Hong Kong, currently Vietnam's largest seafood import market. The first five months of the year saw seafood exports to China and Hong Kong hit US$1.2 billion, up 40.5% from a year earlier. Rising demand for shrimp, pangasius, crab, mollusks and other high-value seafood products contributed significantly to overall sector growth.

Market divergence and rising compliance pressures

By market, export performance also showed clear divergence. While shipments to China and Hong Kong expanded strongly, exports to the United States fell 10% to US$689 million, and to the European Union declined 2.2% to US$435.6 million. These two markets continue to exert significant pressure through tariffs, trade remedies, traceability requirements, food safety standards, anti-IUU regulations and sustainability criteria.

In contrast, exports to Japan rose 0.4%, to the Republic of Korea increased 4%, and to ASEAN markets expanded 16.8%, providing important outlets that help Vietnamese exporters diversify their markets and reduce reliance on a limited number of major destinations.

Despite positive signals, both the shrimp and pangasius industries continue to face substantial challenges. Shrimp exporters are encountering intensifying competition from Ecuador, India and Indonesia. In addition, the growing trend of farming larger shrimp to increase value has created a mismatch with demand for smaller-sized shrimp in certain markets.

Meanwhile, pangasius producers are grappling with persistently high fingerling prices, as well as rising feed, transportation and production costs. Exports to the United States also continue to face trade defense measures and stringent traceability requirements.

Based on the sector's five month performance, VASEP Deputy Secretary-General Le Hang forecast that seafood exports could grow by 8-10% in 2026, with total export revenue exceeding US$12 billion if demand from China stays strong, pangasius maintains its price competitiveness, shrimp improves its competitive position, and seafood producers overcome challenges related to Illegal, Unreported and Unregulated (IUU) fishing compliance, raw material certification and traceability requirements.

Source: VOV

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