Whitefish shortage opens window for Vietnamese pangasius exports

Pangasius exports have recorded strong growth in the first half of this year. In the first seven months, pangasius exports reached USD 1.3 billion, up 8.8% from the same period in 2025. One of the key factors behind the stable growth of Viet Nam’s pangasius exports is the limited global supply of whitefish, which has pushed prices higher in international markets.

Global whitefish prices have recently increased due to supply shortages. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the global price of Alaska pollock reached a record high in July.

In the EU market, the price of pollock fillet blocks has surpassed USD 5,000/ton. Notably, fillet block prices from the three main sources, the US, Russia and China, have all reached this record level, something that has never happened before. The latest price surge reflects a supply shortage relative to demand rather than short-term market fluctuations.

According to the Alaska Seafood Marketing Institute (ASMI), after a long period of stable consumption, US pollock inventories are currently at low levels. Although pollock production in 2026 has increased slightly, the rise has not been sufficient to put downward pressure on market prices.

Meanwhile, prolonged concerns that Russian pollock supplies could be affected by sanctions have prompted many European importers to stock up early, further pushing up prices.

Le Hang, Deputy Secretary General of VASEP, said prices of whitefish species such as cod, haddock and pollock remain high, prompting many EU buyers to seek more competitively priced alternatives. Many importers are considering using pangasius, tilapia and other species to partially replace cod, haddock and pollock.

The EU is the world’s largest consumer market for pollock and is also a key market for Vietnamese pangasius. In the EU, pollock is widely used in value-added products due to its competitive price and stable supply.

However, as pollock prices reach record highs, its price advantage is gradually narrowing. In the production of value-added products, a difference of several hundred US dollars per ton in raw material costs can make a significant difference to production costs. Therefore, higher pollock prices are prompting importers to consider expanding into alternative whitefish sources, including Vietnamese pangasius.

Tilapia is also gaining opportunities as prices of many whitefish species remain high. In the first seven months of this year, Viet Nam’s tilapia exports reached USD 74 million, up 63% from the same period in 2025. Tilapia is among the fastest-growing seafood export products, raising expectations for market prospects this year and beyond.

CATCH, a digital platform designed to digitize the entire seafood certification process and prevent illegally caught products from entering the EU market, became mandatory for imported wild-caught seafood from January 10, 2026. This has also indirectly strengthened the competitive advantage of Vietnamese pangasius, as it is a farmed product.

Le Hang said the shortage of whitefish supply in the global market is expected to support stable Vietnamese pangasius exports in the final months of this year.

However, beyond capitalizing on supply-demand gaps in the global whitefish market, businesses need to accelerate the development of value-added products from pangasius, tilapia and other species to increase export turnover. They should also expand into Japan, CPTPP markets and segments in the EU where these products can serve as alternatives to whitefish.

According to VASEP, this could be an opportune time for businesses to approach importers currently using pollock and introduce fillets, portions, fish fingers, fish burgers and other processed food products suited to alternative raw material needs. At the same time, stronger communication on the quality, sustainability and reliable supply of pangasius will help strengthen the position of Vietnamese products in the global whitefish supply chain.

$ 1 = VND 26,320 - Source: Vietcombank.