Việt Nam's largest pangasius exporter sees decline in US market

Việt Nam's largest pangasius exporter sees decline in US market

The decline in exports is attributed to the ongoing uncertainty surrounding US tariff policies under the administration of President Donald Trump.

Workers at a processing line of a Vĩnh Hoàn plant. — Photo vasep.com.vn

Vĩnh Hoàn Corporation, Việt Nam's largest exporter of pangasius, has reported a notable decline in revenue from the US market, which has historically been a significant source of income for the company.

In April, Vĩnh Hoàn recorded total revenue of VNĐ1 trillion (US$39 million), down 7 per cent from last year.

While domestic sales showed a slight increase of 1 per cent, reaching VNĐ285 billion, the firm's export markets – particularly the US – experienced a downturn.

The US accounted for 36 per cent of the company's total revenue, generating VNĐ371 billion – but this figure represents a 10 per cent decline from April 2024. Revenues from Europe and China also fell, with decreases of 11 per cent and 19 per cent, respectively.

In 2024, the US market delivered the highest revenue for Vĩnh Hoàn, contributing more than VNĐ3.9 trillion, which was 31.4 per cent of total revenue and marked a 33 per cent increase from the previous year.

However, in the first three months of 2025, domestic revenue surpassed that from the US, totalling VNĐ817 billion compared to VNĐ686 billion from American sales.

The decline in exports is attributed to the ongoing uncertainty surrounding US tariff policies under the administration of President Donald Trump. Although current high tariffs have been postponed pending negotiations, this situation has provided Vietnamese exporters with additional time to navigate market challenges.

CEO of Vĩnh Hoàn Nguyễn Ngô Vi Tâm expressed cautious optimism regarding the pangasius export market, highlighting the company's preparation to manage the impact of potential tariffs on profitability.

She noted that Vĩnh Hoàn has developed conservative forecasts to alleviate investor concerns, maintaining confidence in its ability to meet growth targets.

The company anticipates a growth rate of 9-10 per cent in pangasius exports, driven by a decrease in production of other white fish varieties. Additionally, it is expected to gain market share, especially in light of restrictions on the fishing of species such as pollock and cod.

Chairwoman Trương Thị Lệ Khanh emphasised the need for time to assess the impact of tariffs, which could range from 10 per cent to 46 per cent. She pointed out that the burden of import duties should be managed by importers, and Vĩnh Hoàn remains committed to the US market despite the challenges.

With a 90-day deferral on tariff implementation, the company plans to leverage this period to enhance its export activities. 

Bizhub