Limited supply drives up Vietnam catfish prices

Catfish exports from Vietnam have surged right from the start of the year, resulting in the highest prices at aquaculture farms seen in the past three years. The Vietnam Association of Seafood Exporters and Producers (VASEP) predicted that 2025 will be a landmark year for catfish exports.

VASEP stated that the main reason for the sharp increase in prices for larger catfish was the very limited quantity available. By the end of December 2024, fish weighing between 800g and 1kg accounted for 37% of the total, while larger fish only accounted for about 5%.

Furthermore, the supply of fish was limited due to slow growth during the cold weather in December. The price of fingerlings also continued to increase sharply, reaching VND46,300 (about $1,83) per kg in January 2025, the highest level since February 2023.

"Having experienced two years of fluctuations in export markets and domestic production, the Vietnamese catfish industry has overcome challenges, adapted flexibly, and is determined to seize opportunities to break through exports to various markets," VASEP stated.

At these prices, catfish exports in January 2025 was estimated at $209 million, an increase of 27% compared to January 2024. In 2024, catfish exports reached $2 billion, an increase of 9% compared to 2023, contributing 20% to Vietnam's total seafood export turnover.

Among import markets, China and Hong Kong (China) remained the top destinations for Vietnamese catfish in 2024, with combined value reaching over $580 million, a slight increase of 1.3% compared to 2023, followed by the US.