Latin America emerges as a growth driver for Vietnam’s pangasius exports

According to April 2026 data, pangasius exports to Mexico reached USD 8 million, up 124% compared to the same period in 2025 — the highest monthly growth rate among Vietnam’s top 10 export markets. Cumulative exports to Mexico from January to April totaled USD 31 million, up 57% year-on-year, making Mexico the fourth-largest importer of Vietnamese pangasius.

Brazil recorded USD 57 million in pangasius imports during the first four months of 2026, down 7% year-on-year, but showed signs of recovery as April exports reached USD 17 million, up 13%. Brazil maintained its position as the third-largest market with an 8% market share. Meanwhile, Colombia continued its upward trend, with April exports reaching USD 4 million, up 13%, bringing cumulative four-month exports to USD 20 million, up 54%, ranking seventh among Vietnam’s largest pangasius markets.

Room for Frozen Pangasius Fillets

The Latin American market demonstrates several characteristics that align well with Vietnam’s pangasius export structure. The region still offers significant potential for frozen pangasius fillets — the core product of Vietnam’s pangasius industry.

Consumers in Mexico, Brazil, and Colombia prioritize affordable seafood products while still requiring compliance with import standards and international certifications such as ASC, BAP, and HACCP. These requirements match the current capabilities of Vietnamese pangasius exporters, who are already accustomed to meeting the strict standards of the EU and U.S. markets.

Local culinary habits also support pangasius consumption. Consumers in the region favor simple cooking methods such as frying and grilling or using fish in traditional dishes — fish tacos and ceviche in Mexico, moqueca in Brazil, and various fried fish dishes in Colombia. Pangasius fillets, with their neutral flavor, firm texture, and boneless convenience, are increasingly viewed as a cost-effective alternative to cod or Alaska pollock in local cuisine.

In addition, the combined population of these three countries is estimated at around 380 million people — larger than the EU population — with a growing middle class and rising demand for affordable protein. Vietnam’s stable year-round pangasius supply, supported by aquaculture production, also offers an advantage over wild-caught whitefish species that are subject to seasonal fluctuations and fishing quotas.

Trade Frameworks Are Strengthening

Mexico already benefits from tariff preferences under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), giving Vietnamese pangasius a competitive advantage over suppliers without free trade agreements.

Regarding the Southern Common Market (Mercosur) bloc — comprising Brazil, Argentina, Uruguay, and Paraguay — Vietnam and Mercosur have officially launched negotiations for a Preferential Trade Agreement. Once finalized, the agreement is expected to provide Vietnamese pangasius with additional advantages in accessing Brazil and other Mercosur member markets.

Opportunities from the Global Whitefish Supply Crisis

The strong growth of the three Latin American markets coincides with tightening global supply of natural whitefish. The Groundfish Forum 2025 forecasts that total global natural whitefish production in 2026 will decline by 145,000 metric tons, or 2.2% compared to 2025, due to reduced fishing quotas.

Latin American markets such as Mexico, Brazil, and Colombia depend significantly on imported whitefish supplies — particularly cod and Alaska pollock — for both consumption and processing. As global supply tightens and prices fluctuate, these markets are facing rising procurement costs. In this context, Vietnamese pangasius is emerging as a suitable alternative that can meet requirements for nutrition, affordability, and stable supply.

As the EU continues to maintain technical barriers and the U.S. market faces tariff-related pressures, expanding Vietnam’s presence in Latin America carries practical importance for market diversification and risk mitigation. However, to sustain growth momentum, businesses will need to continue investing in international certification systems, traceability, and product development tailored to local tastes — especially as Mercosur negotiations may open additional tariff opportunities in the coming years.