China Becomes Top Importer of Vietnam Seafood in H1 2025, Boosting NAV

Overview

China surpassed the United States to become Vietnam’s largest seafood importer in the first half of 2025, with imports reaching nearly $1.4 billion, up 40% year-on-year. Total Vietnamese seafood exports rose 11.4% to over $5.7 billion, driven by strong demand from China and Hong Kong. This shift benefits seafood exporters like Nam Viet Corporation (NAV), which has noted a clear trend toward the Chinese market.

Key Facts

• China imported nearly $1.4 billion of Vietnamese seafood in H1 2025, up 40% year-on-year.
• Total Vietnamese seafood exports reached $5.7 billion in H1 2025, up 11.4% from the same period last year.
• The US imported $898 million, ranking second, while Japan imported $788 million, ranking third.
• Including Hong Kong, exports to the Greater China region totaled $1.5 billion, up nearly 38%.
• Shrimp remained the largest export item, with $2.3 billion in H1 2025, up 13.6% and accounting for over 40% of total seafood export value.
• The US imposed stricter regulations under the Marine Mammal Protection Act (MMPA) and maintained high anti-dumping duties on shrimp, pressuring exports.
• NAV reported that in Q2 2025, raw material and selling prices both declined, while logistics costs to distant markets remained high, making China more attractive.

What Happened

According to the Ministry of Agriculture and Environment, Vietnam’s seafood exports in the first half of 2025 reached $5.7 billion, an 11.4% increase year-on-year. China imported nearly $1.4 billion, surpassing the US ($898 million) to become the largest market. Including Hong Kong, the Greater China region accounted for $1.5 billion, up 38%.

A representative of Nam Viet Corporation (NAV) noted that the shift toward China has been more pronounced since early 2025. In Q1, the company faced raw material shortages, but in Q2, both raw material and selling prices declined. With high shipping costs to distant markets, China offers advantages due to geographic proximity, lower logistics costs, and faster capital recovery. Le Hang, Deputy Secretary General of VASEP, added that as the US and Europe increase trade barriers, many firms have proactively shifted to China, which has less stringent import requirements and lower logistics costs.

Market Context

NAV (HOSE) closed at VND 14,500 on July 13, 2026. The stock has been under pressure from volatile raw material prices and shifting trade dynamics. The broader seafood sector has benefited from China’s growing demand, but faces headwinds from US trade barriers and global economic uncertainty. The H1 2025 export data provides a positive catalyst for NAV and other seafood exporters, as China’s appetite for Vietnamese seafood continues to grow.

Strategic Significance

The shift in export dominance from the US to China represents a structural change for Vietnam’s seafood industry. For NAV, which has a strong presence in pangasius and shrimp, the Chinese market offers higher growth potential and lower logistical hurdles. The trend aligns with Vietnam’s broader strategy to diversify export markets and reduce reliance on the US. However, the industry must navigate China’s evolving import standards and competition from other suppliers. NAV’s ability to adapt its product mix and supply chain to meet Chinese demand will be key to capturing this opportunity.

What to Watch

• NAV’s Q2 2025 earnings report, expected in August 2026, for evidence of margin improvement from lower raw material costs and higher China sales.
• Any new trade policies from China regarding seafood imports, including phytosanitary standards or tariff adjustments.
• US trade actions, including anti-dumping duty reviews on shrimp and MMPA enforcement, which could further redirect exports to China.
• VASEP monthly export data for signs of sustained growth in China-bound shipments.
• NAV’s capacity expansion or partnership announcements targeting the Chinese market.