Seafood – In-depth – [NEUTRAL] – 2H25 Outlook: Turning cautious amid reciprocal tariffs

Pangasius export – 2H25F outlook: In the US market, the demand for pangasius could be dampened by (1) More competitive environment, (2) Potential facing to weaker consumption as macroeconomic headwinds. The Chinese market is expected to remain bleak, meanwhile, pangasius export to EU markets is forecast to stay flat. We observed a strong export trend to Mexico and Brazil. Accordingly, companies with exposure to these markets may see a recovery. Shrimp export – 2H25F outlook: Vietnam’s shrimp export to Japan and EU will likely remain resilient, supported by the competitiveness in processing high value-added shrimp products. Therefore, we believe Vietnamese exporters are well-positioned to capitalize on the recovery trend in these markets. Whereas export to US faces to headwinds due to uncertainties of reciprocal tariff and anti-dumping duties (AD).