Core insight: In the third quarter of 2025, the Vietnamese basa fish industry is showing a trend of "declining production, firm prices, and differentiated exports." On the raw material side, due to adverse weather conditions, increased fry mortality, and delays in fish farming pond releases, supply remains tight, and pond-head prices have maintained a high level for nearly three years. At the same time, demand in the European and American markets is rebounding, while growth in the Chinese market is slowing down, leading to a noticeable differentiation in the global trade landscape.