Among these, the performance of the Chinese market stands out. In November, Vietnam exported nearly 59 million U.S. dollars worth of basa fish to China (including Hong Kong), a year-on-year increase of 17%, contributing the largest share to the month. China continues to be Vietnam's largest market for basa fish exports, accounting for approximately 30% of the total exports. In comparison, due to the impact of the U.S. "20% reciprocal tax," Vietnam's exports to the U.S. amounted to only 20 million U.S. dollars in November, a year-on-year decline of 23%; the European Union market also declined by 25%, mainly due to reduced imports from the Netherlands and Germany. In the CPTPP market, Mexico became a bright spot, with imports reaching 8 million U.S. dollars in November, a year-on-year increase of 50%; Japan and Malaysia maintained a small increase, while the UK market showed signs of stabilizing after a decline. Apart from traditional markets, demand from Brazil, Thailand, Egypt, and Russia also continued to grow, with increases of 13%, 24%, 33%, and 45%, respectively. In terms of product structure, basa fish fillets (HS0304) remain the main export, with a cumulative export value of over 1.6 billion U.S. dollars in the first 11 months, a year-on-year increase of 11%; exports of frozen whole fish, dried, and other products amounted to nearly 348 million U.S. dollars, remaining flat compared to last year; deep-processed products (HS16) increased by 13% to 48 million U.S. dollars. At the same time, the ex-farm prices of basa fish in the Mekong Delta region saw a comprehensive increase at the beginning of December. Data from the 50th week showed that the prices for small-sized (800-1300 grams/fish) raw materials were 29,800–31,500 Vietnamese dong per kilogram, an increase of 300–2,000 Vietnamese dong from the previous period; the prices for large-sized (>1300 grams/fish) raw materials were 31,000–32,000 Vietnamese dong per kilogram, an increase of 500–1,500 Vietnamese dong. Industry insiders stated that supply shortages are the main reason driving this round of price rebound. Industry analysts believe that against the backdrop of sluggish demand in the U.S. and EU markets, China will become the key support for Vietnam's basa fish export growth in 2025. However, the high dependence on a single market also brings potential risks. In the future, Vietnamese enterprises urgently need to increase investment in deep processing, product diversification, and sustainable certification to consolidate their international competitiveness. Overall, the Vietnamese basa fish industry in 2025 is showing a pattern of "stable quantity with rising prices and market differentiation." With the arrival of the peak consumption season for Chinese festivals at the end of the year, it is expected that the export volume in December will remain high, while the continued rise in ex-farm prices will also become a focus of market attention.