In 2026, the Day of the Ox (doyo no ushi) falls on July 26, with only one such day in summer. However, the Vietnamese "eel" discussed here is a different fish from the Japanese eel (Anguilla japonica) used for kabayaki. What is mass-produced in the Mekong Delta and growing in exports is the swamp eel (Monopterus albus), locally called "luon," a slender freshwater fish that lives in rice paddies and the like. As a destination for this paddy eel, Japan ranks second after China. The driving force is a farming method called "mud-free aquaculture," raising them in composite (reinforced-plastic) tanks without mud. For Japanese seafood buyers who take great care over antibacterial residues and traceability, it is a development worth noting, together with identifying the species.
Export value nearly doubles, boosted by mud-free tanks
According to statistics reported by a Vietnamese fisheries trade journal, Vietnam's swamp eel export value reached about US$2.98 million (around 670 tonnes by volume) in January-October 2024 alone, up from about US$1.7 million in 2023, nearly doubling in ten months. One factor seen behind the growth in value is the spread of farming in mud-free composite tanks. Unlike conventional mud ponds, water temperature, pH, water quality and disease are said to be easier to manage finely, and uniformity in appearance and size also improves. The trade journal reports that this uniform finish is pushing up the export unit price.
Why this matters for Japan now
Japan's eel supply depends on imports. According to Ministry of Agriculture, Forestry and Fisheries statistics, domestic supply in 2024 was about 60,000 tonnes, of which imports accounted for about 45,000 tonnes, with China making up about 90% of live-eel imports. A structure of concentration on one country means that procurement swings with a single change in exchange rates or the partner country's harvest. In 2026, glass eels (juveniles) were abundant, and the juvenile price fell roughly by half from about 2.5 million yen per kg to about 1.3 million yen, while the wholesale price of live eel at Toyosu also fell more than 20% from the previous year. This year is a "year of cheap eel," not a phase in which Vietnamese product sells on price scarcity. Rather, Vietnamese product's positioning becomes clear when viewed through the lens of quality control, clarity of history, and procurement diversification that dilutes dependence on China. That said, Japan's swamp eel imports are about 50 tonnes, very small against domestic eel supply on the scale of 60,000 tonnes. Overestimation is to be avoided.
Vietnam's swamp eel exports in numbers
| Export destinations (January-October 2024) | Approximate volume | Positioning |
|---|---|---|
| China | About 300 tonnes (about half of the total) | Largest consuming area |
| Japan | About 50 tonnes | Second after China |
| US | About 38 tonnes | Certification-oriented market |
| South Korea | About 33 tonnes | A nearby growth market |
Vietnam's domestic swamp eel production is on the scale of 50,000-60,000 tonnes a year, most of it concentrated in Mekong Delta provinces such as Dong Thap, An Giang, Hau Giang, Tien Giang and Can Tho. The production base is broad, and exports still account for only a small part of it. This can be read as leaving ample room to grow.
"Eel" is not a single thing
What the buying side should first grasp is that Vietnam's "eel" is not of one kind. The export mainstay is the swamp eel (luon) above, eaten everyday in Vietnam in dishes such as "mien luon," a soup with glass noodles. It differs from true eel for kabayaki in both cooking and texture. Meanwhile, in places such as Nha Trang (Khanh Hoa province) in central Vietnam, aquaculture of true eel (genus Anguilla, locally mainly the giant mottled eel Anguilla marmorata) in concrete tanks is also advancing, and local Japanese-style eel restaurants use this one. Going into negotiations picturing kabayaki for the Day of the Ox leaves one perplexed by the gap with the real thing. It is practical to view Vietnamese eel as a two-track business of "swamp-eel type" and "true-eel type."
Mud-free tanks address Japanese buyers' weak point
The points where imported eel has stumbled in Japanese seafood procurement were antibacterial residues and opacity of history. Mud-free composite tanks address exactly that weakness. In mud ponds, residue accumulating on the bottom becomes a breeding ground for disease, and farmers tend to rely on medication. With reinforced-plastic tanks, waste can be washed away, density and feeding can be managed in numbers, and the farming cycle can be shortened. The Vietnamese side has also begun to see certifications such as VietGAP, ASC and HACCP as conditions for trade with the United States and the EU. For the buying side, it could become a turning point from "buying because it is cheap" to "able to buy because there is a managed history." Within the trend of Japanese and Vietnamese fisheries entering a stage of sharing raw materials (The era of Japan merely buying is ending; Japan and Vietnam enter a stage of circulating raw material to each other in seafood), eel fits neatly as well.
Processing and certification are the next battleground
Much of the swamp eel now exported is at the stage of live fish or primary processing. Whether added value from processing can be layered on here will change the room for unit prices to grow. The case where Vietnamese scallops opened a procurement route by becoming a processing hub while making Japan their largest buyer (Vietnamese scallops become Japan's largest buyer: how a processing hub opens a new sourcing route), and the move of pangasius steering from mass production to processed products (The day Vietnamese pangasius stops mass production: how processed goods open Japan's sourcing strategy), overlap in structure. Swamp eel can be butterflied, seasoned and frozen to match Japan's prepared-food and foodservice menus. Processing it into a form closer to Japan's retail shelves, rather than shipping it as raw material, leaves more margin for both sides.
Quick guide to procurement considerations
| Main items | Swamp eel (luon / Monopterus albus), true eel (genus Anguilla, Nha Trang and others) |
|---|---|
| Main growing regions | The Mekong Delta (Dong Thap, An Giang, Hau Giang, Tien Giang, Can Tho), Nha Trang in central Vietnam |
| Farming method | Mud-free composite tanks, recirculating aquaculture systems (RAS) / tiled concrete tanks |
| Harvest size | Four to five fish per kg (12-13 months of rearing) |
| Approximate local price | About 220,000 VND/kg (about US$8.6, about 1,360 yen; at about 158 yen to the dollar and about 25,600 VND to the dollar) |
| Check item | VietGAP/ASC/HACCP certification, antibacterial residues, origin of juveniles (share from wild capture) |
| Export channel | A growing number of local companies that have obtained authorization for formal routes |
The prices are approximate in both dollars and yen, with a wide range depending on exchange rates and on quality and farming method. Even in Vietnamese domestic retail there is a range of US$3.39-8.62 per kg, a point worth noting before negotiations.
Summary
The star of the Vietnamese eel market is not the true eel for kabayaki but the swamp eel (luon), which, armed with mud-free composite tanks, has pushed Japan up to its second-largest export destination after China. The 2026 Day of the Ox falls in a year of abundant catch and low prices, so what to act on now is not a tug-of-war over price but identifying the species and checking the history. Trading houses and importers should start by clearly specifying swamp eel or true eel and inquiring, at the sample stage, about VietGAP/ASC/HACCP status and the origin of the juveniles. Draw one more managed supply line into the China-concentrated import structure. The spread of mud-free tanks is a realistic entry point for that.
References: Vietnam Fisheries Magazine ／ Vietnam Fisheries Magazine (mud-free aquaculture) ／ Ministry of Agriculture, Forestry and Fisheries (eel import status) ／ Sompo Institute Plus (the 2026 Day of the Ox)
