The study of pangasius (Pangasius hypophthalmus) value chain in Mekong delta region was carried out in four provinces/city of Vinh Long, Dong Thap, Can Tho and An Giang that involved key actors of raisers (302 samples), traders/wholesaler (10 samples), exporting-processing companies (6 samples). The research was approached through GTZ-initiated ValueLinks (Deutsche Gesellschait fur Technische Zusammenarbeit Germany). The results showed in the following: Average yield of pangasius production was not high (294 tons/ha) in the year 2010; meanwhile, effectiveness of investment capital of pangasius producers is 10.6 percent only. Input materials cost 16,659 VND /kg, and 30 percent of pangasius producers were at loss. Almost of input materials of pangasius have been directly sold to processing comapnies, seldom to middlmen; and 96.7 percent of pangasius materials supplied for processing and exporting. The total added value of marketing channel 2 (exporting channel): Pangasius producers/farmers 7 Processing companies 7 Export got 8,775 VND per kg. The total profit of this channel has 3,485 VND per kg, of which, processing companies contributed to 69.4 percent, and their profits accounted for 44.5 percent, producers got 55.5 percent of the total profit of whole chain. Base on analysing the strong and weak points of pangasius value chain, chosen strategy for upgrading the value chain is "Investment in scientific technologies for improving the quality of processed pangasius products, increasing yield and productitivy". The objective of the strategy is to increase pangasius production, develop pangasius mareking, create more job for laborers in the rural, and establish linkages of the related agents of the pangasius value chain. The exporting channel selected to upgrade the value chain was the channel 2: Pangasius producers/farmers - Processing companies - Export.