Seafood exports aim for new goals

Vietnam's seafood exports in 2024 will reach an impressive target of 10 billion USD, maintaining its position as the world's 3rd largest seafood exporter (after China and Norway), with a market covering all 5 continents with more than 170 countries. This shows that the seafood industry is on the right track in sustainable development and increasing the added value of products, and is also a solid foundation for the seafood industry to grow more strongly in 2025 and the following years.

Processing shrimp for export at Tai Kim Anh Seafood Processing Joint Stock Company, An Nghiep Industrial Park, An Hiep Commune, Chau Thanh District, Soc Trang Province. (Photo: ANH KIM)

The recovery of the global economy is an important driving force for Vietnam's seafood exports in 2025. Consumption demand in major markets such as China, the US, the EU and Japan is forecast to grow positively. In addition, emerging markets such as Africa, Southeast Asia and the Middle East also open up great opportunities thanks to the increasing demand for quality seafood products.

Steady development of key markets

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the country's seafood exports in 2024 will reach 10 billion USD, an increase of 12.7% compared to 2023. The two main products contributing the most to this figure are shrimp and pangasius, accounting for 60% of total export turnover; of which, shrimp exports will reach 4 billion USD, and pangasius is estimated to reach 2 billion USD.

In the seafood group, despite many difficulties in raw materials, tuna exports still brought in 1 billion USD... In the last months of 2024, seafood exports "accelerated" strongly, marked by October, when export turnover reached 1.1 billion USD. This is also the first time after 27 months, since June 2022, that monthly seafood exports returned to the billion USD level.

The growth in seafood exports in 2024 will come from the breakthrough of key markets, when the export value to many major consumption markets recorded double-digit growth. The second half of 2024 will also mark a strong recovery of Vietnam's major export markets, in which the US and China play a leading role in bringing Vietnam's seafood export ship back to the growth highway.

The US has always been an important import market for Vietnamese seafood in recent years. Seafood export turnover to the US in the past 6 years has fluctuated from 1.5-2.1 billion USD/year. As of the end of November 2024, Vietnam's seafood exports to the US reached 1.7 billion USD, up 15% over the same period in 2023. In the whole year of 2024, seafood exports to this market reached 1.8 billion USD, up nearly 17% over the same period, in which Vietnam's two main products, shrimp and pangasius, both increased sharply.

Despite facing strict protectionist policies such as anti-dumping and anti-subsidy taxes, the demand of the US market is still very large and the increasingly improved quality of Vietnamese seafood has helped maintain and expand its position in this market. The specific trade policies of the US under President-elect Donald Trump may create both opportunities and challenges for Vietnamese seafood exports in the coming time.

VASEP General Secretary Truong Dinh Hoe said that Vietnam's seafood export turnover to China in 2024 will continue to grow strongly, reaching 1.9 billion USD, becoming Vietnam's largest seafood import market. Although pangasius exports to China decreased, white-leg shrimp, lobster, crab, and snail exports all increased sharply, showing that the consumption demand in China is very large and contributes a very important part to the overall export result of 10 billion USD of the entire seafood industry. The opportunity to export Vietnamese seafood to China in 2025 is still very large due to the strong consumption demand of this market, especially for fresh, high-end products such as lobster, crab, snail, clam, etc.

In the EU market, where seafood consumption and import prices are gradually recovering, Vietnamese seafood has a great advantage thanks to the EVFTA. Products that enjoyed incentives immediately after the Agreement took effect have grown positively, typically raw shrimp products when the tax rate to the EU was reduced to 0%.

It is forecasted that the structure of Vietnam's seafood exports to the EU will have many changes in the coming time when Vietnamese enterprises actively promote products that enjoy incentives from EVFTA. The EU's strict control measures on seafood products from Russia also create more advantages for Vietnam to increase exports to this market.

Japan is the third largest seafood import market of Vietnam in 2024 (after China and the US), with an export turnover of 1.5 billion USD. Vietnamese seafood producers and processors will continue to maintain a strong position in this market in the coming time thanks to the advantage of exporting increasingly high-quality shrimp, with a higher value-added processing content compared to shrimp exporters from other countries.

Deepen potential and specific markets

According to the leader of the Ministry of Agriculture and Rural Development, the success of 2024 is the result of the synchronous implementation of export projects and policies. Since 2023, the industry has promoted many programs to promote exports to major markets such as the US, China, Japan and the EU, while seeking and expanding many new potential markets such as the Middle East, Halal markets and Africa.

With an impressive growth rate of 19.2% in 2024, the Middle East is emerging as one of Vietnam's major seafood import markets. Key products such as tuna and pangasius recorded strong growth. Export turnover to this region reached 334 million USD in the first 11 months of 2024, accounting for nearly 4% of the country's total seafood export value.

By the end of 2024, it will increase to 368 million USD, making the Middle East one of the top 2 fastest growing seafood import markets for the first time (after China) thanks to seafood processing companies focusing on developing products according to Halal standards.

In the Middle East, Israel, Saudi Arabia, UAE and Qatar are potential seafood export markets, with good growth and high demand for seafood. Israel is currently the largest seafood importer in the region, accounting for nearly 30% of Vietnam's seafood export value to the Middle East, reaching a growth rate of 35% in 2024. Exports to other countries such as UAE, Saudi Arabia and Qatar also recorded high double-digit growth.

The Middle East is not only a large consumer market but also a strategic area for expanding Vietnam's seafood exports to neighboring markets. With stable growth, incentive policies from the Government, and products increasingly meeting international standards, this will be an important market for Vietnam's seafood industry in the future.

Taking advantage of opportunities and strictly adhering to Halal standards will also help our country's seafood industry reach the market of billions of Muslims around the world, including geographically favorable markets such as Indonesia, Malaysia, Pakistan, Bangladesh..., where there is a large demand for Halal food.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that in the context of improved raw material sources and expanded export markets, Vietnam's seafood industry will surpass the 10 billion USD mark in 2025, moving towards the new target of 11 billion USD. In particular, improving product quality and improving the reputation of businesses will help increase market share, affirming the position of Vietnamese seafood in the international market.

Deputy Foreign Minister Nguyen Minh Hang said that the Ministry of Foreign Affairs is committed to always accompanying businesses on the path of developing the fisheries sector, through improving the efficiency of foreign economic relations and international integration, especially connecting partners; expanding and diversifying export markets to new regions such as the Middle East, Latin America, etc.; supporting the removal of obstacles and trade barriers for businesses, promoting financial and technical cooperation, focusing on leading, spreading and breakthrough projects, etc.

In order to develop the fisheries industry sustainably, gain more competitiveness, and overcome the predicted difficulties, the Ministry of Agriculture and Rural Development recommends that associations, business communities, farmers, and fishermen in the fisheries industry properly implement food safety regulations, apply technology in the production and processing chain towards a circular economy, reduce greenhouse gas emissions and protect the environment, and meet the standards of partners and customers. At the same time, actively link units participating in the production chain to improve quality, ensure traceability, and continue to increase the proportion of high value-added products.

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