Vietnam earned more than US$10 billion from seafood export in 2024, representing a year-on-year rise of 12%, making it the third largest seafood exporters after China and Norway.
Key export items saw positive growth, including shrimp (US$4 billion, up 16.7%), tuna (nearly US$1 billion, up 17%), and pangasius (US$2 billion, up 9.6%).
In 2025, the seafood industry will continue to face new challenges, including addressing the Illegal, Unreported, and Unregulated yellow card issue, adapting to climate change, environmental pollution, and market barriers, says Nguyen Hoai Nam, VASEP deputy general secretary.
However, he believes that the prospects for seafood exports in 2025 are quite positive, reasoning that the US Department of Commerce (DOC) recently issued a final ruling in the countervailing duty investigation on frozen warm-water shrimp imports from Vietnam.
The DOC’s ruling indicates lower tariffs for Vietnam compared to its competitors like India and Ecuador, and given the global competition, this is a boost for Vietnamese shrimp, says Nam.
Nam also recalls that since 2023, commercial banks have introduced three credit packages for the seafood and forestry industries, with the current package of VND60 trillion providing preferential loans for seafood businesses at rates 1-1.5% lower than the market rate.
This policy presents an opportunity for businesses to prepare their production and export plans for 2025, states the VASEP official.
Potential export markets for seafood
The European Union, the United States and Japan, alongside China, are the major import markets for Vietnamese seafood. These markets are key players in the global seafood trade, and Vietnamese products such as shrimp, tuna, and pangasius are in high demand due to their quality and competitive pricing.
However, these markets also have strict requirements regarding sustainability, product origin, and certifications, making it essential for Vietnamese seafood exporters to comply with these standards to maintain and expand their market share.
Meanwhile, the Middle East has emerged as a promising market for Vietnamese seafood exports. Among the seafood products exported to the region, tuna and pangasius represent the largest share. In addition, frozen pangasius fillets, steaks, and whole fish continue to dominate due to their convenience and ease of preparation, meeting consumer demand in this region.
These countries not only have high seafood consumption but also set strict standards, such as requiring products to be Halal certified, creating an opportunity for Vietnamese seafood exporters. Israel is the largest importer of Vietnamese seafood in the region, accounting for nearly 30% of Vietnam’s seafood exports to the Middle East. This market alone saw a growth rate of 35% in the first 11 months of 2024.
To further penetrate the Middle East market, Nam says exporters need to pay attention to complying with Halal standards and preparing for factors like political instability and regional conflicts.
Businesses should be more proactive and work closely alongside localities and authorities to open markets and remove barriers, helping Vietnamese seafood to gain a firm foothold in international markets, suggests the VASEP official.
Seafood is considered one of the key industries in Vietnam, making significant contributions to the country’s economy as well as to the global logistics services. With its diverse and high-quality seafood products, and with the agility of businesses and the support of relevant authorities, Vietnam’s seafood industry will be able to navigate challenges and seize opportunities in the global market to meet the 2025 target, says Nam.
