Seafood exports in 2024 exceeded 10 billion USD, an increase of over 12% compared to 2023. Vietnam is the third largest seafood exporter in the world, behind only China and Norway.

With the foundations supporting production and processing along with the efforts to develop the market, it will create momentum for seafood to continue to grow by 10-15% in 2025.

2025 will continue to pose new challenges for the seafood industry; including resolving the IUU yellow card, adapting to climate change, environmental pollution and barriers from the market. However, Mr. Nguyen Hoai Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers, said that the prospects for seafood exports in 2025 are also very positive. Recently, the US Department of Commerce (DOC) issued the Final Conclusion in the anti-subsidy investigation on frozen warm-water shrimp imported from Vietnam. Currently, the US International Trade Commission (USITC) will issue the Final Conclusion on damage. However, with the conclusion of the DOC, the tax on Vietnam is lower than that of competing countries such as India and Ecuador. In the context of global competition, this is the driving force for Vietnamese shrimp.

Mr. Nguyen Hoai Nam also said that from 2023 to now, banks have had three credit packages for aquatic and forestry products, currently implementing a VND60,000 billion package for units in the aquatic chain with preferential loans from 1-1.5% higher than the market... This is a policy and opportunity for businesses to prepare production and export plans for next year. From the opportunities that the aquatic industry is having, next year the industry will try to maintain an export growth rate of 10-15%.

Looking back at 2024, key aquatic products all have positive growth such as: shrimp 4 billion USD, up 16.7%; tuna nearly 1 billion USD, up 17%; pangasius 2 billion USD, up 9.6%. Vietnam's fisheries industry is proud to make an important contribution to the country's economic development, providing jobs for millions of farmers and fishermen, and affirming its position in the world market. After 20 years of integration of the seafood industry, with the above results, the industry has had significant changes, especially in terms of food safety and hygiene, and then responsibility to the environment and society. To export seafood shipments to large markets, in addition to mandatory market regulations, Vietnamese seafood now needs to have additional sustainability certifications.

Currently, Europe, the US, and Japan are the top 3 markets in Vietnam's seafood exports, and these markets all have requirements on resource management, requiring certification of seafood of legal origin, management, and responsibility. Therefore, businesses must be aware of this issue and must change to adapt.

"Because global competition will be an opportunity for us to change and implement good regulations for better exports. That is the motivation for us to change our awareness and implement new regulations of the markets for favorable exports," said Mr. Nguyen Hoai Nam.

In terms of export markets, the Middle East has emerged as a potential market for Vietnam's seafood exports. Among seafood products exported to the Middle East, tuna and pangasius are the two items with the largest proportions. In addition, pangasius fillets, cuts and whole frozen fish continue to dominate thanks to their convenience and ease of processing, meeting the consumption needs of consumers in this region.

Classification and processing of ocean tuna products for export. Photo: Vu Sinh/VNA

These countries not only have high demand for seafood but also have strict standards such as requiring products to be Halal certified, which creates opportunities for Vietnamese seafood exporters. Typically, Israel is the largest seafood importer in the region, accounting for nearly 30% of Vietnam's seafood export value to the Middle East, mainly canned tuna. The growth rate of this market reached 35% in the first 11 months of 2024.

According to the Vietnam Association of Seafood Exporters and Producers, with strong economies such as Israel, Saudi Arabia, UAE and Qatar, the Middle East is a potential seafood export market, with strong growth and high demand for seafood. Products such as tuna, pangasius and some other freshwater fish have great opportunities to expand their market share in this region. However, exporters need to pay attention to complying with Halal standards and be well prepared for influencing factors such as political situations and regional conflicts.

Mr. Nguyen Hoai Nam believes that businesses will be more proactive and work with localities and the state to open markets, remove barriers together... to bring Vietnamese seafood further and develop sustainably in the markets.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien also said that in the context of improved raw material sources and expanded export markets, Vietnamese seafood will go further to the 11 billion USD mark. In particular, improving product quality and improving the reputation of businesses will help Vietnamese seafood increase market share, affirming the position of Vietnamese seafood in the international market.

Source: Tin Tuc Newspaper