Vietnam's seafood industry is an emerging industry with a very large volume and significant contribution to the country's economy, contributing significantly to annual export turnover. In 2022, seafood export volume reaching 11 billion USD is an important milestone; We aim for 10 billion USD by 2024 and 12 billion USD by 2030. To achieve this goal, the seafood industry needs a comprehensive long-term strategy and broad support from all sides to help them ensure what they want to achieve in the period between 2024 and 2025.

Vietnam's seafood export industry aims to reach the 10 billion milestone by 2024

Attention is focused and has reached a level coming from the Government

The fisheries industry is an industry that receives great attention from the Government, as evidenced by a series of development policies; including Resolution 36/ND-TW and Decision 339/QD-TTg on Fisheries Development Strategy to 2030, vision to 2045. These landmark resolutions set out the fisheries sector as a key economic region with priority for development and set specific targets for output, export value and deep processing rate of the seafood industry. The strategic report aims to highlight measures to enhance competitiveness, while ensuring sustainability and promoting industry integration at the international level. Furthermore, other government support policies such as capital-related policies; credit or insurance - science or technology and even human resource training or branding - are further enhancing factors to bring about comprehensive development in the country's fisheries sector. The Government and ministries have been making efforts to resolve IUU (Illegal, Unreported, and Unregulated Fishing) issues, support the production of raw materials for export and resolve difficulties in export markets.

Affirming its position in the international arena

Vietnam's participation in new generation free trade agreements (including EVFTA, CPTPP, RCEP) has opened up a wave of tariff benefits. These huge benefits serve as the lifeblood that helps enhance competitiveness among countless Vietnamese businesses. Despite these challenges - including the Russia-Ukraine war, political instability in the Middle East and weak consumer demand due to inflation - the market remains poised for a recovery beyond the third quarter of 2024. Introducing innovative products that drive convenience and value, in line with evolving global consumption patterns even though it may not contribute immediately.

Export seafood production focuses on launching new products, suitable to the consumer needs of the international market

Posing challenges in green economy

Green economy and green growth are becoming a global consumption trend, and are also Vietnam's sustainable development strategic goals. Therefore, the Ministry of Agriculture and Rural Development issued Decision 1693/QD-BNN-KHCN on the Plan to reduce greenhouse gas emissions in the Agriculture sector, aiming for net zero emissions by 2050.

Businesses need to build green production strategies, use renewable energy, save resources and develop green technology.

Businesses and associations need to be more proactive

Enterprises need to proactively improve competitiveness through industry development projects, close links in the supply chain, and apply advanced science to production. Search and develop new markets with lots of potential and space.

The seafood association plays an important role in connecting and supporting businesses, solving difficulties, providing information and strengthening links throughout the supply chain.

In short, Vietnam's seafood export opportunities in the period 2024 - 2025 are huge, but also come with many challenges. The seafood industry needs to take full advantage of the advantages from free trade agreements, grasp green consumption trends, and proactively improve competitiveness to achieve export and sustainable development goals.

According to: Hoa Thy - Tep Bac