SEAFOOD INDUSTRY EYES 10-15% EXPORT GROWTH RATE IN 2025

Viet Nam pocketed over US$10 billion from seafood exports in 2024, sustaining its position as the world's third largest seafood exporter after China and Norway.

The seafood industry target a growth rate of 10-15 percent in 2025, according to the Viet Nam Association of Exporters and Producers (VASEP).

Nguyen Hoai Nam, VASEP Deputy General Secretary was upbeat about prospects for the seafood sector in 2025. Specifically, the U.S. Department of Commerce (DOC) issued a final ruling in the countervailing duty investigation on frozen warm-water shrimp imports from Viet Nam.

The DOC's ruling indicates lower tariffs for Viet Nam compared to its competitors like India and Ecuador, and given the global competition, this is a boost for Vietnamese shrimp, he added.

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 percent 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.

In 2024, the European Union, the U.S., Japan and 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. These countries not only have high seafood consumption but also set strict standards, such as requiring Halal certified compliance.

Nam suggested exporters pay attention to complying with Halal standards and preparing for factors like political instability and regional conflicts in a bid to further penetrate the Middle East market.

In 2024, Viet Nam's seafood export in 2024 surpassed its target of US$10 billion despite many challenges related to the market, logistics and materials.

Export of various product groups saw good growth, such as shrimp export at around $4 billion (up 16.7 percent), tra fish at 2 billion (up 8.9 percent), and tuna at 1 billion (up 18 percent).

Source: VCCI