In the first half of 2024, Vietnam’s fisheries exports were worth US$4.4 billion, a 6 percent increase year-on-year, driven by strong demand in key markets like the US, China and the EU. Shrimp, pangasius and tuna were the standout performers.
Vietnam’s fisheries are a core part of its economy, ranking fifth in export value. The aquatic feed market, however, is largely dominated by foreign companies. For pangasius feed, foreign enterprises such as the US’s Cargill, Thailand’s Green Feed, and Netherlands’ De Heus hold about 65 to 70 percent of the market share. Similarly, the shrimp feed market is entirely dominated by foreign firms such as Taiwan’s Uni–President, Thailand‘s CP and France’s Tomboy.
This is partly due to a shortage of raw materials including seed, feed, and aquatic pharmaceuticals in Vietnam. Furthermore, the application of technology in marine farming is lacking and underdeveloped. Currently, only a few businesses are applying feed control technology.
According to Mordor Intelligence, the Vietnamese aquafeed market size is projected to grow from US$2.38 billion in 2023 to US$2.94 billion by 2028, with a compound annual growth rate of 4.3 percent between 2023 and 2029.
See also: How to Form a Company in Vietnam: Technical Guide 2024