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Vietnam’s Aquaculture Industry 2025: Overview

Vietnam’s aquaculture industry has experienced significant growth in recent years, becoming a major contributor to the country’s economy and food security. With its extensive coastline, abundant freshwater resources, and favourable climate, Vietnam possesses ideal conditions for aquaculture development. The industry plays a crucial role in providing a sustainable source of protein, supporting rural livelihoods, and generating foreign exchange.

One of the primary drivers of Vietnam’s aquaculture growth has been the increasing demand for seafood both domestically and internationally. The country’s population, with a strong preference for seafood, has fueled domestic consumption. Additionally, Vietnam has successfully penetrated global markets, exporting a variety of aquaculture products, including shrimp, fish, and mollusks.

The aquaculture industry in Vietnam has also benefited from government support and investment. The government has implemented policies and programs aimed at promoting sustainable aquaculture practices, improving infrastructure, and enhancing technology adoption. These initiatives have contributed to the industry’s expansion and competitiveness.

Vietnam aquaculture industry in numbers

The Vietnam aquaculture market size reached an estimated 5.1 million tons in 2023 and is forecast to grow at a compounded annual growth rate of 3.3 percent over the next eight years to reach 6.9 million tons, according to Imarc research.

Consequently, Vietnam’s aquafeed market is estimated to grow at a compounded annual growth rate of 4.3 percent. This should see the market expand from US$2.38 billion in 2023 and to US$2.94 billion by 2028, according to Mordor Intelligence.

Revenue, key listed Vietnam aquaculture companies, US$ millions

2020202120222023
Total785767918681
Cadovimex Seafood Import-Export and Processing0.880.900.920.82
Travel Investment And Seafood Development Corporation85.1989.13118.11115.94
Minh Phu Seafood Corporation565.15535.50647.81424.67
Thuan Phuoc Seafoods & Trading Corporation90.41105.33122.58113.63
Seafood Joint Stock Company No413.403.471.183.22
Ca Mau Joint Stock Seafoods Company29.7132.3927.1922.46

Revenue, key listed Vietnam aquaculture companies, US$ millions

Q4 2023Q1 2024Q2 2024Q3 2024
Total194162213170
Cadovimex Seafood Import-Export and Processing0.180.100.160.19
Travel Investment And Seafood Development Corporation33.0027.8030.0632.06
Minh Phu Seafood Corporation127.12108.48147.41106.51
Thuan Phuoc Seafoods & Trading Corporation33.7225.5335.3731.30

Aquaculture production on Vietnam’s Industrial Production Index

Vietnam’s processing and preserving of aquatic products grew by 3.3 percent in December compared to November, according to Vietnam’s Industrial Production Index (IPI). Year-on-year, the industry experienced robust growth of 14.2 percent in December 2024 compared to the same month in 2023. For the full year of 2024, cumulative growth reached 9.2 percent compared to 2023, reflecting steady progress in this crucial sector.

Month-on-month 2024: September, October, November, December

Vietnam’s aquaculture trade

Vietnam both imports and exports a sizable amount of aquaculture products.

Vietnam fisheries products imports, 2023 vs 2024, US$

20242023Change
Total2,637,046,0582,590,555,7391.79%
Other464,455,309597,279,559-22.24%
Indonesia334,429,525207,251,53361.36%
Norway320,878,776282,603,64013.54%
India285,093,751333,701,930-14.57%
China273,757,288223,168,57422.67%
Japan211,904,287170,973,59523.94%
Taiwan172,125,153135,702,85626.84%
Russia121,752,799121,449,7740.25%
Chile108,169,003117,308,772-7.79%
South Korea84,377,968104,072,133-18.92%
USA68,358,14578,988,458-13.46%
Canada49,673,91544,413,69711.84%
Philippines38,372,00640,406,065-5.03%
UK34,454,87430,971,74011.25%
Thailand22,051,13733,789,702-34.74%
Malaysia20,688,31726,762,085-22.70%
Denmark10,065,04017,248,350-41.65%
Ireland5,579,5436,291,062-11.31%
Poland5,130,2374,688,8269.41%
Myanmar4,062,1536,677,793-39.17%
Singapore1,131,2426,167,208-81.66%
Bangladesh535,590638,387-16.10%

Month-on-month 2024: September, October, November, December

Source: Vietnam Imports Tracker

Vietnam fisheries products exports, 2023 vs 2024, US$

20242023Change
Total10,040,016,2338,971,157,91411.91%
Other320,253,761293,200,4099.23%
USA1,832,900,4651,558,845,80717.58%
China1,729,512,6191,337,057,16129.35%
Japan1,532,249,5181,515,691,4561.09%
South Korea806,663,307790,786,8202.01%
Australia343,138,835313,931,6279.30%
UK311,416,025287,915,4708.16%
Canada278,314,665227,560,21322.30%
Thailand258,591,641252,138,2092.56%
Russia231,401,784136,979,50868.93%
Germany202,346,075187,550,5947.89%
Netherlands198,120,274173,133,55714.43%
Taiwan168,043,191157,896,9426.43%
Hong Kong154,641,803164,142,361-5.79%
Belgium140,887,309121,723,05515.74%
Brazil129,134,396113,308,42713.97%
Malaysia112,536,381121,660,757-7.50%
Philippines108,208,592133,881,181-19.18%
Mexico105,476,35095,783,20310.12%
Israel102,262,04980,154,66527.58%
Singapore94,832,09395,459,801-0.66%
Italy92,899,49396,244,353-3.48%
Saudi Arabia77,012,10180,396,418-4.21%
Spain74,038,81458,930,32225.64%
Colombia58,420,64243,536,28134.19%
France52,715,91060,743,270-13.22%
Denmark50,878,47539,943,76127.38%
Egypt46,865,13241,791,90012.14%
UAE44,096,90236,148,84521.99%
Portugal42,277,67532,862,39128.65%
Poland38,038,83644,588,332-14.69%
Cambodia36,462,71746,288,359-21.23%
Romania32,738,02224,866,63631.65%
Iraq30,939,55615,655,88497.62%
Switzerland29,383,56529,923,948-1.81%
Chile25,167,04122,799,89510.38%
Sweden22,081,63519,165,99815.21%
New Zealand21,443,07216,613,96829.07%
India17,309,40819,809,175-12.62%
Indonesia17,255,56217,455,200-1.14%
Pakistan9,986,8446,425,02655.44%
Norway9,469,0136,086,88655.56%
Peru8,359,55010,931,147-23.53%
Greece8,332,9947,463,73811.65%
Ukraine7,187,4794,424,44062.45%
Algeria6,458,4734,273,88751.11%
Panama5,068,9745,039,7450.58%
Kuwait4,530,4595,104,987-11.25%
Turkey3,131,8106,718,351-53.38%
Czech Republic1,840,4562,325,400-20.85%
Brunei Darussalam1,767,1281,919,123-7.92%
Senegal1,014,8962,347,280-56.76%
Angola965,229988,674-2.37%
Sri Lanka947,237543,07174.42%

Month-on-month 2024: September, October, November, December

See also: Vietnam Exports Tracker

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Key Players in Vietnam’s Aquaculture Industry

Vietnam’s aquaculture industry is dominated by a handful of large-scale corporations and cooperatives. These players have played a significant role in driving the industry’s growth and shaping its export markets. Some of the most prominent key players include:

Minh Phu Seafood Corporation

One of the largest seafood companies in Vietnam, Minh Phu specialises in shrimp farming and processing. They have a strong global presence and are known for their high-quality products.  

Vinh Hoan Corporation

Another major player in the shrimp industry, Vinh Hoan is renowned for its sustainable farming practices and commitment to social responsibility. They have a diversified product portfolio and export to various markets.  

Ca Mau Seafood Processing & Service Joint Stock Corporation

This company is a leading exporter of pangasius, a popular freshwater fish in Vietnam. They have a strong domestic presence and have expanded their operations to other countries.

CP Vietnam

A subsidiary of the Thai conglomerate CP Group, CP Vietnam is involved in various agricultural sectors, including aquaculture. They have a significant presence in the Vietnamese market and are known for their integrated farming systems.  

Quoc Viet Co. Ltd.

This company is a major producer and exporter of pangasius and other seafood products. They have a strong distribution network and have established a reputation for quality and reliability.

Nam Viet Corporation

Listed on the Ho Chi Minh Stock Exchange under the ticker ANV, Nam Viet Corporation is a leading Vietnamese seafood processing and exporting company specialising in pangasius. The company has a strong presence in the global seafood market, exporting its products to over 100 countries.

These are just a few examples of the key players in Vietnam’s aquaculture industry. There are many other companies, both large and small, that contribute to the sector’s success. The industry’s competitive landscape is dynamic, with new players emerging and existing companies expanding their operations.

Foreign Firms in Vietnam’s Aquaculture Industry

While the Vietnamese aquaculture industry is predominantly dominated by domestic players, foreign firms have also made significant inroads into the sector. These foreign companies are attracted to Vietnam’s favourable conditions for aquaculture, including its abundant resources, low labour costs, and growing market demand.

Some of the prominent foreign firms operating in Vietnam’s aquaculture industry include:

Cermaq

A Norwegian seafood company, Cermaq has invested in shrimp farming projects in Vietnam. They are known for their sustainable aquaculture practices and focus on producing high-quality seafood.

King Oscar

A Swedish seafood company, King Oscar has partnered with Vietnamese producers to source mackerel and other fish for their canned products. They have a strong global brand presence and are committed to ethical sourcing.

Cargill

A global food and agriculture company, Cargill has a significant presence in Vietnam, including investments in aquaculture. They are involved in various aspects of the industry, from feed production to processing and distribution.

Mowi

A Norwegian salmon farming company, Mowi has explored opportunities in Vietnam’s aquaculture industry. They are interested in expanding their operations beyond salmon and have expressed interest in shrimp farming.

Marubeni

A Japanese trading company, Marubeni has invested in aquaculture projects in Vietnam, particularly in the shrimp sector. They have a long-standing presence in the country and are involved in various industries, including food and agriculture.

These foreign firms have contributed to the growth and development of Vietnam’s aquaculture industry. Their investments have brought in capital, technology, and expertise, helping to improve production efficiency and market access. However, their presence has also raised concerns about competition and the potential impact on local businesses. The Vietnamese government has implemented policies to balance the interests of foreign investors and domestic producers, ensuring a sustainable and equitable development of the aquaculture sector.

Major Aquaculture Regions in Vietnam

Vietnam’s aquaculture industry is concentrated in several key regions, each with its own unique characteristics and advantages. These regions play a crucial role in driving the country’s seafood production and export.

Mekong Delta

This region is the largest aquaculture hub in Vietnam, accounting for a significant portion of the country’s total production. The Mekong Delta is characterised by its extensive network of rivers, canals, and rice paddies, providing ideal conditions for freshwater aquaculture. Popular species farmed in this region include pangasius, tilapia, and shrimp.

Red River Delta

Located in northern Vietnam, the Red River Delta is another important aquaculture region. The region benefits from abundant freshwater resources and suitable climate conditions for fish farming. Carp, catfish, and snakehead are among the commonly farmed species in this area.

Central Coast

The central coastal region of Vietnam, stretching from Da Nang to Quy Nhơn, is known for its marine aquaculture. This region has a long coastline with numerous islands and bays, providing favourable conditions for shrimp farming and mariculture. Shrimp, tuna, and grouper are some of the key species produced in this area.

Central Highlands

While primarily known for agriculture, the Central Highlands also contribute to Vietnam’s aquaculture industry. This region has a cooler climate and abundant freshwater resources, making it suitable for trout and salmon farming.

These are the major aquaculture regions in Vietnam, each with its own specific characteristics and challenges. The industry’s continued growth and development will depend on sustainable practices, effective management, and the ability to adapt to changing market demands.

What’s next?

Vietnam’s aquaculture industry has witnessed significant growth and development in recent years, driven by factors such as increasing domestic demand, rising global exports, and government support. The industry plays a vital role in the country’s economy, providing a sustainable source of protein, supporting rural livelihoods, and generating foreign exchange.

Key players in the industry include both domestic and foreign firms, each contributing to the sector’s growth and competitiveness. The industry is concentrated in several major regions, including the Mekong Delta, Red River Delta, Central Coast, and Central Highlands.

Despite its successes, the Vietnamese aquaculture industry faces challenges such as disease outbreaks, environmental concerns, and competition from other countries. Addressing these challenges will be crucial for ensuring the industry’s long-term sustainability and continued growth.

With this in mind, to keep abreast of what’s happening in Vietnam’s aquaculture industry, foreign aquaculture industry professionals should make sure to subscribe to the-shiv.

First published August 28, 2024. Last updated January 27, 2025.

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