Vietnam’s seafood industry is a global powerhouse, significantly contributing to the nation’s economy. With a long coastline and rich aquatic resources, Vietnam has cultivated a thriving seafood sector encompassing both capture fisheries and aquaculture.
The country is a major exporter of seafood products, with the US, China, Japan, and South Korea as primary markets. The industry offers a vast array of seafood, from shrimp and catfish to tuna and squid. Aquaculture has grown in importance, substantially contributing to overall seafood production. Employing millions, primarily women, the industry significantly impacts the socioeconomic landscape.
While experiencing remarkable growth, the industry faces challenges like global economic fluctuations, sustainability concerns, and disease outbreaks. Despite these, it offers opportunities for growth through market diversification, value-added products, and technology adoption.
Vietnam’s seafood industry is poised for continued growth and success, provided it effectively addresses challenges and leverages opportunities.
Vietnam’s seafood imports
Vietnam’s seafood imports have recorded a slight decline so far this year–about 3.9 percent.
Vietnam seafood imports, top 10 sources, July 2024, by value
| Source | June | July | Change | YTD |
| Norway | 31,226,265 | 24,354,017 | 77.99% | 178,604,954 |
| Indonesia | 18,729,003 | 29,667,580 | 158.40% | 162,062,058 |
| China | 18,895,083 | 29,528,685 | 156.28% | 154,322,728 |
| India | 20,707,900 | 21,529,833 | 103.97% | 148,147,649 |
| Taiwan | 17,839,909 | 25,177,880 | 141.13% | 101,908,459 |
| Japan | 29,178,072 | 18,090,567 | 62.00% | 101,549,684 |
| Russia | 9,246,088 | 6,206,556 | 67.13% | 64,072,440 |
| Chile | 11,761,926 | 9,494,242 | 80.72% | 63,361,512 |
| South Korea | 8,020,351 | 3,899,774 | 48.62% | 48,329,916 |
| United States of America | 5,836,075 | 4,175,573 | 71.55% | 30,758,787 |
| Other | 45,360,219 | 56,115,565 | 1838.77% | 143,513,027 |
| Total | 216,800,891 | 232,080,229 | 107.05% | 1,438,070,244 |
Vietnam’s seafood exports
Vietnam’s seafood exports have shown continued improvement this year after a challenging time in 2023. Of note, Vietnam’s seafood exports were up 8 percent at the end of July compared to July of 2023.
Vietnam seafood exports, top 10 destinations, July 2024, by value
| June | July | Change | YTD | |
| USA | 160,104,786 | 181,528,435 | 13.38% | 963,744,661 |
| Japan | 124,254,983 | 135,707,728 | 9.22% | 839,874,189 |
| China | 144,505,281 | 156,455,499 | 8.27% | 836,711,328 |
| South Korea | 64,723,942 | 72,415,702 | 11.88% | 435,400,650 |
| Australia | 27,157,960 | 31,504,584 | 16.00% | 184,829,940 |
| United Kingdom | 26,711,258 | 29,622,735 | 10.90% | 172,500,695 |
| Canada | 21,256,061 | 25,776,195 | 21.27% | 143,352,449 |
| Thailand | 18,240,441 | 21,993,519 | 20.58% | 128,499,164 |
| Russia | 19,285,579 | 21,341,385 | 10.66% | 116,957,095 |
| Netherlands | 21,626,086 | 17,457,104 | -19.28% | 114,700,193 |
| Other | 212,798,340 | 222,150,437 | 4.39% | 1,389,968,536 |
| Total | 840,664,717 | 915,953,323 | 8.96% | 5,326,538,900 |
Source: Vietnam General Department of Customs
Box 1: Nam Viet Corporation
Nam Viet Corporation, listed on the Ho Chi Minh Stock Exchange under the ticker ANV, is a leading Vietnamese seafood processing and exporting company specialising in pangasius.
Vietnamese pangasius exports reached US$2.4 billion in 2022, a 52 percent increase compared to 2021. Expanded export markets and increased consumption in major regions like China and Hong Kong contributed to this growth. As a result, the company’s stock price tripled between May 2021 and June 2022. However, the pangasius industry faced a significant downturn in 2023 shrinking by 24 percent. Read more…
Vietnam’s Seafood Industry: Key Players
Vietnam’s seafood industry is a complex ecosystem with numerous contributors. While several companies have risen to prominence, it’s essential to understand the broader landscape.
Leading Seafood Producers
- Minh Phu Seafood Corporation: As the undisputed leader, Minh Phu has solidified its position through a focus on high-quality shrimp, primarily black tiger and white leg varieties. Their extensive distribution network and emphasis on sustainable practices have been instrumental in their success.
- Vinh Hoan Joint Stock Company: Diversification is Vinh Hoan’s strength. From shrimp to pangasius and other seafood products, they have a wide reach. Their focus on value-added products and strong export markets has contributed to their growth.
- Ca Mau Seafood Processing and Import-Export Joint Stock Company: Located in a prime seafood region, Ca Mau Seafood specialises in processing and exporting a variety of seafood products. Their proximity to rich fishing grounds gives them a competitive advantage.
Other Notable Players
Beyond these giants, a multitude of smaller and medium-sized enterprises contribute significantly to the industry. These companies often specialise in specific products or regions, adding to the diversity of Vietnam’s seafood offerings..
Box 2: Japan to process scallops in Vietnam after China bans seafood imports
Late last year it was reported that Japanese scallop producers were considering shifting their processing operations from China to Vietnam after China banned the import of Japanese seafood over the release of treated water from the Fukushima nuclear power plant. An estimated 30,000 to 40,000 tons of scallops from Japan were processed in China for export to the US each year before the ban was implemented. If realised, this could be a boon for Vietnam’s seafood processing industry.
Vietnam’s seafood industry by region
Mekong Delta
The Mekong Delta, often referred to as Vietnam’s “rice bowl,” has transformed into a global aquaculture epicentre. Its unique geography, with a complex network of rivers and canals, provides ideal conditions for cultivating various aquatic species.
- Pangasius: The Delta’s dominance in pangasius production is undeniable. This fast-growing catfish species has become a staple in many international markets due to its affordability and mild flavour. The region’s extensive aquaculture systems, coupled with advancements in feed and breeding technologies, have contributed to its success.
- Shrimp: Both black tiger and whiteleg shrimp thrive in the Delta’s brackish water environment. Modern shrimp farms, equipped with advanced water management and disease prevention systems, have significantly increased production. However, the industry has also faced challenges such as disease outbreaks and environmental concerns.
- Rice-fish Integration: A traditional practice in the Delta, rice-fish integration involves cultivating fish in rice paddies. This sustainable approach provides additional income for farmers while enhancing biodiversity.
Central Coast: A Blend of Capture and Culture
The Central Coast offers a diverse marine environment, supporting both capture fisheries and aquaculture.
- Shrimp: This region, particularly the provinces of Quang Nam and Quang Ngai, has emerged as a significant shrimp producer. The combination of coastal waters suitable for shrimp farming and a growing export market has fueled the industry’s growth.
- Tuna: With its deep waters and proximity to major tuna fishing grounds, the Central Coast is a key player in Vietnam’s tuna industry. The region’s fishing ports have developed infrastructure to support the tuna processing and export sectors.
- Challenges: The Central Coast also faces challenges, including overfishing, illegal, unreported, and unregulated (IUU) fishing, and the impact of climate change on marine ecosystems.
Northern Coast: Emerging Seafood Potential
While traditionally overshadowed by the South, the Northern Coast is gaining recognition for its seafood industry.
- Oysters: High-quality oysters are cultivated in several coastal provinces. The region’s cooler waters are believed to contribute to the oysters’ distinctive flavour.
- Cuttlefish: A popular seafood ingredient, cuttlefish is harvested in increasing quantities along the Northern Coast.
- Challenges: The Northern Coast faces similar challenges as other regions, including overfishing and environmental degradation. However, efforts are underway to promote sustainable fishing practices and develop aquaculture.
Box 3: EU ban of Vietnamese seafood could cost upwards of US$500 million
Vietnam currently has an outstanding yellow card under the EU’s illegal, unreported, and unregulated. Late last year, it was reported that if this was escalated to a red card this could cost Vietnam up to US$500 million in lost revenue. Read more…
What’s next?
Vietnam’s seafood industry has experienced remarkable growth, positioning the country as a significant global player. Leveraging its relatively skilled workforce, abundant natural resources, and strategic geographic location, the industry has successfully captured substantial market shares worldwide. While challenges such as global economic fluctuations and raw material costs persist, Vietnam’s seafood sector remains resilient and continues to demonstrate strong potential for future expansion. With a focus on innovation, sustainability, and market diversification, the industry is poised to further solidify its position as a global seafood producing hub.
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