Seafood exports expected to exceed $10 billion in 2025: expert

The production line for processing frozen ocean tuna for export in Bình Định Province. — VNA/VNS Photo

Việt Nam’s seafood exports are projected to surpass US$10 billion in 2025, with a growth forecast of between 10 and 15 per cent, building on an estimated 13 per cent increase in 2024 to reach that goal of $10 billion dollars.

These optimistic projections were higlighted by Nguyễn Hoài Nam, Deputy General Secretary of the Việt Nam Association of Seafood Exporters and Producers (VASEP), at the forum on 'Connecting Production and Consumption of Coconut Products' in mid-December.

Nam pointed to two key drivers for the seafood industry in 2024 - aquaculture and marine capture products. These successes would lay a solid foundation for the sector's breakthrough in 2025. However, the industry faces challenges, including trade barriers such as anti-subsidy investigations by the US Department of Commerce (DOC).

Nam emphasised that global competition necessitates improved corporate governance and strict adherence to international market regulations. With proactive efforts from enterprises and support from local authorities and regulatory agencies, trade obstacles can gradually be overcome. This approach promises to maintain a stable supply chain, enhance product quality, and drive export growth.

Yet, challenges remain. In marine capture fisheries, meeting requirements to combat illegal, unreported and unregulated (IUU) fishing requires greater transparency, but businesses face difficulties accessing vessel data.

For tuna, regulations mandating a minimum catch size of 0.5 metres create difficulties for fishermen and fishing companies, necessitating revisions to sustain raw material supplies. Meanwhile, the shrimp and pangasius industries face stiff competition from Ecuador, India and Indonesia, requiring improvements in breeding and cost reductions to maintain market positions.

The achievement of the $10 billion export milestone in 2024, can be attributed in part to efforts to open and strengthen connections with key markets such as the US and the EU. Shrimp remains the flagship product, projected to account for $4 billion in exports. Pangasius and tuna also reported growth, with pangasius estimated at $2 billion and tuna approaching $1 billion.

Mainland China is the leading importer of Vietnamese seafood, accounting for $1.7 billion, up 19 per cent. The US followed closely, with a 21 per cent increase in November, totalling $1.67 billion for the first 11 months of 2024.