VN seafood export surpass 2024 goal of $10 billion

Exports of many Vietnamese seafood products saw good growth in 2024. — VNA/VNS Photo

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

Nguyễn Thị Thu Sắc, chairwoman of VASEP, said that for 2024 the fishery industry targeted bringing its export turnover back to $10 billion, as large markets around the world had managed to control their inflation, but the global economy was still recovering slowly.

The Russia – Ukraine conflict, the Middle East conflict and other geo-political complications around the world had an effect on global trade, she said, adding that they led to an increase in transportation costs and costs of input for farming and production, as well as a fall in demand for seafood products due to inflation.

Despite numerous challenges, Việt Nam’s fishery industry managed to reach its 2024 target.

"The country is currently the world’s third largest seafood exporter after China and Norway, which shows that the industry is heading towards the right direction with regards to sustainable development and increasing added value," she said.

"Việt Nam’s fishery industry can expect stronger growth in 2025 and upcoming years."

Phùng Đức Tiến, deputy minister of Agriculture and Rural Development, commended the efforts of businesses and farmers for contributing towards affirming the position of Vietnamese seafood in the world.

2025 would pose several challenges for the industry that would require all parties to work together to tackle. These would include dealing with the “yellow card” that the European Commission (EC) had imposed on Vietnamese seafood regarding illegal, unreported, and unregulated fishing, in addition to climate change, environmental pollution and barriers to trade.

Tiến noted that materials were now easier to source, the export markets were being expanded, and Vietnamese seafood companies were further demonstrating their capability to provide high quality products, which could help the industry continue to surpass the $10 billion export target, paving the way towards $11 billion.

The Ministry of Agriculture and Rural Development instructed associations, businesses and farmers to strictly adhere to food safety regulations, apply hi-tech and pursue green, low-emission production to satisfy the requirements of business partners.

Businesses and the association should also focus on expanding their traditional markets such as China, the US, Japan and the EU, while exploring new potential markets like Halal and Africa.