Vietnam Seafood Exports 2024-25: Unlocking Opportunities and Tackling Key Challenges

The coastlines and sea resources of Vietnam allow the country to derive into a world leader in the sea food industry Vietnam has exploited the worldwide demand for sea food products. Like other industries, the seafood export industry also has prospects and difficulties to address in 2024-2025.Looking into global trading data, there are reports of Vietnam standing third in the rank of top global seafood exporters, stating Norway and China as the first and second. The latest Reports from Vietnam customs and export states that the country’s seafood exports had reached USD 10.07 billion in 2024 which is a 12.7 percent increase from the previous year.

Vietnam's export value which includes seafood is projected to be at $11 million by the start of 2025 according to VASEP (The Vietnamese Association of Seafood Exporters and Producers). Vietnam's anticipated growth is $4 billion in shrimp, $2 billion in Pangasius fish, and $1 billion in tuna. This article seeks to predict possible challenges and opportunities by the anticipating estimates of Vietnam’s seafood exports for the years 2024-2025.

Key Opportunities in Vietnam's Seafood Export Industry

Growing Global Demand for Seafood Products

Global demand for seafood has been steadily rising in recent years, driven by growing consumer awareness of the health benefits of a rich seafood diet. Products like shrimp, fish, and crab are increasingly sought after, creating a significant opportunity for Vietnam. With its reputation for producing high-quality seafood, Vietnam is well-positioned to meet this rising demand.

Expansion of Vietnam's Seafood Export Markets Worldwide

Vietnam has long been a key exporter of seafood products to established markets like the United States, Japan, and the European Union. Recently, however, the country has been expanding its reach to emerging economies in Asia and Latin America, according to trade data from Asia and South America. By diversifying its export markets, Vietnam can reduce its dependence on any single region and boost its overall export volume.

Top 10 Destinations for Vietnam's Seafood Exports: A Global Overview

Vietnam, renowned for its robust seafood industry, has been excelling in seafood exports to various global destinations. Among the top 10 countries receiving Vietnam's seafood exports are the United States, Japan, South Korea, and China, according to the latest data on Vietnam's seafood exports by country. These nations have consistently demonstrated strong demand for Vietnam's high-quality seafood products, underscoring the country’s reputation for excellence and diversity in the global market. Based on Vietnam shipment and export data for 2024-25, the top 10 seafood export destinations are:

China: $1.65 billion (16.5% of total exports)

China remains the leading destination for Vietnam's seafood exports, contributing a substantial share to the country's overall export revenue, according to Vietnam's customs data on seafood exports to China. The growing demand for Vietnamese seafood in China is driven by its large population and an increasing preference for high-quality seafood products.

USA: $1.5 billion (15% of total exports)

The United States is another major market for Vietnam's seafood exports, with strong demand from American consumers for Vietnamese seafood products, according to data on Vietnam’s seafood exports to the US by HS code. Shrimp, fish, and other seafood items continue to see strong demand, contributing significantly to export revenue for Vietnam's seafood producers.

Japan: $1.25 billion (12.5% of total exports)

Japan, known for its deep appreciation of seafood, is a key market for Vietnamese seafood exports. The Japanese market prioritizes quality and freshness, two qualities that Vietnamese seafood is renowned for. As a result, Vietnam continues to experience strong demand for its seafood products in Japan.

South Korea: $790 million (7.9% of total exports)

South Korea has become a lucrative market for Vietnamese seafood exporters, with growing demand for products like shrimp, squid, and fish. South Korean consumers value the diversity and quality of Vietnamese seafood, which continues to drive a consistent flow of exports from Vietnam to South Korea.

Thailand: $620 million (6.2% of total exports)

Thailand is another key destination for Vietnam's seafood exports, with strong demand for shrimp, fish, and other seafood products. The geographical proximity between the two countries, along with a significant Vietnamese community in Thailand, strengthens the trade relationship and drives a steady flow of seafood exports.

Netherlands: $520 million (5.2% of total exports)

The Netherlands acts as a key gateway to the European market for Vietnamese seafood, with Dutch consumers increasingly favoring sustainably sourced products. Vietnamese seafood exporters have leveraged this trend by supplying high-quality, ethically produced seafood to meet the growing demand in the Netherlands.

Germany: $400 million (4.0% of total exports)

Germany has become an important market for Vietnamese seafood exports, with growing consumer interest in Vietnamese seafood products. The country’s strong economy and rising demand for exotic seafood have created opportunities for Vietnamese exporters to strengthen their presence in the German market.

Australia: $314 million (3.1% of total exports)

Australia is an expanding market for Vietnamese seafood exports, with consumers increasingly favoring fresh and diverse seafood products. Vietnamese exporters have capitalized on this demand by providing a broad range of seafood items to Australian consumers, thereby enhancing trade relations between the two countries.

Canada: $250 million (2.5% of total exports)

Canada has become an appealing market for Vietnamese seafood exports, with growing demand for Vietnamese shrimp, fish, and other seafood products. Vietnamese exporters have effectively positioned themselves to meet the diverse tastes of Canadian consumers, strengthening their presence in the Canadian market.

United Kingdom: $200 million (2% of total exports)

The United Kingdom offers a promising market for Vietnamese seafood exporters, as British consumers show growing interest in international seafood options. Known for their quality and flavor, Vietnamese seafood products have gained a strong following in the UK, driving consistent growth in exports to the country.

Vietnam Seafood Exports in the Last 10 Years: Historical Vietnam Seafood Export Data

Year of Trade	Vietnam seafood export data ($)
2014	$7.92 billion
2015	$6.57 billion
2016	$7.05 billion
2017	$8.32 billion
2018	$9 billion
2019	$8.58 billion
2020	$8.41 billion
2021	$8.89 billion
2022	$11 billion
2023	$8.98 billion

Top Seafood Export Products from Vietnam (2024-25)

In the list of top seafood export products from Vietnam for 2024-25, several key items continue to lead the global market. Vietnamese shrimp, including black tiger shrimp and Whiteleg shrimp, are top exports, renowned for their quality and flavor, according to Vietnam shrimp export data. Additionally, catfish, also known as Basa fish, remains a popular choice internationally due to its affordability and versatility in various dishes. Tuna, squid, and pangasius are other notable seafood products, further highlighting Vietnam's strong presence in the global seafood export industry. Based on Vietnam customs and seafood shipment data, the top 10 seafood exports from Vietnam in 2024 include:

Rank	Product	Export Value (USD)	Key Export Markets
1	Shrimp (Whiteleg, Black Tiger, Lobster)	$4 billion	U.S., China, Japan, EU, South Korea
2	Pangasius (Tra Fish)	$2 billion	China, U.S., Brazil, Mexico, EU
3	Tuna	$1 billion	U.S., EU, Japan, South Korea, Israel
4	Other Marine Fish	$1 billion	Japan, EU, U.S., South Korea
5	Squid & Octopus	$662 million	South Korea, China, Japan
6	Crab & Other Crustaceans	$335 million	China, Japan, U.S.
7	Shellfish (Clams, Mussels, Scallops)	$215 million	EU, Japan, South Korea
8	Other Mollusks	$14.5 million	Japan, EU
9	Eel	$12 million	Japan, China
10	Seaweed & Other Aquatic Products	$10 million	South Korea, Japan

Top 10 Seafood Exporting Companies in Vietnam (2024): Vietnam Exporters Database

In 2024-25, Vietnam has solidified its position as a leading force in the seafood export industry, with a few exporters successfully tapping into international markets. The Top 10 Seafood Exporters in Vietnam represent companies known for their high standards of quality, innovation, and sustainability. Minh Phu Seafood Corporation stands out as the largest seafood export company in Vietnam. The best and most prominent seafood exporters in Vietnam, according to the Vietnam seafood exporters database and supplier data for 2024-25, include:

Rank	Company Name	Approximate Export Value 2024 (USD)
1	Minh Phu Seafood Corporation	$600 million
2	Vinh Hoan Corporation	$450 million
3	Quoc Viet Seafood Co., Ltd.	$350 million
4	Sao Ta Foods Joint Stock Company (Fimex VN)	$300 million
5	Nha Trang Seafood Joint Stock Company	$250 million
6	Hung Vuong Corporation	$200 million
7	Thuan Phuoc Seafoods and Trading Corporation	$180 million
8	Seaprodex Vietnam	$150 million
9	Cadovimex II Seafood Import-Export Processing	$120 million
10	Bac Lieu Fisheries Joint Stock Company	$100 million

Key Challenges Facing Vietnam's Seafood Export Industry

Rising Competition from Global Seafood Exporters

Although the outlook for Vietnam's seafood export sector remains positive, the industry faces several challenges in the coming years. One of the primary obstacles is the increasing competition from other seafood-exporting nations, such as Thailand and Indonesia. These countries also have well-established seafood industries and are vying with Vietnam for a larger share of the global market.

Environmental Concerns

Another significant challenge for Vietnam's seafood export sector is the rising concern over environmental issues such as overfishing and pollution. As awareness grows about the importance of preserving the marine ecosystem and ensuring sustainable fish stocks, Vietnam must focus on adopting sustainable fishing practices and minimizing pollution in its coastal waters to address these challenges effectively.

Volatile Prices and Currency Exchange Fluctuations

Fluctuating prices and currency exchange rates can also pose challenges for Vietnam's seafood export sector. As per our database, the prices of seafood products can be affected by factors such as supply and demand, seasonal fluctuations, and changes in consumer preferences. Additionally, fluctuations in currency exchange rates can impact the competitiveness of Vietnam's seafood exports in the global market.

Vietnam Seafood Export Overview: Performance and Trends in 2024

In 2024, Vietnam’s seafood export value reached $10.07 billion, marking a 12.7% increase year-on-year. The top importing countries include China ($1.65 billion, up by 37%), the United States ($1.5 billion, up by 31%), Japan ($1.25 billion, up by 22%), the European Union ($1.1 billion, up by 11%), and South Korea ($790 million, up by 13%). Notable trends include China surpassing the U.S. as the largest importer of Vietnamese shrimp, while exports to the EU saw an 11% increase, with a shift towards value-added products. Meanwhile, Japan’s imports grew modestly by 1.5%, impacted by inflation.

Vietnam Seafood Shipment Data & Trends

In 2024, Vietnam’s monthly seafood export highlights include January 2025 reaching $774.3 million, reflecting a 3.3% year-on-year increase. October 2024 saw exports exceed $1 billion, marking the first time this milestone was reached since June 2022. Product-specific trends include consistent growth in shrimp exports, with live lobster exports to China increasing sharply. Pangasius exports to the U.S. showed growth, while exports to China faced challenges due to low import prices. Tuna exports reached $1 billion, driven largely by the demand for canned and pouched products.

Tariff Impacts & Regulatory Challenges

In October 2024, the U.S. Department of Commerce announced preliminary countervailing duties on shrimp imports, with Vietnam set at 2.84%, India at 4.36%, and Ecuador at 7.55%. Vietnam's lower duty rate provides a competitive advantage in the U.S. market. Meanwhile, the EU's ongoing warning against Illegal, Unreported, and Unregulated (IUU) fishing remains a challenge, particularly for squid and octopus exports. Additionally, the shrimp and tuna industries are facing domestic raw material shortages, leading to increased reliance on imports, which is impacting processing capacities.

Vietnam Seafood Exports Outlook for 2025

The projected export value for Vietnam's seafood sector in 2025 is $11 billion, reflecting a 10% year-on-year growth. Key growth drivers include rising demand in the U.S. and EU markets, the resolution of trade disputes—particularly regarding pangasius exports—and the expansion into new markets such as the Middle East and South America. However, challenges persist, including ongoing regulatory hurdles like the EU's IUU fishing warning, intense global competition from countries like Ecuador and India, and domestic issues such as disease outbreaks in aquaculture and raw material shortages.

Key Takeaways

Vietnam's seafood exports demonstrated resilience and growth in 2024, achieving a significant milestone with over $10 billion in exports. While opportunities abound in expanding markets and product diversification, the industry must navigate trade regulations, competition, and sustainability challenges to maintain its upward trajectory in 2025.

Conclusion

In conclusion, Vietnam's seafood export sector has both opportunities and challenges as it looks ahead to the years 2024-25. By capitalizing on rising demand for seafood products, expanding export markets, and investing in technology and infrastructure, Vietnam can continue to be a major player in the global seafood industry. However, the industry must also address challenges such as competition from other countries, environmental concerns, and fluctuating prices and currency exchange rates to maintain its competitive edge.

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