Vietnam’s Seafood Exports: Markets, Products, and Opportunities

Overview of the Vietnam Seafood Industry

Vietnam’s seafood industry thrives thanks to its favourable natural conditions, including a 3,260km coastline that supports abundant marine resources. This sector plays a critical role in meeting global seafood demand. Vietnam ranks among the world’s top seafood exporters, holding 8th place in fish exports and 2nd in shrimp exports. Generating nearly $9 billion annually, aquaculture is a cornerstone of Vietnam’s economy, contributing 9-10% of total export turnover and ranking 5th in export value, behind phones, textiles, electronics, and footwear. This sector also accounts for 4-5% of the nation’s GDP, highlighting its pivotal role in economic growth and global trade.

Vietnam’s seafood industry has navigated a remarkable journey, evolving through distinct phases to establish itself as a global powerhouse. Its abundant marine resources and strategic focus have driven its ascent in the global seafood market.

In 2023, global economic downturns and high shipping costs—exacerbated by the Red Sea conflict—reduced export turnover to $8.7 billion. However, with supportive policies and market recovery, 2024 is poised to bring a rebound, with an expected turnover of $9.5 billion.

Export market share of Vietnamese seafood by country

United States: Vietnam’s Largest Seafood Export Market

The U.S. remains Vietnam’s top seafood export destination, particularly for shrimp and pangasius. Since the lifting of the embargo in 1995, trade between the two countries has grown rapidly, with exports peaking at $2 billion in 2021. However, economic pressures led to a decline to $1.5 billion in 2023. By October 2024, exports rebounded to $1.5 billion, with projections to reach $1.85 billion by the end of the year.

Japan: A Long-Standing Partner and Vietnam’s Second-Largest Market

Japan is a traditional and crucial market for Vietnamese seafood, particularly shrimp. With a high seafood consumption rate, Japan imports significant volumes from Vietnam. In 2022, shrimp exports to Japan hit $1.7 billion, thanks to the 0% tax advantage under the CPTPP, securing Vietnam’s leadership in the Japanese shrimp market.

China: The Fastest-Growing Market

China has become one of Vietnam’s fastest-growing seafood markets, with exports surging from $221 million in 2011 to $1.572 billion in 2022. In 2024, shrimp and lobster exports to China experienced significant growth, with lobster exports rising by 157%, accounting for 98–99% of Vietnam’s lobster export market. China’s growing demand offers promising opportunities for continued diversification and expansion for Vietnamese exporters.

Vietnam’s seafood export markets, mainly large and developed countries, reflect the country’s strong aquaculture and seafood production capabilities. Vietnam consistently meets the high-quality standards required by these major economies, showcasing the industry’s competitiveness and its potential for ongoing global growth.

Main Export Products of Vietnamese Seafood

Vietnam’s seafood export sector continues to diversify and grow, with shrimp, pangasius, tuna, and other seafood products leading the charge. Here is an overview of the main export products in 2023 and early 2024:

1. Shrimp: The Leading Export Product

• Export Value (2023): Over $3.3 billion
• Output: 384,000 tons
• Share in Total Exports: 38%
  Shrimp has consistently been Vietnam’s top export product, catering to markets globally. Frozen shrimp (HS codes: 0306, 0000, 1605) alone accounted for 75,699 shipments from 1,433 exporters to nearly 4,000 buyers, reinforcing its dominant position.

2. Pangasius: A Core Export Item

• Export Value (2023): Over $1.8 billion (down 25% from 2022)
  • Frozen pangasius fillets: $1.49 billion (807,000 tons, down 29%)
  • Whole frozen/dried pangasius: $314 million (up 4%)
• Share in Total Exports: 20%
  Vietnam is a major global supplier of pangasius, especially to China, the US, and EU markets. Pangasius shipments reached 178,140 orders, supported by nearly 6,000 exporters.

3. Tuna: A High-Growth Segment

• Export Value (2023): $852 million
• Output: 168,000 tons
  Vietnam’s tuna products (e.g., frozen loin, steak, and saku cuts) are exported to over 70 markets, including the US, Israel, Thailand, Japan, and Canada. The US remains Vietnam’s largest tuna importer, with exports to the US reaching $487 million in 2022.

4. Frozen Fish and Fillets

• Export Value (2023): $1 billion
• Output: 807,000 tons
  This category includes canned tuna and frozen fillets (HS 0304), serving 1,000 buyers globally with consistent quality. The EU and North America are key markets for these products.

5. Other Seafood Products

• Squid and Octopus:
  • Squid: 61,000 tons/year
  • Octopus: 42,000 tons/year
• Fish Cakes and Dried Fish:
  • Fish cakes: 142,000 tons/year
  • Dried fish: 90,000 tons/year
• Crabs, Clams, and Oysters:
  • Crabs: 7,000 tons/year
  • Clams: 47,000 tons/year
  • Oysters: 7,000 tons in 2023 (worth $14 million, up 60% from 2022)

Vietnam’s ability to supply diverse, high-quality seafood has solidified its position as a key player in the global market, with prospects for further growth in 2024 and beyond

Seafood Exploitation in Vietnam

Vietnam’s fisheries sector, a vital part of its economy, has seen consistent growth over the past three decades. However, the industry remains largely small-scale, characterized by challenges in productivity, species management, and illegal fishing practices.

1. Growth and Scale

• Annual Growth Rate: Approximately 5% per year over the past 30 years.
• Total Output (2019): 3.7 million tons.
• Most fishing vessels have a capacity of less than 90 horsepower, and operations are predominantly small-scale and inshore.

2. Key Species and Methods

Species Diversity:

• • Over 2,000 fish species are caught, including both demersal and pelagic fish.
  • Approximately 70% tropical species and 30% subtropical species, with the latter concentrated in the Gulf of Tonkin.

Fishing Methods:

• • Common methods: gillnets, purse seines, handlines, trawls, and fixed nets.
  • Inland fisheries contribute 200,000 tons/year, mainly freshwater fish and crustaceans.

3. Tuna and Smelt: Offshore Highlights

Economic Importance: Tuna and smelt are the highest-value catches, despite accounting for only 2% of total catches.

Tuna Species:

• • Skipjack Tuna (Katsuwonus pelamis): Caught year-round.
  • Bigeye Tuna (Thunnus obesus) and Yellowfin Tuna (Thunnus albacares): Seasonal catch from December to June.

4. Crustaceans, Cephalopods, and Mollusks

• Shrimp: Over 100 species, with half commercially exploited, especially in the Gulf of Tonkin and the Mekong Delta’s coastal waters.
• Cephalopods: Includes cuttlefish, squid, and octopus.
• Crustaceans and Mollusks: Lobsters, crabs, and various molluscs are key exports.

Aquaculture in Vietnam

Vietnam’s aquaculture sector plays a key role in its seafood production, contributing significantly to both domestic consumption and international exports. The system is primarily composed of fish farms and aquaculture of other species in fresh and brackish waters, with marine aquaculture recently introduced, contributing a small share to the country’s overall production.

1. Key Aquaculture Species

• Pangasius (Catfish): A major export product, primarily farmed in the southern regions.
• Shrimp: Focus on species like giant tiger prawn and whiteleg shrimp.
• Other Species: Includes lobster and freshwater prawns.

2. Regional Differences in Aquaculture

Northern Region:

• • Focuses mainly on freshwater fish farming.
  • Practices fish farming combined with rice cultivation and some sea cage aquaculture.

Central Region:

• • Predominantly engages in intensive farming of giant tiger prawn and sea cage fish farming.
  • Also includes lobster farming.

Southern Region (Mekong Delta):

• • The most diverse aquaculture activities.
  • Key activities include pangasius farming in ponds and cages, and giant freshwater prawn farming, often combined with rice cultivation and mangrove forest management.

3. The Mekong Delta: Aquaculture Hub

The Mekong Delta is the centre of aquaculture in Vietnam, responsible for:

• • 70% of the country’s total farm-raised fish output.
  • 80% of the total farm-raised shrimp output.
  • An output of 3 million tons per year in aquaculture.

This region is crucial for the production of both pangasius and shrimp, making them the country’s main aquaculture exports.

4. Other Key Regions

Red River Delta:

• Contributes 700,000 tons per year to Vietnam’s aquaculture output.
• Smaller-scale production compared to the Mekong Delta.

Other Regions:

• These areas primarily engage in small-scale aquaculture with outputs of about 100,000 to 200,000 tons per year, mostly for domestic consumption.

5. Aquaculture Systems

• Freshwater and Brackish Water Aquaculture: The backbone of the industry, particularly in the Mekong Delta.
• Marine Aquaculture: Recently introduced and accounts for only 4% of the country’s total aquaculture area.

International Standards and Certifications for Aquaculture in Vietnam

Vietnam has made significant progress in adopting international standards and certifications to improve the quality, sustainability, and traceability of its aquaculture products. These certifications are vital for ensuring that Vietnamese seafood can meet the stringent demands of global markets. Some of the most widely recognized certifications for aquaculture products include:

1. ASC (Aquaculture Stewardship Council)

The ASC certification is one of the most important global standards for sustainable aquaculture. It focuses on the social, environmental, and economic aspects of aquaculture production.

Vietnam’s ASC Certification:

• • More than 300 shrimp farms and 50 pangasius farms in Vietnam have achieved ASC certification.
  • These facilities together supply over 73,000 tons of ASC-certified shrimp and 85,000 tons of ASC-certified pangasius annually.

2. GlobalGAP (Global Good Agricultural Practice)

GlobalGAP is a leading certification standard for farm production, ensuring the safety and sustainability of agricultural products, including aquaculture. It focuses on traceability, food safety, and environmental and social impacts.

Vietnam’s Use of GlobalGAP: The GlobalGAP certification is widely applied in the aquaculture sector in Vietnam, especially for export-oriented farms.

3. BAP (Best Aquaculture Practices)

The BAP certification is one of the most comprehensive aquaculture certification programs, focusing on environmental sustainability, social responsibility, food safety, and animal welfare.

Vietnam’s BAP Certification:

• Over 2,000 aquaculture facilities in Vietnam have achieved BAP certification.
• Of the 2,287 BAP-certified facilities, more than 1,500 are farms, with the remaining facilities including processing plants, hatcheries, and feed mills.
• These farms supply approximately 1.5 million tons of seafood annually, making BAP a key certification for Vietnam’s aquaculture exports.

4. VietGAP

VietGAP is a domestic certification developed by the Vietnamese government, focusing on food safety, environmental protection, and sustainable farming practices. It’s widely adopted within Vietnam and is crucial for ensuring the domestic market standards are met while also facilitating exports.

5. AquaGAP and Naturland

These certifications also aim to improve the sustainability and traceability of aquaculture operations, with AquaGAP being a Vietnamese standard and Naturland focusing on organic practices.

Conclusion

Given these strengths, Vietnam is an excellent choice for sourcing high-quality seafood products like shrimp, pangasius, tuna, squid, and tropical fish. Vietnam’s competitive pricing, combined with its increasing focus on quality improvement and sustainability, makes it an even more attractive option in the coming years, particularly as competitors face political and trade challenges.

If you are an expert or a newcomer to the seafood industry, Vietnam offers a wealth of opportunities. For those looking to import seafood from Vietnam, VnCommEx is ready to guide you through the entire process. We will carefully select suppliers based on your criteria, conduct quality assessments, review production processes, and ensure timely deliveries of top-quality products. Furthermore, our extensive experience with multinational corporations will help mitigate risks and support your business’s growth.