In 2024, Vietnam's seafood industry will successfully export to many countries, reaching the 10 billion USD mark. So what are the target markets and potential of seafood in 2025?
The United States and China are still the two big markets.
According to Ms. Le Hang, Vietnam Association of Seafood Exporters and Producers (VASEP), 2025 promises to be a promising year to boost exports to markets, including target and potential markets such as the United States, China, ASEAN and the Middle East.
Specifically, the US economy is currently recovering, and the new tariff policy adds opportunities and challenges. It is forecasted that the US economy will continue to stabilize and recover strongly in 2025, bringing great opportunities for the Vietnamese seafood industry. In 2024, Vietnam's seafood exports to the US recorded a growth rate of 16%, reaching over 1.8 billion USD. Key products such as whiteleg shrimp, tiger shrimp, pangasius, tuna, crab, and swimming crab all had positive growth.
One of the key factors driving the rise in seafood consumption in the United States is the rapid growth in wages, which has outpaced the increase in consumer prices. This could lead to an increase in food consumption, including seafood. In addition, the US Federal Reserve's (Fed) monetary policy easing will also be a driving force for the US economy in 2025.
However, the major challenge for Vietnam’s seafood exports to the US comes from the new administration’s tax policies, especially the risk of disruption to international trade and congestion at seaports due to changes in tariffs. These factors can significantly affect trade flows and increase transportation costs.
 |
| Vietnam's seafood exports in 2024 will reach over 10 billion USD, with the goal of further growth in 2025 - (Photo: VASEP). |
In addition to the United States, the Vietnam Association of Seafood Exporters and Producers (VASEP) believes that China is one of the key markets and has a strategic position for the Vietnamese seafood industry. China's geographical advantage helps lower logistics costs compared to other major markets, along with the stable growth of the Chinese economy, which will be a strong driving force for Vietnam's seafood exports.
However, Vietnam's seafood industry faces strong competition from the Chinese domestic market, especially as China's exports to the United States may decline due to new tariff policies. In addition, China's increased seafood exports to ASEAN markets, such as Malaysia, Thailand, and the Philippines, will put great pressure on Vietnamese seafood products.
In this context, Vietnam can increase its market share in the US market, while China is affected by the trade war and tariff issues. However, competition from Chinese seafood products in international markets remains a big challenge.
Middle East: Demand for seafood imports increases
The Vietnam Association of Seafood Exporters and Producers (VASEP) also acknowledged that the ASEAN region and Asian countries are forecast to lead in promoting global economic growth by 2025. Despite competition from countries such as China and India, ASEAN is still a promising market for Vietnamese seafood.
 |
| Vietnam's seafood industry needs to create incentives for farmers and fishermen to feel secure in producing and supplying raw materials of Vietnamese origin to take advantage of tariff advantages. |
However, seafood consumption in ASEAN markets may be affected by the decline of the middle class in Indonesia, Southeast Asia’s largest economy. At the same time, Thailand is also struggling to recover from the pandemic. However, compared to markets such as the EU and Japan, ASEAN is still considered a potential destination for Vietnamese seafood exports in 2025.
The Middle East market, although accounting for less than 4% of Vietnam's total seafood export turnover, is a promising market. The demand for seafood in Middle Eastern countries is increasing rapidly, especially as countries in this region are shifting from oil-dependent economies to developing non-oil industries, such as tourism, technology and food processing.
Countries such as the UAE, Saudi Arabia, Qatar, and Kuwait are all dependent on seafood imports to meet their consumption needs. Therefore, the demand for seafood imports from countries such as China, India, and Vietnam will continue to increase in the coming time.
| Ms. Le Hang, Vietnam Association of Seafood Exporters and Producers, to take advantage of the potential of these markets, the Vietnamese seafood industry needs to create motivation for farmers and fishermen to feel secure in producing and supplying raw materials of Vietnamese origin to take advantage of tariff advantages. |
Source: https://congthuong.vn/nam-2025-dau-la-thi-truong-xuat-khau-chinh-cua-hang-thuy-san-371094.html
Comment (0)