As a potential industry with advantages from new generation FTAs, Vietnam's seafood industry is facing opportunities to expand its market while also facing many challenges.
Seafood export prospects in 2025
According to data from the General Department of Customs, Vietnam's total export turnover in 2024 will maintain positive growth. Specifically, the preliminary export turnover of goods in 2024 will reach 405.53 billion USD, up 14.32% over the previous year. Of which, the export turnover of aquatic products will reach 10.04 billion USD, up 11.93% over 2023.
These figures reflect the strong recovery of the Vietnamese seafood industry after a difficult period, and show positive signs of growth potential in the coming time. However, the seafood industry still faces many challenges, requiring long-term development strategies and comprehensive solutions to ensure competitiveness in the international market.
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| The fisheries industry needs new growth drivers amid many challenges. Photo: Hoang Anh |
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the Vietnamese seafood industry is expected to continue its growth momentum in 2025, possibly surpassing the 10 billion USD mark and approaching the 11 billion USD mark in 2022.
This is driven by the recovery of the global economy, with demand for seafood consumption and imports increasing again in major markets such as the US, the European Union (EU), China and Japan. In addition, emerging regions such as Africa, Southeast Asia and the Middle East also bring opportunities to expand markets for Vietnamese seafood exporters.
However, VASEP also pointed out that the seafood industry will face fierce competition from major seafood producing countries such as India, Thailand, China and Ecuador. Other factors such as rising prices of animal feed, fuel and transportation costs can also significantly affect production costs, reducing the competitiveness of Vietnamese seafood in the international market.
In addition, trade defense measures, including anti-dumping and strict regulations on quality, environmental and labor standards of import markets, especially the EU and the US, pose many challenges for export enterprises.
New generation FTA - opportunity to "transform" the seafood industry
In the context of fierce competition and increasing demands from the international market, new-generation Free Trade Agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam - EU Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP) are bringing great advantages to Vietnam's seafood industry.
In order to “transform”, applying trade promotion policies and economic integration through new generation FTAs is a key factor. According to MSc. Phung Thi Van Kieu - Deputy Head of Trade Research Department, Institute for Strategy and Policy Research on Industry and Trade - taking advantage of tariff incentives and market expansion opportunities from these FTAs can create a breakthrough for Vietnam's seafood exports.
“New generation FTAs not only bring tax benefits but also require businesses to meet stricter standards on quality, environment, labor and traceability. This requires the Vietnamese seafood industry to have an appropriate adaptation strategy to improve competitiveness and sustainable development,” said MSc. Phung Thi Van Kieu.
Removing the IUU “yellow card” – An urgent task for the fisheries industry
One of the major barriers to Vietnam’s seafood exports is the European Commission’s (EC) “yellow card” warning for the fishing industry. This not only affects exports to the EU – an important market worth billions of dollars each year – but also impacts the image and reputation of Vietnam’s seafood globally.
From a business perspective, Mr. Nguyen Nam Vinh - Deputy General Director of Huy Nam Company Limited - said that the EU continues to maintain a "yellow card" warning for Vietnam's seafood industry, causing seafood products to be "held back" when entering the EU market.
Mr. Nguyen Nam Vinh said: "Not only tightening on IUU in seafood fishing, the EU is currently applying many recommendations and control measures in food hygiene and safety management, such as: banning irradiation, banning the use of chlorine-based disinfectants, while many other markets still allow residues at controlled levels."
Faced with this challenge, the Ministry of Agriculture and Environment continues to affirm its determination to remove the "yellow card" and aim to build a transparent and sustainable fisheries industry. According to Deputy Minister of Agriculture and Environment Phung Duc Tien: "Vietnam not only aims to remove the warning in 2025 but also must maintain this result in the long term, considering this an international responsibility, as well as an opportunity to develop the marine economy, protect sovereignty and improve the lives of fishermen".
To achieve this goal, the Deputy Minister emphasized the need to synchronously deploy solutions to combat IUU fishing, ensuring compliance with EC regulations, with close coordination from central to local levels.
Sustainable solutions for the aquaculture industry
On the part of the Ministry of Industry and Trade, in order to promote the sustainable development of the fisheries sector, the Ministry has synchronously implemented many solutions to support businesses and expand export markets. The focus is on negotiating with trade partners to remove technical barriers, reduce tariffs and create favorable conditions for Vietnamese fisheries to access potential markets.
The Ministry also promotes credit support programs and training to improve production capacity for fishermen and processing enterprises, helping to improve the value chain and enhance competitiveness. In particular, product quality control, strict monitoring of antibiotic residues and ensuring compliance with international food safety standards continue to be prioritized to build trust in the international market.
In order for Vietnamese seafood products to meet international standards and have clear traceability, Mr. Vu Ba Phu - Director of the Trade Promotion Agency (Ministry of Industry and Trade) recommends that businesses need to focus on investing in modern processing technology and building a strict quality control system.
“Actively participating in international trade promotion programs, creating connections with strategic partners, and applying financial solutions and specialized training will help the Vietnamese seafood industry not only maintain but also enhance its position in the global market,” the Director emphasized.
In the global economic "picture" of 2025, the Vietnamese seafood industry is facing great opportunities but also many challenges. Taking advantage of new generation FTAs, removing the IUU "yellow card" and improving competitiveness are key factors to promote sustainable growth in seafood exports.
Close coordination between businesses, industry associations and state management agencies will be a solid foundation for Vietnam's seafood industry to continue to develop strongly in 2025 and the following years.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first two months of 2025, Vietnam's seafood export activities recorded many positive signals. Specifically, Vietnam's total seafood export turnover in the first two months of the year reached more than 1.42 billion USD, an increase of 18.2% over the same period in 2024. Of which, February 2025 alone reached 655 million USD, an impressive growth of 42.6%. |
Source: https://congthuong.vn/nganh-thuy-san-viet-nam-don-song-fta-the-he-moi-377595.html
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