As one of Vietnam's major suppliers of raw seafood material, Indian seafood businesses are keen to share their experience with the country to develop the seafood industry while local businesses are being encouraged to invest in the aquaculture and seafood processing sector in India. 

Aditya Dash, a representative of the Federation of Indian Industry made the statement during the opening session of the online fisheries expo and conference which opened with the theme of 'FISH MART' on November 25 with the aim of helping Vietnamese firms explore business opportunities and share their farming experiences with Indian partners.

During the course of the event, Le Hang, a representative of the Vietnam Association of Seafood Exporters and Producers (VASEP), briefed participants on an overview of the Vietnamese aquatic industry in recent times, along with prospects of co-operation in the field and the goals of the domestic seafood industry moving forward.

The country has so far exported seafood products to 160 foreign markets globally, with revenue reaching between US$8 and US$9 billion per year.

Most notably, shrimp exports make up between 40% and 45% of total export value, while tra and basa fish make up 22% and 25%, respectively.

Le Hang, a VASEP representative addresses the opening session

During the initial nine months of the year, despite the impact of the novel coronavirus (COVID-19) epidemic, the nation grossed approximately US$6 billion from exporting aquatic products.

The Vietnamese fisheries sector aims to contribute roughly 30% of the GDP of the agro-forestry-fishery industry by 2030, with total output of fishery products reaching 10 million tonnes.

Following the signing of 16 Free Trade Agreements (FTAs) with the world’s major seafood consumption markets, the local fisheries sector is able to increase exports in the long-term as a means of fulfilling the set target.

At present, India represents a major supplier of raw seafood material for Vietnam. During the nine-month period, the country imported US$188 million of seafood products from India, posting a year-on year increase of 26% and accounting for some 15% of the nation’s total seafood import turnover.