Vietnam earned US$10.04 billion from seafood exports in 2024

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), 2025 is expected to be a promising year for the Vietnamese seafood sector to boost exports to various markets. Key and potential target markets include the US, China, ASEAN, and the Middle East.

According to VASEP, the US market is expected to remain stable and recover strongly in 2025. One of the key factors driving seafood consumption in the US is the rapid growth in workers’ wages, which has outpaced consumer price increases. This may lead to a rising trend in food consumption, including seafood.

VASEP believes that major challenges for Vietnam’s seafood exports to the US will stem from the new administration’s tax policies, particularly the risk of international trade disruptions and port congestion due to tariff changes. These factors could significantly impact trade flows and increase transportation costs.

China is one of the key markets for the Vietnamese seafood sector. Its geographical location helps lower logistics costs compared to other major markets. Combined with the stable growth of the Chinese economy, this will be a strong driving force for Vietnam’s seafood exports this year.

However, the Vietnamese seafood sector faces strong competition from China’s domestic market, especially as Chinese exports to the US may decrease due to new tariff policies. Additionally, China’s increased seafood exports to ASEAN markets, such as Malaysia, Thailand, and the Philippines will create significant pressure on Vietnam’s seafood products.

The ASEAN region and Asian countries are forecast to drive global economic growth in 2025, according to VASEP. Despite competition from China and India, ASEAN remains a promising market for Vietnamese seafood.

However, seafood consumption in ASEAN markets may be impacted by the decline of the middle class in Indonesia - the largest economy in Southeast Asia. Thailand is also facing challenges in recovering its economy after the pandemic.

In the Middle East, which accounts for less than four percent of Vietnam’s total seafood export value, the demand for seafood is growing rapidly, especially as Middle Eastern countries have been shifting from oil-dependent economies to developing non-oil industries, such as tourism, technology, and food processing.

The United Arab Emirates (UAE), Saudi Arabia, Qatar, and Kuwait rely on seafood imports to meet consumer demand. Therefore, VASEP believes these countries will increase seafood imports from China, India, and Vietnam in 2025.

In 2024, according to data from the General Department of Vietnam Customs, Vietnam earned US$10.04 billion from seafood exports, an increase of 11.9 percent compared to 2023. Vietnam exported seafood to 56 key markets, with three markets having export values exceeding US$1 billion each. Specifically, seafood exports to the US - Vietnam’s largest export market - reached US$1.83 billion, marking a year-on-year increase of 17.5 percent.

China was Vietnam’s second-largest seafood export market in 2024, with the value reaching US$1.72 billion, an increase of 29.3 percent compared to 2023. Japan ranked third with US$1.53 billion, a year-on-year increase of 1.1 percent.

In ASEAN, Thailand was Vietnam’s largest seafood export market in 2024 with the value reaching US$258 million, a year-on-year increase of 2.5 percent. Thailand was followed by the Philippines with US$108 million, Malaysia with US$112 million, and Singapore with US$94.8 million.

In 2024, Vietnam also earned US$36.4 million from seafood exports to Cambodia, a decrease of 21.2 percent compared to 2023, US$17.2 million from Indonesia, down 1.1 percent, and US$1.7 million from Brunei, down 10.5 percent.