Positive growth momentum

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports rapidly accelerated in the first quarter of 2025, reaching 2.45 billion USD, up 26% compared to the same period in 2024. In March alone, export value hit nearly 889 million USD, a 20% increase.

Among product categories, tuna exports saw impressive growth in February, reaching nearly 73 million USD, up 41% over the same period in 2024, and the highest growth in the past five years. Shrimp exports also posted strong growth in key markets such as China, the US, and the EU, reaching over 600 million USD in the first two months, up 46% year-on-year.

In March, shrimp exports hit 327 million USD, raising export revenue in the first quarter to over 931 million USD, a rise of nearly 36%. Meanwhile, tra fish exports continued the growth trend, with February exports reaching 150 million USD (up 66%). The Chinese and Hong Kong (China) markets grew by 56%, while CPTPP-member markets surged 128%. In March, tra fish brought in 181 million USD, lifting revenues in the first quarter of 2025 to 465 million USD.

Beyond growth in established markets, Vietnam’s seafood exports are also encountering promising new opportunities in high-potential markets. Despite global trade turbulence, Vietnam-Brazil economic cooperation remained robust, with trade volume reaching nearly 8 billion USD in 2024.

Minister of Industry and Trade Nguyen Hong Dien emphasised that although Brazil is already Vietnam’s largest trading partner in South America, and Vietnam is Brazil’s top partner in ASEAN, there remains vast untapped potential for bilateral cooperation.

According to the Import-Export Department (Ministry of Industry and Trade), Vietnam was Brazil’s second-largest seafood supplier in 2024, accounting for over 17% of import volume and nearly 9% of import value. In February 2025, Vietnam’s tra fish exports to Brazil reached 15 million USD, up 159% year-on-year. Total exports in the first two months reached 28 million USD, a 42% rise. However, Brazilian seafood consumption continues to grow, presenting a valuable opportunity for Vietnam.

At the end of March, during Brazilian President Lula da Silva’s state visit to Vietnam, both countries agreed to discuss initiating negotiations on a Vietnam-Mercosur Free Trade Agreement (FTA), with Brazil potentially opening its market to Vietnamese tra fish, basa fish, and shrimp.

This is a significant step toward increasing bilateral trade volume, aiming for 15 billion USD by 2030, and creating promising new pathways for Vietnam’s seafood sector to penetrate deeper into the South American market.

According to economic experts, demands for seafood imports will rise when major economies recover and potential markets in Middle East, Africa and South East Asia grow. Middle East is also rising as one of Vietnam’s four largest tuna importing markets as Vietnam’s export revenue to the market reached nearly 113 million USD in 2024.

Israel is currently the second largest single import market, accounting for nearly 7% of total tuna exports in 2024. Seafood exports to other countries such as Lebanon, Egypt, Saudi Arabia and the United Arab Emirates (UAE) also recorded optimistic growth.

Enhancing capacity to meet international standards

Vietnam’s fisheries sector is making continuous efforts to improve quality control and food safety standards to meet strict international market requirements, including the EU. According to Le Ba Anh, Deputy Director of the Department of Quality, Processing, and Market Development (Ministry of Agriculture and Environment), only 16 shipments received warnings, accounting for just 0.1% of total shipments, down from 0.16% in the first quarter of 2024.

In 2024, Vietnam welcomed five foreign inspection delegations, including one from the EU that praised Vietnam’s residue control systems in aquaculture and honey production. Delegations from Japan, Canada, the Republic of Korea, and Indonesia also gave positive evaluations.

However, the Vietnam’s fishery sector is now facing regulations under the US Marine Mammal Protection Act (MMPA) and the planned expansion of the Seafood Import Monitoring Programme (SIMP). On April 3, US President Donald Trump announced a reciprocal 46% tariff on Vietnamese imports. With seafood exports to the US valued at around 1.8 billion USD, this market is vital for key Vietnamese products such as shrimp, tra fish, and tuna.

According to Tran Dinh Luan, Director of the Directorate of Fisheries, high tariffs could impact entire production chains from farming and fishing to processing and export, affecting individual farmers and fishers.

The fisheries industry plans to work with relevant agencies to develop flexible solutions, provide guidance to businesses and producers, and minimise negative impacts.

Deputy Minister of Agriculture and Environment Phung Duc Tien stated that the industry will implement appropriate strategies. In the short term, the focus should be on improving production, boosting quality and productivity, expanding export markets, and lowering costs to enhance competitiveness.

Economists suggest that seafood businesses remain calm and proactively adapt to new tariff changes by optimising production and cutting logistics costs to maintain competitiveness. Diversifying export markets, especially emerging ones with high potential, is also key.

Developing sustainable supply chains and reducing reliance on imported raw materials will be essential to mitigate risks from US trade policies.

To support small and medium-sized enterprises, on March 25, the Prime Minister issued Directive No. 10/CT-TTg, directing the Ministry of Agriculture and Environment to coordinate with the Ministry of Foreign Affairs to negotiate a grace period for completing the MMPA documentation. The ministries must submit full documentation by April 15 to ensure fishing, production, processing, and exports are not affected.

In addition, Vietnam will review and refine its legal framework for seafood production and export management, aligning it with EU standards.

To assist exporters, Minister Nguyen Hong Dien affirmed that the Ministry will implement synchronised and effective measures to help businesses exploit potential in traditional markets. They will also proactively explore and negotiate with new markets and maximise opportunities from strategic markets while providing early risk warnings and support during trade remedy cases.

Beyond government support, to overcome challenges such as trade barriers, geopolitical instability, and fluctuating demand, aquaculture and seafood export businesses must quickly adopt greener, quality-focused production methods.

Developing a transparent and responsible value chain is vital. Stronger links among producers, processors, and exporters will foster a sustainable ecosystem.

Meeting international standards, applying advanced technology, and effectively utilising export markets are critical to increasing market share and cementing Vietnam’s position as the world’s third-largest seafood exporter.