Sorting and processing seafood for export. (Source: Đaidoanket)

Last year, the seafood export industry surpassed the 10 billion USD mark, an annual increase of 12%, solidifying Vietnam’s position as the third-largest seafood exporter globally, following China and Norway.

However, the seafood sector is forecast to face significant challenges this year. These include resolving the EU’s "yellow card" warning against illegal, unreported and unregulated (IUU) fishing, adapting to climate change, mitigating environmental pollution, and navigating market barriers.

Despite these obstacles, Nguyen Hoai Nam, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), remains optimistic about export prospects for 2025. He noted the US Department of Commerce (DOC)’s issuance of final conclusion on its anti-subsidy investigation on warm-water frozen shrimp imports as a win for Vietnam, hence lower tariffs will be imposed on the country's product compared to competitors such as India and Ecuador.

Nam also highlighted the availability of three financial packages for the seafood and forestry sectors since 2023. Currently, a 60 trillion VND (2.36 billion USD) credit package offers businesses in the seafood supply chain loans at interest rates 1-1.5% below market rates. This policy provides enterprises with an opportunity to plan production and exports for 2025.

Europe, the US, and Japan remain Vietnam's top three seafood export markets, which enforce strict requirements for resource management, legal fishing certifications, and corporate accountability. Consequently, Vietnamese firms must proactively adapt to meet these standards.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said improvements in raw material availability and market expansion are likely to help the industry achieve this year’s 11 billion USD export target.

Enhancing product quality and building trust in Vietnamese brands will further increase market share and solidify the country’s position on the global market, he added.