The seafood industry in Vietnam has achieved remarkable milestones in 2024, with exports approaching an impressive USD 10 billion. The month of November alone saw exports valued at USD 924 million, representing a 17% year-on-year increase. However, as the industry prepares for 2025, it must navigate several significant challenges that threaten to disrupt its growth trajectory.
2024 Highlights: A Year of Growth
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Total seafood exports: Approaching USD 10 billion.
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November exports: USD 924 million (+17% year-on-year).
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Top-performing sectors:
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Shrimp: Projected to achieve USD 4 billion in exports.
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Pangasius: Forecast to reach USD 2 billion.
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Tuna: Estimated to hit USD 1 billion.
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Key Challenges Ahead
1. Raw Material Shortages
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Shrimp: Rising prices caused by disease outbreaks and extreme weather are creating shortages and driving up costs.
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Tuna: Fishing restrictions are limiting the availability of raw materials, putting pressure on producers.
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Pangasius: Increasing competition from tilapia and other whitefish products, as countries like India, China, and Indonesia expand production.
2. Rising Shipping Costs
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Shipping fees are expected to increase, further straining exporters.
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Potential new tariffs under Donald Trump’s re-election could disrupt global trade and add to exporters' challenges.
Resilience Amidst Challenges
Despite these hurdles, Vietnam’s seafood industry is on track to achieve its export goals for 2024. This resilience highlights the industry's adaptability and strength in maintaining its position as a global seafood leader.
Moving Forward
As 2025 approaches, the industry must:
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Explore innovative solutions to mitigate raw material shortages.
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Strengthen partnerships with producers and suppliers.
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Develop strategies to manage rising shipping costs and prepare for potential tariff impacts.
The Vietnamese seafood sector has consistently demonstrated its ability to thrive under pressure. By addressing these challenges head-on, the industry can continue to build on its success and secure its place in the global market.
Source: vietfishmagazine.com
