| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 567.6 Million |
| CAGR (2024-2029) | 3.15% |
| Fastest Growing Segment | Online |
| Largest Market | Northern Region |
| Market Size (2029) | USD 683.6 Million |
Vietnam seafood market was valued at USD 567.6 million in 2023 and is anticipated to grow USD 683.6 million by 2029 with a CAGR of 3.15% during forecast period,
Key Market Drivers
Abundant Natural Resources
Vietnam's extensive coastline and rich aquatic biodiversity provide a strong foundation for its seafood industry. The country's favorable climatic conditions support year-round fishing and farming activities. Key regions like the Mekong Delta are particularly renowned for their aquaculture production, contributing significantly to the national output. This natural advantage is a primary driver of the industry's growth, enabling Vietnam to supply a diverse range of seafood products to the global market.
Export Demand
Vietnam's seafood exports have been growing steadily, with shrimp and fish being the top export commodities. The demand for Vietnamese seafood is driven by its competitive pricing and high quality. Major export destinations include the United States, which is the largest importer of Vietnamese shrimp, followed by the European Union and Japan. According to Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's seafood exports reached nearly USD 840 million in November 2023, up 6% from the same period last year. Exports of key species like shrimp, tuna, pangasius, squid, and octopus showed mixed output.
Advancements in Aquaculture
The use of advanced aquaculture techniques has transformed the Vietnamese seafood business. Biofloc technology, which improves water quality and minimises disease risk, is commonly used in prawn farming. Recirculating aquaculture systems (RAS) are also becoming popular, allowing for intense cultivation with minimum environmental impact. These technological developments have increased productivity and sustainability, establishing Vietnam as a leader in the worldwide aquaculture trade.
Government Support
The Vietnamese government has been proactive in supporting the seafood industry through various policies and initiatives. Subsidies for aquaculture development, investment in infrastructure, and the establishment of quality control systems have all contributed to the industry's growth. The government's focus on sustainability and compliance with international standards has helped Vietnamese seafood gain acceptance in key export markets.
Download Free Sample Report
Key Market Challenges
Environmental Sustainability
Environmental sustainability remains a key challenge for the Vietnamese seafood industry. Overfishing, pollution, and habitat destruction are significant concerns that need to be addressed. The industry must adopt sustainable practices to ensure the long-term viability of fish stocks and the health of aquatic ecosystems. Initiatives such as the MSC and ASC certifications are steps in the right direction, but more needs to be done to promote sustainable fishing and farming practices.
Disease Management
Disease management is a critical issue in aquaculture. Outbreaks of diseases such as early mortality syndrome (EMS) in shrimp can have devastating effects on production. Effective disease management practices, including improved biosecurity measures and the use of disease-resistant strains, are essential to mitigate risks and ensure the sustainability of the industry.
International Trade Regulations
Navigating complex international trade regulations and potential market access barriers is a challenge for the Vietnamese seafood industry. Compliance with stringent quality and safety standards is essential to maintain access to key export markets. The industry must stay abreast of regulatory changes and invest in quality control systems to meet the requirements of international buyers.
The Vietnam seafood market is poised for continued growth, driven by abundant natural resources, strong export demand, advancements in aquaculture, government support, and sustainability initiatives. The integration of technology and the growing domestic market further enhance the industry's prospects. However, the industry must address challenges related to environmental sustainability, disease management, and international trade regulations to maintain its growth trajectory. By leveraging its strengths and addressing these challenges, the Vietnamese seafood industry can continue to thrive and expand its presence in the global market.
Key Market Trends
Sustainability Initiatives
Sustainability is a critical concern in the global seafood industry. Vietnam has made significant progress in adopting sustainable fishing and farming practices. The pursuit of certifications such as the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) reflects the industry's commitment to environmental and social responsibility. Sustainable practices not only ensure the long-term viability of the industry but also enhance its reputation in the global market.
Technological Integration
The integration of technology in the seafood supply chain has enhanced efficiency and traceability. Blockchain technology is being explored to improve transparency, allowing consumers to verify the origins and quality of their seafood. This technological integration is crucial for maintaining trust and meeting the expectations of international buyers, particularly in markets with stringent quality and safety standards.
Growing Domestic Market
The rising middle class and increasing disposable incomes in Vietnam have led to higher domestic consumption of seafood. The growing popularity of seafood restaurants and a greater emphasis on healthy eating habits are driving domestic demand. This trend provides an additional growth avenue for the industry, complementing the robust export market
Segmental Insights
Product Insights
In the Vietnam seafood market, shrimp stands out as the leading product category, surpassing other seafood products such as fish, oysters, and snails. This dominance is driven by several factors, including the high global demand for shrimp, Vietnam's favorable farming conditions, advancements in aquaculture technology, and supportive government policies. Vietnam is the world's second-largest exporter of shrimp accounting for 13-14 per cent of the total global shrimp export. According to VASEP general secretary Truong Dinh Hoe, shrimp exports reached USD 1.3 billion, accounting for more than 30% of the seafood export value. The global appetite for shrimp is substantial, with markets in the United States, European Union, Japan, and China being major importers. Shrimp is favored for its versatility in culinary applications, appealing taste, and nutritional benefits, which include being a low-calorie source of protein, omega-3 fatty acids, and essential vitamins and minerals. This high international demand provides a strong export market for Vietnamese shrimp.
Download Free Sample Report
Regional Insights
The Northern Region of Vietnam, particularly the Red River Delta and the coastal provinces of Quang Ninh, Hai Phong, and Nam Dinh, stands out as a crucial player in the nation's seafood industry. The region's prominence in the Vietnam seafood market is driven by several key factors, including favorable geographic conditions, extensive aquaculture development, robust infrastructure, and supportive government policies. This region's strategic advantages and ongoing trends make it a dominant force in Vietnam's seafood sector.
Recent Developments
- In 2024, Viet-Uc Seafood Corporation has launched a high-quality post larvae production facility in Quảng Ninh province to provide farmers with sufficient quantity and quality PL. The facility aims to meet the demand of industrial shrimp farmers and mitigate the shortage.
- In 2023, Saigon Food, a leading Meal Manufacturer and Supplier in Vietnam, partners with Anchanto to enhance efficiency and optimize costs by leveraging e-commerce operations and SaaS solutions. They aim to expand their consumer reach through technology and become a top player in the industry, targeting e-commerce as a major revenue stream.
Key Market Players
- Camau Seafood Processing & Service Joint Stock Corporation
- Hung Vuong Joint Stock Company
- Minh Phu Seafood Joint Stock Company
- Vinh Hoan Corporation
- Quoc Viet company
- Pinetree Vietnam Co., Ltd
- Sao Ta Foods Joint Stock Company
- An Giang Fisheries Import & Export Joint Stock Company
- SOC Trang Seafood Joint Stock Company
- Thuan Hung Fisheries Company Ltd
Report Scope
In this report, Vietnam seafood
- Vietnam Seafood Market, By Product
- Fishes
- Shrimps
- Oysters
- Snails
- Others
- Vietnam Seafood Market, By Process
o
o
- Vietnam Seafood Market, By Distribution Channel
o
o
o
o
o
- Vietnam Seafood Market, By End User
o
o
o
o
- Vietnam Seafood Market, By Region
- Northern
- Central
- Southern
