Vietnam Seafood Market

As one of the world’s leading seafood producers, Vietnam boasts a diverse range of marine resources and a vibrant aquaculture industry. With its long coastline and rich biodiversity, the country has become a key player in the global seafood supply chain. In this blog, we’ll explore the various segments of the Vietnam seafood market. Join us as we dive deeper into this essential sector and discover what seafood products can be found in Vietnam!

A Glance into Vietnam Seafood Market

Vietnam is a coastal country with a long coastline and many sheltered bays, which is considered to have great potential for promoting fisheries development.

For fishing activities, the East Sea is home to approximately 2,000 species of fish, including around 130 species with high economic value, such as mackerel, tuna, and catfish. Both the coastal waters and the offshore areas of our country have significant fishery resources. In 2023, the total area dedicated to aquaculture included 1.3 million hectares for inland farming and 9.5 million cubic meters for marine cages. The overall production reached 5.408 million tons, marking a 3.5% increase.

In terms of aquaculture activities, Vietnam is recognized as having significant potential for developing aquaculture. With a coastline of over 3,260 kilometers and 112 rivers and estuaries flowing into the sea, the country has ample opportunities for cultivating brackish and saltwater seafood. Additionally, thousands of large and small islands scattered along the coastline provide areas suitable for year-round aquaculture development.

According to VASEP, between 2018 and 2023, Vietnam’s seafood production rose from 7.7 million tons to 9.3 million tons, representing a 20% increase. Of this total, aquaculture contributed 58%, while fishing accounted for 42%.

Vietnam Seafood Export

Fish

Vietnam is currently the largest producer and exporter of pangasius in the world, accounting for 52% of global production and 90% of pangasius trade. In 2023, global pangasius production reached 3.1 million tons, with an expected increase to 3.2 million tons this year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s pangasius products are popular in many international markets due to their delicious taste and competitive prices.

China remains the largest market for both whole frozen fish and fillets, representing 29% of total frozen pangasius imports, followed by the United States at 15% and Brazil at 6%. Vietnam has a strong export advantage for various types of fish, including frozen pangasius, basa fish, striped mackerel, and ocean tuna.

In addition to frozen fish, Vietnam’s dried fish products are also highly sought after. Data from VASEP shows that in April 2023 alone, exports of dried marine fish increased by 65%, reaching nearly $26 million. Over the first four months of the year, this product category generated nearly $78 million, marking a 33% increase compared to the same period last year. The two most popular dried fish types from Vietnam are anchovies, which account for 66%, and yellow striped bass, which make up 14%.

Shrimp

The main markets for Vietnamese shrimp are the United States (accounting for 20-23% of the country’s total shrimp export value annually), the EU (15-20%), China (13-15%), and South Korea (9-10%). Vietnamese shrimp products, whether processed or fresh, are favored in international markets due to their attractive packaging and consistent quality. Vietnamese shrimp consistently rank high in major markets such as Japan, South Korea, Australia, the EU, China, and the United States.

White leg shrimp from Vietnam are primarily consumed in the United States, the EU, and Japan, while black tiger shrimp are strongly favored in Japan, China, and the United States.

Squid and Octopus

In the category of squid and octopus, processed products outperformed frozen varieties. Exports of processed squid increased by 22% in the third quarter and by 13% over the first nine months of the year. The five largest export markets for squid and octopus from Vietnam are: South Korea, Japan, China & Hong Kong (China), Thailand, and the EU.

Crab and Lobster

Crab and lobster exports have seen remarkable success in 2024, showing strong growth throughout the year. In the third quarter, exports soared by 56%, and over the first nine months, they jumped by 66%, reaching a total of $227 million. This surge was mainly fueled by a significant increase in live crab exports to China.

Vietnam Common Seafood Products

Dried Boiled Anchovy

Anchovy is a traditional ingredient used in the production of fish sauce and dried fish. After being caught, fresh anchovies are steamed and then undergo further processing, including cooling and drying. The product is classified into various sizes of fish, with options for head on or head off, among other variations.

Dried Herring Fish

In addition to dried anchovy, Vietnam also offers herring fish, which can be processed using drying methods.

Frozen Squid

Vietnamese squid and octopus products are highly sought after in the international market. The primary export items include frozen octopus, frozen cut octopus, dried squid, unprocessed dried squid, frozen processed octopus, peeled dried squid, whole cleaned and frozen octopus, and frozen squid.

Fish ball

The country can supply processed products from shrimp, fish,…

Canned Fish

Tuna is a popular fish type to be processed into canned fish products.