The seafood export reached 10 billion USD, with expectations for 2025

In her opening remarks at the ceremony celebrating seafood exports reaching 10 billion USD in 2024, which took place on the afternoon of December 23 in Ho Chi Minh City, Mrs. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared that this year, the seafood industry set a primary goal of recovering its export turnover to the 10 billion USD mark. This was achieved despite the global inflation being controlled in major countries, the global economy emerging from recession, but recovering slowly, which impacted the demand for seafood consumption.

Furthermore, the ongoing Russia-Ukraine conflict, fighting in the Middle East and other geopolitical issues around the world continued to disrupt global trade, including the seafood market. The resulting consequences led to a sharp rise in transportation costs, as well as higher prices for inputs related to aquaculture, fishing and seafood processing. This situation has created a new inflationary wave that negatively impacted the demand for seafood consumption worldwide.

Despite facing numerous difficulties and challenges, with creativity, adaptability, and determination, Vietnam's seafood industry has successfully overcome all obstacles to achieve an impressive milestone of 10 billion USD in seafood export turnover. This includes: shrimp exports reaching 4 billion USD; catfish 2 billion USD; tuna 1 billion USD; other fish 1.9 billion USD; squid and octopus 662 million USD; crabs and other crustaceans 335 million USD; shellfish 215 million USD; and other mollusks 14.5 million USD.

At the event, Deputy Minister of Agriculture and Rural Development Phung Duc Tien shared that Vietnam's agriculture sector is closing out 2024 with many remarkable successes, especially its flexibility in directing the production and export of agricultural products. It is forecasted that the country’s agricultural exports will reach 62 billion USD, with a significant trade surplus, to which the seafood sector has made a valuable contribution.

Deputy Minister Phung Duc Tien emphasized that achieving the remarkable milestone of 10 billion USD in seafood exports in 2024 is a result of the sustained and focused attention from the Government, the Prime Minister (such as the 1.2 billion USD support package), and the leadership of the Ministry of Agriculture and Rural Development (MARD), along with the involvement of various ministries, sectors, and local authorities in providing strategic direction and guidance. In addition, the active involvement of associations and businesses in the industry in organizing production, processing, continuously improving product quality and diversifying marketshave, have played a crucial role in this success.

The Deputy Minister further highlighted: "On behalf of the Ministry of Agriculture and Rural Development, I would like to express my deep appreciation for the efforts and activities of VASEP. They have worked effectively in collaboration with state management agencies on seafood, facilitated strong connections among businesses, and fostered partnerships with farmers and fishermen involved in raw material production. Furthermore, VASEP has actively contributed to the improvement of product quality, the expansion of markets, and the development of consumption channels. They have also played an important role in identifying and addressing challenges, both from policy and market dynamics, promptly reporting issues, and resolving obstacles. These proactive efforts are always highly valued by the Ministry of Agriculture and Rural Development". 

Looking ahead to 2025, Deputy Minister Phung Duc Tien stated that the seafood industry will continue to face new challenges, particularly in addressing the issue of the IUU (Illegal, Unreported and Unregulated) yellow card, adapting to climate change, tackling environmental pollution and overcoming barriers in the international markets. These will remain key objectives for the sector moving forward.

Despite these ongoing challenges, Deputy Minister Phung Duc Tien expressed his strong confidence, saying: "I firmly believe that with the relentless efforts of businesses, in collaboration with VASEP and the Ministry of Agriculture and Rural Development, we will not only overcome these difficulties but also emerge stronger and more resilient than before". 

He further emphasized his conviction that with determination and creativity, Vietnam's seafood industry will not only surpass the 10 billion USD mark in 2025 but will also move toward an even more ambitious target of 11 billion USD. This outlook is based on the expectation that the availability of raw materials will improve, and export markets will continue to expand. "In particular", he continued, "the focus on improving product quality and enhancing the reputation of businesses will play a crucial role in helping us increase our market share and firmly establish Vietnam’s seafood as a prominent player in the global market".