Vietnam expects to reach 12 billion USD of seafood exports by 2025

Vietnam Association of Seafood Exporters and Producers (VASEP) recently reported to the Ministry of Agriculture and Rural Development that the seafood industry still has potential for increase in export capacity and it is expected to reach 12 billion USD by 2025.

In the period 2016-2020, Vietnam's seafood exports reached at an average growth of 5% per year with US$8.4 billion in export turnover in 2020. shrimp 3.7 billion US$ and Pangasius US$1.5 billion.

To achieve the above results, the export volume by 2025 will be equivalent to about 6 million tons, of which 4.7 - 4.8 million tons are produced domestically.

The main factors and trends that will govern the development of fisheries in the next 5 years, are the source of raw materials for export (including farming, fishing and importing) which will be the determining factor creating competitiveness for Vietnamese seafood. As of today, good and stable source of raw materials plus modern processing capacity continue to be strengths. The promotion and reform policies of the Government is expected to have a positive results in the period 2021-2025, boosting the development of the seafood industry along with bilateral and diversified free trade agreements.

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