Aquatic exports set sights on US$11 billion export mark in 2025

Experts pointed out that the recovery of the global economy and positive signs for consumption and import demand will offer a wealth of opportunities for the Vietnamese seafood processing and export industry to enjoy strong growth this year.

Specifically, major economies such as the United States, the EU, Japan, and China have all rebounded, leading to rising consumption and import demand for seafood products.

Simultaneously, emerging markets such as Africa, Southeast Asia, and the Middle East are also expected to offer additional export opportunities for Vietnamese seafood products.

Most notably, the numerous advantages gained from free trade agreements (FTAs) such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continue to help the seafood industry to reduce taxes, expand markets, and improve its general competitiveness in the international arena.

Moreover, the development of value-added products and utilisation of seafood by-products in accordance with circular economy criteria will contribute to increasing the product value and fully meeting the needs of international consumers.

In particular, the new tax policy in the US is anticipated to help Vietnamese seafood exports to increase their market share as aquatic products from China and other rivals are subject to higher taxes.

However, experts have warned local businesses stay ready to face risks from anti-dumping and countervailing duties.

In addition, local firms are predicted to face numerous challenges, including climate change; tough competition from India, Thailand, China, and Ecuador; escalating costs of animal feed, fuel, and transportation; the US-China trade war; and the European Commission’s “yellow card” warning against illegal, unreported, and unregulated (IUU) fishing moving forward.