HKOL.COM – In 2024, Vietnam’s seafood industry navigated a year of significant challenges, including raw material shortages, weakening market demand, intensifying global competition, and stringent trade barriers. Despite these hurdles, the industry’s resilience and collective efforts propelled exports beyond the $10 billion milestone, a remarkable achievement that underscores Vietnam’s strong position in the global seafood market.
Opportunities for Vietnam’s Seafood Exports in 2025
Leverage from Free Trade Agreements (FTAs)
Vietnam has entered into 16 free trade agreements and is actively negotiating three more. Notably, next-generation agreements like the EVFTA (European Union-Vietnam Free Trade Agreement) and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) offer significant advantages. These agreements not only lower export tariffs but also enhance market access and strengthen the global competitiveness of Vietnamese seafood. Such benefits are particularly crucial amid ongoing geopolitical uncertainties impacting the global economy.
The Rise of Value-Added Seafood Exports
Exporting value-added seafood is no longer just a trend—it is a long-term strategy for Vietnam’s seafood industry to expand its global market share and solidify its position. Maximizing the use of by-products from seafood processing presents significant opportunities, not only enhancing the industry’s overall value but also promoting a circular economy, reducing waste, and minimizing environmental impact.
Impact of New U.S. Tax Policies
The anticipated increase in U.S. import tariffs, set to take effect in 2025, will bring significant shifts to Vietnam’s seafood industry. If competing countries face higher tariffs, Vietnam could emerge as a preferred supplier, thanks to its high-quality products and competitive pricing. However, Vietnamese exporters will also encounter challenges, including rising export costs and potential exposure to trade barriers such as anti-dumping and anti-subsidy duties.
Maximizing Opportunities for Sustainable Growth
To ensure long-term sustainability, Vietnam’s seafood industry must leverage trade agreements, focus on developing value-added products, and proactively navigate international tax policies. These strategic measures will be crucial in maintaining Vietnam’s competitive edge in the global seafood market.
Challenges Facing Vietnam’s Seafood Industry
Impact of Climate Change
Climate change poses significant challenges to the aquaculture sector, affecting both production and sustainability. Rising sea levels, saltwater intrusion, and water pollution create obstacles for seafood farming, while the increased risk of disease further threatens raw material supply and product quality.
Intensifying Competition
Rising costs of animal feed, fuel, and transportation are driving up aquaculture production expenses, reducing the competitiveness of Vietnamese seafood in global markets. Additionally, fierce competition from other seafood-exporting nations adds further pressure on Vietnam’s market position.
Trade Wars and Market Barriers
Global trade tensions, particularly between major economies like the U.S. and China, disrupt supply chains, leading to fluctuating input costs and increased transportation expenses. These factors directly impact export pricing and the competitiveness of Vietnamese seafood.
Regulatory challenges such as IUU yellow cards, anti-dumping duties, and stringent environmental and quality standards further strain exporters by increasing compliance costs and limiting market access. Additionally, growing trade protection measures could reduce supply and erode Vietnam’s competitive edge.
Geopolitical Risks
Geopolitical instability can significantly influence Vietnam’s seafood trade, affecting everything from trade policies to regional tensions that disrupt supply chains. As seafood exports play a crucial role in Vietnam’s economy, navigating these uncertainties will be essential for long-term industry resilience.
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Hong Kong Ocean Leader (HKOL) established with the awareness that although Asian seafood is one of the richest resources, it has not yet been widely recognized globally for its diversity and quality.
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By Lucy Dang (HKOL Team)
(Reference: VASEP)
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