Photo: VASEP/FIS

Vietnam's Surimi Exports Show Late-Year Rebound, But Overall 2024 Figures Remain Down

VIET NAM
Monday, February 03, 2025, 08:00 (GMT + 9)

Enterprises are facing difficulties in the lack of domestic raw materials and obstacles with imported raw materials due to regulations related to IUU

Vietnam's fish cake and surimi exports saw continuous growth in the final three months of 2024, according to Nguyen Ha, Tuna Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP). However, despite this late-year surge, total 2024 exports reached only $298 million, a 2% decrease compared to 2023.

The fourth quarter of 2024 brought more positive results, with several markets showing strong growth. Taiwan, in particular, saw a dramatic 301% increase in imports after declines in the previous two quarters.

Source: VASEP

Vietnam exported fish cakes and surimi to over 43 global markets in 2024. Eight key markets—Korea, Thailand, China & Hong Kong, Japan, the EU, Indonesia, Malaysia, and the US—accounted for 90% of total export value. Despite this broad market reach, export values to most markets were down year-over-year.

Challenges related to IUU (Illegal, Unreported, and Unregulated) fishing regulations continue to hamper the industry. VASEP reports that new government regulations designed to address the IUU yellow card issue are either not being implemented correctly or are being applied too rigidly. This has created difficulties in obtaining Seafood Catch (SC) and Catch Certification (CC) for seafood exports, leading to a backlog of applications. Businesses also report shortages of domestic raw materials and obstacles importing raw materials due to IUU-related regulations.

As of the end of 2024, exports to most major markets remained lower than the previous year. Positive export growth was only seen in Thailand, the EU, and Taiwan.

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