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Vietnam's Seafood Gamble: Exports Boom as Nation Eyes New Markets Beyond US Tariffs

VIET NAM
Thursday, May 22, 2025, 07:00 (GMT + 9)

Exports Surge 21% in Early 2025, Fueled by Strategic Market Expansion and Product Innovation Beyond Traditional Buyers.

HÀ NỘI – Facing an increasingly complex global trade landscape marked by rising barriers and market fluctuations, Vietnam's fisheries industry is aggressively diversifying its export markets and product offerings. This strategic pivot aims to ensure sustained growth and mitigate risks for the vital sector.

Aquatic product exports reached a robust US$3.3 billion in the first four months of 2025, representing a significant 21% increase over the same period last year, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP). Shrimp led this impressive growth with a 30% surge, while tra fish (pangasius) exports also saw a healthy 9% rise.

China emerged as the largest importer of Vietnamese aquatic products, experiencing a substantial 56% increase in imports. Japan followed with a 22% increase, and the US saw a 7% rise. Despite this recovery, exports to the US continue to face pressure due to ongoing tariffs and technical trade barriers, prompting some Vietnamese companies to re-evaluate their market focus. Phan Hoàng Duy, Deputy General Director of Can Tho Seafood Import-Export JSC (CASEAMEX), whose company heavily relies on the US market for pangasius, stated they are "pivoting toward other markets in Europe and Asia, while cutting production costs and reviving old clients."

To facilitate broader market access, VASEP Deputy Secretary General Lê Hằng emphasized leveraging existing free trade agreements such as the EVFTA, CPTPP, and RCEP to expand exports to the EU, Japan, and the Republic of Korea. She also urged businesses to explore new, emerging markets like the Middle East and South America to reduce over-reliance on traditional buyers. Notably, Vietnamese aquatic products, particularly shrimp, benefit from zero tariffs in the EU under the EVFTA, offering a significant competitive edge.

Emerging Markets and Product Diversification

Singapore has quickly become Vietnam's fourth-largest aquatic product importer, surpassing Malaysia, Indonesia, and Norway, with strong demand for chilled, frozen, and filleted fish. In South America, Brazil is establishing itself as a strategic market, where Vietnamese pangasius now holds a 38% market share. Exports to Brazil saw an impressive over 70% year-on-year increase in Q1 2025, further boosted by Brazil recently lifting its ban on Vietnamese tilapia imports, opening new avenues for product diversification.

Beyond geographic expansion, Vietnam is also diversifying its product portfolio. Tilapia is being prioritized to complement the industry's focus on shrimp and pangasius, aiming to balance the sector’s export offerings, according to Trần Đình Luân, Director of the Directorate of Fisheries.

Deputy Minister of Agriculture and Environment Phùng Đức Tiến underscored that market diversification is a crucial long-term strategy. He urged businesses to adhere to international standards, including Halal requirements, and to invest in quality control, cost efficiency, processing capabilities, and trade promotion to enhance global competitiveness.

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