The Vietnamese seafood sector is wrapping up 2024 with total export turnover reaching US$10 billion and looking to a higher target of $11 billion for 2025, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The encouraging figures were announced at a ceremony held by VASEP in Ho Chi Minh City on Monday to celebrate the seafood sector’s export earnings, which were 13 percent higher than in 2023.

The three highest contributions were shrimp at around $4 billion (up 16.7 percent from 2023), tra (pangasius) fish at $2 billion (up 9.6 percent), and tuna at $1 billion (up 17 percent).

Nguyen Thi Thu Sac, chairwoman of VASEP, said during the ceremony that these figures highlight the seafood industry's progress in enhancing product value and fostering sustainable development.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien noted that the growth in seafood exports contributed to the agro-forestry and fisheries sector reaching a total value of $62 billion this year, marking a new record.

Tien commented that during 2024, conflicts and political instability have occurred in different countries and international regions, leading to high inflation, increased unemployment, and economic instability, while leaving a negative impact on many nations including Vietnam.

In addition, epidemics and natural catastrophes, like typhoon Yagi, caused great damage to the seafood industry, he stated.

However, the seafood industry surpassed all obstructions and challenges to maintain growth and export turnover.

The deputy minister told the ceremony this is the second time the yearly seafood exports have topped $10 billion.

His vision for the upcoming year includes facing challenges like removing the European Commission’s illegal, unreported, and unregulated (IUU) fishing ‘yellow card’ warning, adapting to climate change, mitigating environmental pollution, and overcoming market barriers.

Tien is sanguine about the future despite these challenges.

"With determination and creativity, the Vietnamese seafood industry will surpass the $10 billion mark and reach $11 billion in 2025 by improving raw material sources, expanding export markets, enhancing product quality, and promoting reputable and prestigious producers and exporters," he said.

To reach this goal, Tien urged businesses to focus on increasing the share of high-value-added export products, establishing effective traceability systems to meet foreign partners' requirements, and intensifying efforts to integrate into global supply chains while expanding international market shares.

Addressing export markets, the deputy minister encouraged investors to explore opportunities in halal markets and the Middle East, alongside traditional markets such as the U.S., China, Japan, and the EU.

Tien also pledged that the ministry would create optimal conditions for businesses, producers, and exporters, while working to eliminate outdated or inappropriate regulations.

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