Vietnam: Tightening regulations and limited marine farming may impact exports

Published 2024년 9월 4일

Tridge summary

Vietnam's seafood exports, valued at US$2.1 billion in the first seven months of 2024, have seen a six percent increase from the previous year, with the industry facing challenges due to increasing regulations and limited local sources. The country's reliance on natural sources for exports, particularly tuna, is being affected by new regulations on catch sizes. However, there has been growth in the export of squid and octopus to South Korea, as the country reduces imports from other sources to purchase more from Vietnam. The country's seafood exports are dominated by tuna, with other products like squid and octopus showing significant growth. Vietnam's seafood industry relies on fishing, marine farming, and imports, with over 85,000 fishing vessels. The government's efforts to combat illegal fishing are part of an ongoing strategy to remove the 'yellow card' warning imposed by the European Commission in 2017.

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Original content

Việt Nam’s seafood exports remained heavily dependent on natural sources, which have become increasingly difficult to secure due to tightening regulations and limited local marine farming, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The association reported that in the first seven months of 2024, exports reached US$2.1 billion, an increase of six per cent compared to last year. Vietnamese seafood was exported to 129 markets around the world, with its largest buyers being Japan, the US and South Korea. Up to the end of July, Việt Nam exported $444 million worth of seafood to Japan, a decrease of four per cent period-on-period, $300 million to the US, an increase of 14 per cent and $207 million to South Korea, an increase of 12 per cent. According to VASEP, tuna was the country’s leading product in terms of export value. In the first seven months of this year, Việt Nam’s canned tuna exports to the US and the EU rose by 22 per cent and 36 per ...

Source: WTOCenter