Many factors hinder recovery of Vietnam's surimi exports

Vietnam's surimi products are currently exported to 30 markets worldwide. In Q1/2024, surimi companies made efforts to expand exports to smaller markets, but this was not enough to offset the decline in exports to major markets. The top 6 importers of Vietnamese surimi and fish cake in this quarter are Thailand, South Korea, China, Hong Kong, Japan, and Lithuania, accounting for 76% of the total export value of this product group.

Exports to major markets are all down compared to the same period last year. On the other hand, exports of surimi and fish cake to the EU are showing positive signs, increasing by 31% compared to 2023. Lithuania and Italy are leading the EU market in terms of imports of Vietnamese surimi and fish cake, with exports to both markets growing at high rates compared to the same period in 2023.

According to businesses, exports of surimi and fish cake are still facing difficulties due to the EU's IUU yellow card, which has caused delays in certification and verification processes for seafood exports to the EU. Additionally, domestic raw material shortages and challenges in importing raw materials due to IUU regulations are hindering the recovery of Vietnam's surimi and fish cake sector.

Vietnamese surimi producers are also facing a surplus of pollock surimi in the global market, which is currently weak. In the next few years, pollock surimi could dominate the market share of tropical fish surimi unless there is a recovery in consumer demand. This can only happen if new markets are found.

As of the end of March 2024, there were over 67 Vietnam exporters of surimi and fish cake products. The leading companies are DALU SURIMI, CASES, and KICOIMEX.