In Can Tho city’s Thot Not District, for instance, a large number of catfish farms have been left deserted, while local farmers, who used to be billionaires from selling the fish, are now seeking buyers for their land plots.
In one typical example of the chain of debt, local farmer Ho Van Nghia said that in July 2011 he sold 260 tons of catfish at VND23,500 a kilogram to An Giang-based Vinafish Export Import Corporation. The contract was worth a total of VND6.3 billion, and was expected to be settled within 30 days.
However, the processor delayed fully repaying Nghia, and ended up owing him VND4.7 billion at the end of last year.
Even though he took the company to court, Nghia still has not gotten back his money.
“I myself owe bank loans and feed suppliers more than VND3 billion, and selling my house and land is the only way to have enough money for settling the debt,” said Nghia.
“Dozens of other farmers are in the same situation.”
Plants shut down, workers lose jobs
For its part, Vinafish Co has laid off most of its workers due to the lack of input materials, according to some laborers who are still working for the heavily indebted company.
An employee of the company also admitted to Tuoi Tre that Vinafish’s workforce has been slashed from 600 to only 100 laborers.
When the company is able to buy fish for raw material, usually 30 tons at most, it simply hires some day laborers for processing, he said.
“But many other processors are doing the same thing, since this is a common problem in the seafood processing and exporting sector,” he protested.
Many of the 21 seafood processing plants in An Giang Province have reduced the number of workers, or have even shut down.
Even workers who have yet to be fired have considered returning to their hometown, as they cannot make ends meet with the modest wages due to the material shortage.
Nguyen Thi Thanh, a seafood worker, said she used to work for An Khang Co, and had move to several other firms after the company went insolvent.
But the other companies have also worked perfunctorily.
“Due to the material shortage, the plant has repeatedly closed,” said Thanh.
Domino collapse
Seafood experts said what is most dangerous to the seafood sector is the domino collapse of the debt chains, if banks continue to tighten credit to the processors.
Under the banks’ tightened credit policy, seafood companies cannot access bank loans, and thus have no capital to buy fish from farmers.
Farmers will then have no money to replay feed suppliers, or reinvest in their farming, experts warned.
Duong Ngoc Minh, deputy chairman of the Vietnam Association of Seafood Exporters and Processors (VASEP), said seafood companies used to need only the fish buying contract to be eligible for bank loans.
“But they are no longer able to do so under the current credit policy,” said Minh.
“VASEP figures show that less than 10 percent of businesses have cleared their payments with farmers on time.”
80% of plants cut production
As many as 80 percent of the seafood processing plants have had to cut production, and some even had to shut down operations, confirmed Minh of VASEP.
In Can Tho, the total production of the 12 local plants has dropped from 1,200 tons a day to only 300 tons a day, he said.
The fish processing plants’ shutdown has also lead to the closure of many seafood feed processing plants, he added.
“More than 70 percent of the fish feed manufacturing plants are in trouble, 40 percent of which have had to stop operation,” elaborated Minh.
According to the Can Tho Seafood Association, fish farmers have given up their farming en masse, resulting in the raw material shortage, while seafood processors have faced capital shortages to buy materials.
Earlier, since many processors have prolonged catfish payments to farmers, or even defaulted on the debts, many farmers have also demanded the latter pay them in cash in advance to be able to receive the fish.
This has also exacerbated the short supply of materials, the association said.
(seafood.vasep.com.vn) The year 2025 marked a pivotal milestone for Vietnam’s seafood industry in its restructuring process toward sustainability, transparency, and higher value creation, amid continued uncertainties in the global economic and trade environment. Prolonged inflation in major economies, the rising trend of trade protectionism, and increasingly stringent requirements related to environmental standards, traceability, and social responsibility have posed significant challenges to seafood production and exports. Nevertheless, overcoming these pressures, Vietnam’s seafood sector has gradually demonstrated its adaptability, maintained growth momentum, and laid an important foundation for the next stage of development.
(seafood.vasep.com.vn) Amid the increasingly evident impacts of drought and saltwater intrusion, the shrimp-rice production model in Ca Mau province continues to prove itself as a viable direction, contributing to higher farmer incomes, improved soil conditions and the promotion of ecological and sustainable agricultural development.
(seafood.vasep.com.vn) The management of fishing vessels, monitoring of fishing activities, and handling of violations in the fisheries sector in Lam Dong province have continued to be implemented in a synchronized and stringent manner, contributing to raising awareness of legal compliance among fishermen and aiming to end illegal, unreported and unregulated (IUU) fishing.
(seafood.vasep.com.vn) Can Tho’s fishery industry sustained steady growth in 2025 with total aquatic and marine output reaching nearly 783,000 tons, fulfilling 100% of the annual target. Aquaculture, capture fisheries and fishing fleet management were further strengthened, aiming for sustainable development in the coming years.
(seafood.vasep.com.vn) In 2025, Vietnam’s pangasius export turnover reached nearly USD 2.2 billion, up 8% year-on-year. This result indicates that pangasius exports maintained their growth momentum despite significant volatility in the global market environment. In December 2025, pangasius export value reached USD 200 million, up 10% compared to December 2024. This solid performance in the final month of the year reflects increased import demand for consumption and inventory replenishment in key markets.
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(seafood.vasep.com.vn) Deputy Prime Minister Bui Thanh Son has signed Decision No. 16/QD-TTg, dated January 5, 2026, approving the implementation plan for the Vietnam-Israel Free Trade Agreement (VIFTA). Under the plan, in the coming period, ministries, ministerial-level agencies, government-affiliated entities and People’s Committees of provinces and centrally-run cities must institutionalize and execute tasks focused on the dissemination of information regarding VIFTA and the Israeli market; legislative and institutional development, as well as enhancing competitiveness and human resource growth...
(seafood.vasep.com.vn) Beyond achieving double-digit growth, Vietnam’s fish cake and surimi exports are showing a notable year-end "inflection point": the EU his accelerating with nearly twofold growth, China & Hong Kong are rising sharply, while the largest market, South Korea, signaled a slowdown in November. According to Vietnam Customs data, export turnover of fish cake and surimi reached $327 million in the first 11 months of 2025, up 22% year-on-year; November 2025 alone accounted for $35 million, marking a 5% increase. This serves as a critical foundation for exporters to reassess market structures and competitive intensity while finalizing order strategies for 2026.
(seafood.vasep.com.vn) Ca Mau, widely regarded as the nation’s “shrimp capital”, continued its strong performance in 2025 as shrimp output reached nearly 600,000 tons, maintaining its position as Vietnam’s leading shrimp-producing locality.
(seafood.vasep.com.vn) On December 29, 2025, at the 2025 Pangasius Industry Review Conference held in Can Tho City, the Vietnam Pangasius Association announced that fingerling prices have surged to record levels due to acute supply shortages.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
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