Vinh Hoan stands out as a leader in this sector, employing a sustainable, closed-loop farming model with five subsidiaries focused on various aspects of aquaculture. These include pangasius seed production, aquatic feed, and the extraction of gelatin and collagen, along with a fertilizer production arm. Notably, the gross profit margin for the collagen and gelatin factory can reach up to 30%. Chairwoman Ms. Truong Thi Le Khanh emphasizes that optimizing production processes and minimizing waste enables the company to maximize profits.
Vinh Hoan's circular economic model not only enhances the processing of high-value products from by-products but also supports Vietnam's Net Zero goals. Many prominent seafood companies, such as De Heus, Minh Phu, Thang Long, Vietnam Food, and Skretting, are investing in R&D for aquaculture and seafood processing to lower emissions in line with international commitments.
Promoting the circular economic model over a linear one is seen as a crucial strategy for balancing economic growth with environmental sustainability. Vietnam aims to achieve 10 billion USD in shrimp exports by 2030—three times the current value—projecting an output of approximately 1.1 million tons. The estimated shrimp by-product volume stands at around 500,000 tons. Mr. Phan Thanh Loc, Chairman of Vietnam Food Joint Stock Company, notes that shrimp by-products can yield 20-30 times more value in the pharmaceutical sector or 15-20 times more in the functional food industry. With a shrimp production forecast of over 1.2 million tons in 2023, the potential for increased value from by-products is significant.
Vinh Hoan's circular model has led to remarkable results, with revenue from the collagen and gelatin segment experiencing a compound annual growth rate (CAGR) of 21% from 2018 to 2023, contributing 7% to total revenue in 2023. In contrast, fishmeal and fish fat fetch prices of only 1.2-1.5 USD/kg, while collagen production can yield 15-20 USD/kg for finished products. Overall, leveraging by-products could enhance the value of Vinh Hoan's pangasius farming and processing chain by 15-25%.
Similarly, PAN Group Joint Stock Company is embracing sustainability as a cornerstone of modern agriculture, investing in a recycling production model. By collaborating with a shrimp shell processing company, PAN Group has transformed what would have been costly waste management for over 7,500 tons of shrimp heads and shells into an additional revenue stream of 15 billion VND.
Vietnam generates approximately 170-180 million tons of agricultural by-products annually. With the right processes and technologies for recovery and recycling, these by-products could offer substantial economic benefits while also mitigating environmental waste. The seafood industry aims to ensure that by 2030, all by-products from shrimp and fish processing will be repurposed for circular production.
The experience of Vietnam Food, which processes 35,000-50,000 tons of shrimp by-products each year—boosting their value by 6-8 times—serves as a valuable lesson. Mr. Loc stresses the need for innovative initiatives and a comprehensive industry ecosystem to promote growth. "We believe that today's waste is tomorrow's resource. Achieving this requires strong governmental support, as it represents a new industry," he concludes.
(seafood.vasep.com.vn) With continued policy support, technological innovation and close coordination among authorities, businesses and farmers, Vietnam’s pangasius industry is expected to make a strong and sustainable breakthrough during the 2026–2030 period, reinforcing its position as the world’s leading exporter of the fish.
(seafood.vasep.com.vn) During the first four months of 2026, Vietnam’s tilapia exports to Asian markets showed varying trends across regions and countries. The Middle East recorded strong growth, with Saudi Arabia emerging as the largest Asian market for Vietnamese tilapia. ASEAN markets also expanded significantly, driven primarily by Malaysia. Meanwhile, Japan maintained solid growth, while exports to South Korea declined compared to the same period in 2025.
(seafood.vasep.com.vn) Shrimp and pangasius continued to lead growth, helping seafood exports reach $4.67 billion in the first five months of the year; however, differentiation among product groups and increasingly stringent requirements from importing markets are posing many challenges for the industry.
(seafood.vasep.com.vn) Every day, the seafood processing industry in Ca Mau generates large quantities of shrimp heads and shells during processing operations. In the past, these by-products were largely treated as waste, increasing production costs and posing potential environmental risks. However, thanks to advanced processing technologies, materials once considered waste are now being transformed into high-value products, creating a circular economy model within the seafood industry.
(seafood.vasep.com.vn) Vietnam Clean Seafood Corporation has invested in a 280-hectare super-intensive shrimp farming zone in Tran De Commune, Can Tho City, generating export value of approximately VND 3 billion per hectare per year—around 50 times higher than traditional agricultural production.
(vasep.com.vn) Vietnam’s seafood exports reached USD 1.02 billion in May 2026, up 0.6% year-on-year. Cumulative exports in the first five months of 2026 totaled USD 4.67 billion, an increase of 11% compared to the same period in 2025.
(seafood.vasep.com.vn) In a rapidly changing global seafood market, timely insights and reliable data are more critical than ever. The Report on Vietnam Seafood Exports in Q1/2026 provides a comprehensive overview of the latest developments in Vietnam’s seafood production, trade performance, and export trends, helping businesses navigate uncertainty and identify new growth opportunities.
(seafood.vasep.com.vn) While many major markets continue to experience slow growth, Russia has emerged as a brighter destination for Vietnamese tuna exports in early 2026. Export turnover to this market increased by nearly 55% in the first four months of the year, indicating a clear improvement in demand. Nevertheless, Russia remains a market that should be viewed with both optimism and caution.
(seafood.vasep.com.vn) Vietnam’s pangasius exports have shown encouraging signs of recovery in 2026. In the first four months of the year, total export turnover reached USD 720 million, up 17% compared to the same period last year. This result reflects improving demand across many markets, as well as the efforts of Vietnamese pangasius enterprises to maintain production, secure orders, and adapt to changing market conditions.
(seafood.vasep.com.vn) In the first four months of 2026, Vietnam’s tilapia exports reached USD 49 million, up 151% compared to the same period in 2025. This impressive growth reflects positive momentum in the tilapia sector, with Brazil emerging as a key driver of growth, while frozen tilapia fillets continued to be the industry's leading export product.
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