The most imported seafood products into the UAE are frozen whiteleg and black tiger shrimp, processed/preserved tuna, skipjack and Atlantic tuna, fresh/chilled Atlantic salmon, Danube salmon and other frozen fish like pangasius.
Following the general decline trend in the world market, Vietnam's seafood exports to the UAE in the first half of 2023 plummeted by over 50%, reaching more than 17 million USD. In which, exports of pangasius and black tiger shrimp all decreased by over 50%, whiteleg shrimp suffered the most with a staggering 73% decline.
Vietnam pangasius holds a prominent role in the frozen fish fillets segment in the UAE, accounting for 40-50% of the market share
Each year, Vietnam exports about 22-24 thousand tons of seafood to the UAE, with a value ranging from 50-70 million USD, showing that there is still a lot of room in this potential market. Especially in the frozen fish fillets segment (HS code 0304), Vietnam holds a prominent position as Vietnam’s pangasius products occupy 40-50% of the market share in the UAE.
However, Vietnam only ranked 5th in among main shrimp suppliers in this market. Vietnamese shrimp products face competition from India and Ecuador. India dominates the market with a significant share of 60%-70%, Ecuador holds 15% while Vietnam has a smaller share at 5%-7%.
The UAE is a net importer of seafood and the country imports up to 90% of its food consumption. A growing population, with diverse backgrounds, high incomes and growing demand for seafood are driving demand for aquatic products. Rapid urbanization, increasing disposable income and young people's preference for seafood protein along with tourism will definitely boost seafood consumption in this market.
The UAE consumes more than 220,000 tons of seafood/year and has a per capita seafood consumption of 28.6 kg/year, which is higher than the global average (FAO, 2021).
Almost 90% of the population of the UAE are immigrants and fish and seafood products are an integral part of the traditional meals. Furthermore, a study found that online searches for seafood products have skyrocketed in recent years, making seafood one of the fastest-growing proteins searched in GCC countries. Seafood products are considered healthy and people are reducing their meat consumption. The UAE is also one of the top destinations for premium seafood, and demand for lobster, scallops and other high-quality fish is on the rise.
Positive signal of UAE
The UAE is a net importer of seafood and the country imports up to 90% of its food consumption
The UAE's economic outlook remains positive, with GDP growing by 3.6% in 2023. Despite the geopolitical ramifications the global economy is currently facing, the UAE economy is poised for recovery, growth and prosperity in the second half of the year. Its successful economic performance has led to the UAE being named the world's largest economy - an innovation-driven economy. These positive forecasts will make the UAE a very promising destination for seafood exporters who are having difficulty in major markets such as the EU, the US, and China.
The UAE's progress in implementing comprehensive economic partnership agreements will help improve trade and integration into global value chains, which are important drivers of economic growth. Currently, the UAE has signed free trade agreements (FTAs) with many countries, including India, Malaysia, Singapore, New Zealand... India seems to have taken advantage of the tariff advantage in this market to increase its market share over the years.
Pangasius, tuna and other marine fish products imported into the UAE are the main products and are subject to a 5% tax rate. It is expected that this market will be more open to Vietnam's exported seafood products to this market if Vietnam can agree on the seafood import tax rate into the UAE to 0% immediately. However, besides the tariff problem, the most difficult thing for exporters to the UAE is the requirements of importers related to Halal certification - if this problem is concerned by ministries and businesses to overcome, Vietnamese seafood not only conquering the UAE market but also the potential Middle East region.
Top 10 Vietnam’s seafood products exported to UAE (USD) |
||||
Product |
H1/2022 |
H2/2023 |
Change(%) |
Proportion (%) |
35,332,031 |
17,503,111 |
-50.5 |
100.0 |
|
Pangasius |
18,769,871 |
9,386,403 |
-50.0 |
53.6 |
Black tiger shrimp |
4,452,072 |
2,059,686 |
-53.7 |
11.8 |
Tuna |
1,896,059 |
2,049,510 |
8.1 |
11.7 |
Whiteleg shrimp |
5,698,848 |
1,544,437 |
-72.9 |
8.8 |
Seabass |
346,607 |
960,740 |
177.2 |
5.5 |
Anchovy |
725,911 |
710,061 |
-2.2 |
4.1 |
Other shrimps |
2,941,998 |
329,834 |
-88.8 |
1.9 |
Ornamental fish |
88,308 |
128,941 |
46.0 |
0.7 |
Tilapia |
6,225 |
66,494 |
968.2 |
0.4 |
Squid |
68,246 |
60,706 |
-11.0 |
0.3 |
With Tet (Lunar New Year) approaching, fishermen along Vietnam's central coast are capitalizing on favourable weather conditions to intensify their fishing efforts, meeting the burgeoning demand for seafood across the nation.
(seafood.vasep.com.vn) Shrimp exports in 2024 reached nearly USD 4 billion, a 14% increase compared to 2023. Reflecting on 2024, the shrimp industry demonstrated resilience and persistent effort in overcoming challenges, solidifying its strong position in exports.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai Nam said that in the past 5-6 years, Vietnam's seafood export value has only hovered around 8-10 billion USD/year. To reach the value of 16 billion USD by 2030, Mr. Nam proposed establishing corporations/enterprises to exploit the sea.
(seafood.vasep.com.vn) Vinh Hoan Seafood (stock code VHC) announced that its export turnover to three key markets— the U.S., EU, and China—grew between 32% and 40% in November 2024 compared to the same period in 2023.
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
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn