PRESS RELEASE: "Surimi and Fishmeal Industry Conference - Establishment of VASEP Surimi and Fishmeal Business Club"

Surimi and fishmeal are typical industry sectors that engage the circular economic chain within the seafood industry. These sectors not only creates jobs for farmers, fishermen and local people, but also contributes significantly to the country's fisheries economy and overall livestock production.

The surimi production and export industry is growing strongly due to its cost-effectiveness and popular use as an important ingredient in a number of dishes, especially in Asian cuisine. In addition, consumers favor surimi because of its high nutritional value and favorable shelf life.

In the past 5 years, each year Vietnam earned 300-420 million USD from exported surimi products, including marine fish surimi and pangasius surimi, accounting for 4-5% of Vietnam’s total seafood export turnover. Among hundreds of frozen, processed, fresh, live, dried seafood products, surimi is a segment having enormous potential for further development because of domestic fisheries’ characteristics and increasing global consumption.

The fishmeal product group occupies an important position in the specific animal feed production industry. Aquaculture activities (both in Vietnam and globally) in recent years have exhibited growth in both farming areas and output. Demand for aquatic feed is increasing rapidly and this trend is expected to continue to in the next few years. Therefore, fishmeal - one of the main sources of raw materials for the production of animal feed, especially aquaculture - also increased significantly.

Vietnam annually produces 530-540 thousand tons of fishmeal , of which 200-280 thousand tons are exported, including fishmeal produced from marine fish and from by-products of pangasius. Vietnam also imports 130-140 thousand tons/year of fishmeal with high protein content. In terms of value, in the first 10 months of 2023, 108 million USD of fishmeal were exported while imported totaled at about 89 million USD. This year, Vietnam's fishmeal export turnover is estimated to reach 120-130 million USD, with imports expected to be about 100-110 million USD.

While positioned as an important industry group with large room for development, there are increasingly specific requirements related to the environment, IUU control, and sustainability certification to maintain a prominent role in the industry’s circular economy.

With the aim of cooperating, supporting each other to improve the value and quality of Vietnam’s surimi and fishmeal products, cooperating closely for mutual benefit in the implementation of issues related to raw materials, quality, environmental responsibility, social responsibility, markets, barriers and policies, on 22 December 2023 Vietnam Association of Seafood Exporters and Producers (VASEP) organized the “Surimi and Fishmeal Industry Conference - Establishment of the VASEP Surimi and Fishmeal Business Club”.

The club operates as part of the VASEP Marine product Committee under Vietnam Association of Seafood Exporters and Producers (VASEP), functioning according to VASEP’s general regulations of and the club's specific regulations.  Its members can participate in all relevant activities of VASEP in general and of the club in particular.

In addition to regular activities such as accessing VASEP's market information channels, providing feedback, and recommendations on policy regulations, participating in conferences, seminars, and training programs, club members will also join international forums and international fairs to improve competitiveness and deeper integration such as: IFFO's annual conference and fairs related to surimi and fishmeal; North Atlantic Seafood Forum (NASF), China Animal Feed Industry Exhibition, Vietnam Fisheries International Exhibition (Vietfish), international seafood fairs (Spain, Boston, Qingdao-China, Japan...).

With internal advantages in raw materials from marine fishing, aquaculture and pangasius processing by-products, VASEP Surimi and Fishmeal Business Club will strongly promote the industry’s economic development and local economies, as well as creating jobs and livelihoods for farming and fishing communities in various localities.

With the primary objective of collaborating, sharing, and supporting each other to promote sustainable development within the surimi and fishmeal industries, VASEP Surimi and Fishmeal Business Club  is committed to always pioneer circular economy development, sustainable development of seafood supply chains through strict compliance with environmental, labor, social responsibility regulations, especially regulations against illegal, unreported and unregulated (IUU) fishing.