Domestic raw material satisfies 60 – 65 percent of production capacity of processing plants. Over recent years, local companies have to import raw material from other countries to ensure production and exports in order to keep jobs for thousands of workers and raise competitiveness.
Between 2009 and 2012, imports of seafood into Vietnam doubled to reach US$700 million while the Ministry of Finances proposed to increase fish import tax. This would cause many obstacles for seafood companies in the context of tough competition in the global market.
Over the past of 2 years, Vietnamese exports of marine fish products keep decreasing mainly due to lack of raw material. Cephalopod products saw a drop of 3.5 – 10.8 percent in sales abroad in the 3 straight years. In Q.I/2014, tuna got the deepest year-on-year fall of 25.6 percent among marine products.
Some years ago, Vietnamese Prime Minister approved the strategy on development of fishery industry and the planning on development of seafood processing in Vietnam by 2020. Accordingly, seafood processing is considered as the drive for other branches including fisheries, aquaculture and logistic services. The objective is to build up a modern, consistent and sustainable processing chain from pond to table along with high competitiveness in the global market by 2020.
Vietnamese seafood exports are expected to reach US$8 billion by 2015 and US$10 billion by 2020. To reach this target, Vietnam needs to import 600,000 MT of raw fish (equal to US$1.3 – 1.5 billion) by 2015 and 1 million MT (equal to US$2 – 2.5 billion) by 2020.
So far, Vietnamese seafood companies have still been grappling with many challenges, as they are facing stricter technical and trade barriers set by importing markets and strong competition from other supplying countries. These challenges become tougher due to high tax and complicated procedures to import raw fish for processing to export and fulfilling supply contracts with foreign companies. Tax on seafood imported into Vietnam is higher than that imposed in other countries in Asia, which leads to weaken their competitiveness against other exporting countries like Thailand and China. The countries facilitate seafood imports in order to protect domestic fish stocks.
Currently, Ministry of Finances reduces taxes to zero for some fish species imported into Vietnam for processing to export. However, taxes on imported main species including shrimp, tuna or cephalopods are still high. Tax on imported shrimp is at 10-15 percent, for tuna 12 – 24 percent and 10 – 17 percent for cephalopod.
On April 17, 2014, VASEP sent an Official Letter No. 75/2014/CV-VASEP to Minister of Finances, Hoang Anh Tuan, to propose a meeting between leaders of Ministry of Finances and representatives of seafood companies to discuss Association's 4 recommendations on customs and import tax procedures.
VASEP is asking Ministry of Finances to consider reduction of tax to zero percent for some key fish species in short supply.
Previously, VASEP's recommendation on import tax reduction was accepted by Ministry of Agriculture and Rural Development (MARD) through MARD's Official Letter No. 3552/BNN-CB of November 16, 2011.
(seafood.vasep.com.vn) According to a report by the General Statistics Office, the estimated pangasius output for January 2025 reached 102.5 thousand tons, representing a 6.0% increase compared to the corresponding period of the preceding year. This surge is attributed to the rise in pangasius material prices within the Mekong Delta, which has incentivized aquaculture farmers to expand their stocking activities. Concurrently, this price increase has facilitated processing enterprises to intensify procurement efforts to meet export demands during the early part of the year.
(seafood.vasep.com.vn) Between 2015 and 2024, Vietnamese pangasius exporting enterprises have undergone notable transformations in rankings and experienced fluctuations in developmental strategies, competitive intensity, and business efficacy. This dynamic is clearly illustrated through shifts in export turnover and the proportional contribution to the national pangasius export volume among the Top 5 enterprises.
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
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
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