Vietnam has seen significant growth in seafood production, making the country the world’s fourth largest seafood producer. Since the turn of the century, the seafood sector in Vietnam has seen a significant transformation, during shifting from fisheries to a mainly aquaculture-dominated sector. This study examines the production trends, trade dynamics, apparent seafood consumption, and sustainability challenges that have emerged during this period, utilizing FAO Fish Stat Plus data from 2000 to 2023.
From 2000 to 2023, Vietnam’s aquaculture industry experienced rapid growth. The proportion of aquaculture in overall production increased from 35% to over 60% primarily due to the rapid increase in production of two species: pangasius and shrimp. Production levels increased by over tenfold due to advancements in technology, governmental incentives, and substantial global demand. Aquaculture has emerged as a primary catalyst of Vietnam’s economy, generating employment, enhancing exports, and bolstering food security. Shrimp and pangasius were also the primary species contributing to the increase in export income from $2 billion in 2000 to over $11 billion in 2023. However, this rapid expansion has raised issues over sustainability, including disease outbreaks and environmental degradation.
Conversely, overfishing and habitat degradation have maintained the status quo in capture fisheries. Moreover, Vietnam’s wild fish nets are increasingly unlikely to be exported due to overfishing, resource scarcity, and stringent international regulations such as the EU’s IUU fishing legislation.
In common with many other Asian countries, shrimp is highly important for the seafood exports as it accounts for about 40% of export revenue. The European Union, the United States, Japan, and China constitute the primary export markets. Despite its lower unit cost, pangasius remains highly competitive in global whitefish markets due to its mass production and affordability. Furthermore, supplementary products such as crab, tilapia, and cephalopods are enhancing export diversity and providing additional opportunities for Asian and European markets.