Report Overview

Growing demand for the country’s aquaculture products from key markets, such as the United States, Japan, and China, conducive environment for aquaculture production, and rapid adoption of advanced fishery management tools by companies and aquafarmers are major growth drivers for the Vietnam aquaculture market.

Vietnam Aquaculture Market - Industry Trends & Forecast Report 2028

Vietnam Aquaculture Market size volume was estimated at 5.12 million tons in 2021. During the forecast period (2022–2028), the Vietnam aquaculture market size volume is expected to expand at a CAGR of 4.2% to reach 6.85 million tons by 2028. Increasing adoption of advanced fishery management tools by aquafarmers and aquaculture production companies in Vietnam, the country’s less reliance on primitive capture fish production methods, and increasing demand for the country’s aquaculture products from the world’s large aquaculture product importers, such as the United States, Japan, and China, are expected to be major drivers for the growth of Vietnam aquaculture market during the period in analysis.

Vietnam Aquaculture Market - Overview

With a long coastline of 3,260 kilometers and an Economic Exclusion Zone of 1 million square kilometers, Vietnam is one of the best areas in the world for the seafood business, including aquaculture and open ocean fishing. Vietnam is currently the fourth-largest aquaculture producer of seafood, trailing China, Indonesia, and India. The aquaculture systems become more diverse from the north to the south of Vietnam, due to the favorable geographic and climate conditions in the country.

The Vietnam government's initiatives to develop the brackish shrimp industry in the country until 2030 is also driving the aquaculture market. These initiatives aim to increase productivity, production, and the commercial value of the products. With a shrimp farming area of 750,000 hectares, production volume is expected to reach around 1.3 million tons. Aside from that, the UN Conference on Trade and Development (UNCTAD) and Vietnam's Nha Trang University recently opened a new Regional Centre of Excellence in the country. As a hub for aquaculture and fisheries in underdeveloped countries spanning Asia and Africa, the center will aid industry expansion.

Vietnam Aquaculture Market - Industry Trends and Forecast

The development of high-yield aqua feed spurs the increased demand for aquaculture goods. Commercially manufactured aqua feed is used in intensive aquaculture. As an ASEAN member, Vietnam is party to several bilateral and free trade agreements, which has resulted in a significant increase in demand for Vietnam aquaculture goods in major economies such as the United States, China, and Japan.

The European Union and Vietnam concluded the EU-Vietnam Free Trade Agreement (EVFTA) in June 2019. The EVFTA has further boosted the export of Vietnam aquaculture products to major European countries. The Netherlands, the United Kingdom, Germany, and Belgium accounted for most of the growth. The Netherlands and Germany imported a huge amount of pangasius fish, which was exported to Central and Eastern European countries with small import ports. Exports of aquaculture goods to the EU could rise in the coming years, due to tax benefits provided by the EVFTA.

Growth Drivers

Adoption of advanced fishery management tools

Increased consumer awareness of the many health advantages and nutritional value of seafood and aquaculture products and increasing discretionary spending have boosted the demand for aquaculture goods across the world, including in Vietnam. A major driver for the Vietnam aquaculture market is the expanding export of aquaculture products to major developed markets such as the United States, countries of European Union, Japan, and China. In line with this, the Government of Vietnam's positive policies for investing in sustainable aqua farming methods and semi-intensive shrimp farming projects to promote the growth of black tiger shrimps are pushing the market growth. In addition, the widespread use of fish oils in numerous industrial sectors, such as healthcare and pharmaceuticals, to produce nutritional supplements is boosting the market's prospects. To meet the rapidly growing demand for aquaculture goods, aquaculture companies and aquafarmers in Vietnam use sophisticated fishery management tools. The tools help them in increasing the operational efficiency to improve the aquaculture yield. Along with the increasing adoption of fishery management tools, the implementation of modern aquafarming techniques could boost the growth of Vietnam aquaculture market.

Restraints

Stringent export policies

The food products, including aquaculture products, are required to meet strict quality and safety measures implemented by various regulatory authorities in developed countries (the United States, Europe, Japan, and China), which are major export markets for Vietnam aquaculture products. The Covid-19 pandemic forced many regulatory authorities and governments to impose stricter food quality and safety standards. It could increase the operational costs of companies in Vietnam aquaculture market. This, in turn, may limit the growth of Vietnam aquaculture market.

Segmental Coverage

Vietnam Aquaculture Market – By Product Type

Based on product type, Vietnam aquaculture market is segmented as Aquatic Plants, Fish, Crustaceans, Mollusca, Warm Water Species (Grouper, Barramundi, Seabream, Marine Tilapia, Silver Pompano, Yellowfin Tuna, Red Snapper, King Fish – Seriola lelandi, Meagre) and others (including Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp). Among them, the fish segment is expected to continue its dominance in Vietnam aquaculture market by product type as there is an increasing demand for fish due its health and nutritional benefits.

Vietnam Aquaculture Market – By Environment

Vietnam aquaculture market by environment is divided into Fresh Water, Brackish Water, and Marine Water. Among them, the fresh water environment segment is projected to hold the highest market share in Vietnam aquaculture market during the forecast period.

Competitive Landscape

Prominent players in Vietnam aquaculture market include CaMau Seafood Processing & Service Joint Stock Corporation, Hung Vuong Corporation, Minh Phu Seafood Corporation, I.D.I. International Development & Investment Corporation, Sao Ta Food Joint Stock Company, Vinh Hoan corporation, Quoc Viet Co. Ltd, Dong Nam Seafood, Phuon Dong Seafood, Ngoc Sinh seafood, SOC Trang Seafood Joint Stock Company, and Thuan Hung Fisheries Company Ltd.

Recent Developments

• In July 2022 - Minh Phu Seafood and Shiok Meats, a Singapore-based cultivated meat and seafood company, signed a memorandum of understanding (MoU) to set up a research and development facility for producing sustainable seafood in Vietnam.

Scope of the Report

By Product Type

• Aquatic Plants

• Fish

• Crustaceans

• Mollusca

• Warm Water Species

1. Grouper

2. Barramundi

3. Seabream

4. Marine Tilapia

5. Silver Pompano

6. Yellowfin Tuna

7. Red Snapper

8. King Fish – Seriola lelandi

9. Meagre

10. Others (Largemouth Bass, Jade Perch, Catfish, Pangasius, and Carp)

By Environment

• Fresh Water

• Brackish Water

• Marine Water

By Distribution Channel

• Traditional Retail

• Specialized Retailers

• Supermarkets and Hypermarkets

• Online Retailers

• Others