Vietnam targets to become one of the world’s seafood processing hubs and among the top five seafood exporters by 2030.

Processing seafood for exports at Godaco Company in Tien Giang Province. Photo: Viet Hung

The move was revealed in the Government’s development strategy for the seafood industry in the 2021-2030 period, targeting a modern and sustainable production model that is capable of meeting strict requirements from international markets for further integration into global supply chains.

Under the plan, the production capacity of processed seafood is set to expand by an average of 6% per annum in the next 10 years, while the export turnover of processed products would account for over 40% of the total, with shrimps making up 60%, followed by catfish (10%), tuna (70%), squid and octopus (30%).

For this goal, the Government expected over 70% of processing facilities to possess mid to advanced production technology capabilities and establish large-scale seafood corporations with international competitiveness.

By 2030, the domestic market for processed seafood would reach VND40-45 trillion ($1.75-1.97 billion), which would contribute to seafood exports of US$14-16 billion per year.

In the coming time, a key priority for the industry would be to promote sustainable production that is in line with international practices and requirements on produce traceability to prevent potential trade frauds.

Vietnam would continue to promote investment into the industry to upgrade technological production and capabilities towards enhancing food safety, quality and diversification, focusing on those with high added-value such as shrimps, catfish, or tuna.

For the first six months of this year, Vietnam’s seafood exports stood at $4.1 billion, as the country is on track to realize the export target of $9 billion in 2021, with the US and EU as two major export markets.