Sector Trend Analysis – Fish and seafood trends in Vietnam

Trade overview

Vietnam ranked as the seventeenth largest market for fish and seafood in the world in 2022, with a market value share of 1.6% and imports valued at US$2,950.7 million (991.7 kilotonnes). Over the period of 2018 to 2022, Vietnam experienced a decrease in imports from US$4,456.1 million in 2018 (1,899.7 kilotonnes), resulting in a CAGR of −23.7%.

Canada was the thirteenth largest market for fish and seafood in 2022, accounting for 2.1% of the total world market share. Canada's imports were valued at US$3,976.1 million and 597.3 kilotonnes, representing an increase compared to 2018, with a CAGR of 6.2% from 2018 to 2022.

World's global fish and seafood in volume to Vietnam declined at a CAGR of −40.5% from 2018 to 2022.

The top three suppliers of fish and seafood to Vietnam in 2022 were India, with a market value share of 15.6% (equivalent to US$461.5 million and 128.8 kilotonnes), followed by Indonesia with a 9.7% market value share (US$287.3 million and 58.4 kilotonnes), and Norway with a 9.6% market value share (US$282.7 million and 71.3 kilotonnes). World's global fish and seafood in value to Vietnam declined at a CAGR of −23.7% from 2018 to 2022.

Canada was the 14th largest supplier of fish and seafood products to Vietnam, with a 2.1% market value share. Canada provided US$61.9 million and 4.2 kilotonnes of fish and seafood to Vietnam in 2022. But the CAGR growth declined at −29.6% from 2018 to 2022.

World's global fish and seafood in volume to Vietnam declined at a CAGR of −15.0% from 2018 to 2022.

Canada ranked 31 largest supplier in volume to Vietnam, but the CAGR growth significantly dropped at −48.6% from 2018 to 2022, and the market share is 0.4%.

Vietnam's total fish and seafood global imports declined by a CAGR of −9.8%. Top imported fish and seafood products to Vietnam were frozen shrimps and prawns, even smoked, valued at US$479.7 million, (69.7 kilotonnes), followed by frozen yellowfin tunas, valued at US$356.6 million (106.9 kilotonnes), and cuttle fish and squid, frozen, with or without shell valued at US$336.3 million (80.0 kilotonnes) in 2022.

Top five global fish and seafood suppliers by top five products to Vietnam, in US$ millions

India

Vietnam's fish and seafood importing from India decreased at a CAGR of −14.8% from 2018 to 2022. Top three products are frozen shrimps and prawns valued at US$295.3 million, flours, meals and pellets of fish or crustaceans, molluscs or other aquatic invertebrates valued at US$89.1 million and frozen cuttle fish and squid valued at US$33.5 million in 2022.

Indonesia

Vietnam's fish and seafood importing from Indonesia increased at a CAGR of 23.0% from 2018 to 2022. Top three products are cuttle fish and squid valued at US$190.1 million, frozen yellowfin tunas valued at US$45.2 million and frozen fillets of tuna valued at US$21.2 million in 2022.

Norway

Vietnam's fish and seafood importing from Norway increased at a CAGR of 9.8% from 2018 to 2022. Top three products are fresh or chilled atlantic salmon and danube salmon valued at US$77.8 million, frozen mackerel valued at US$71.3 million and frozen fillets of pacific salmon, atlantic salmon and danube salmon valued at US$58.2 million in 2022.

China

Vietnam's fish and seafood importing from China decreased at a CAGR of −2.7% from 2018 to 2022. Top three products are live fish valued at US$26.8 million, live eels valued at US$23.6 million and frozen cuttle fish and squid valued at US$22.3 million in 2022.

Taiwan

Vietnam's fish and seafood importing from Taiwan increased at a CAGR of 1.8% from 2018 to 2022. Top three products are frozen yellowfin tunas valued at US$106.7 million, frozen albacore or longfinned tunas valued at US$20.0 million and frozen fish , n.e.s valued at US$17.0 million in 2022.

Canada's performance

In 2022, Canada became Vietnam's 14th largest supplier of fish and seafood. The total value of fish and seafood imports from Canada in 2022 was US$61.8 million, which represents a −11.6% decrease in growth rate from 2018 to 2022 compared to the US$101.3 million registered in 2018.

The top three fish and seafood imports from Canada were frozen crabs, even smoked (HS: 030614), which amounted to US$43.2 million and 2,428.1 tonnes; live, fresh or chilled lobsters (HS: 030632), which amounted to US$9.1 million and 330.3 tonnes; and frozen, even in shell, clams, cockles and ark shells (HS: 030772), which amounted to US$2.9 million and 219.7 tonnes in 2022.

The volume of fish and seafood imports from Canada also decreased by −48.5% from 2018 to 2022, from 60,186.7 tonnes in 2018 to 4,232.8 tonnes in 2022.

Retail sales by category

The strong fluctuations in oil prices in 2022 meant that the cost of fishing increased. For aquaculture, the cost of animal feed also increased, which drove up the prices of fish and seafood. In addition, the prices of food in general have been rising, which has tightened consumers' budgets (Euromonitor 2022).

The retail sales of fish and seafood in Vietnam have seen a steady growth over the past few years. The retail sales of fish and seafood in Vietnam increased from US$6,645.2 million in 2018 to US$10,367.2 million in 2022, with a CAGR of 11.8%. The market is expected to continue its growth, with a forecasted retail sales value of US$11,509.9 million in 2023 and US$18,898.5 million in 2027, with a CAGR of 12.8% from 2023 to 2027.

The retail sales of crustaceans in Vietnam increased from US$1,660.6 million in 2018 to US$2,555.5 million in 2022, reflecting a CAGR of 11.4%. The market is predicted to maintain its upward trajectory, with an estimated CAGR of 16.3% from 2023 to 2027. The retail sales value of crustaceans is projected to be US$2,941.6 million in 2023 and US$5,447.8 million in 2027.

Fish sales in Vietnam grew at a CAGR of 11.6% from 2018 to 2022, with retail sales climbing from US$3,124.7 million in 2018 to US$4,879.3 million in 2022. The fish market is expected to grow at a faster pace, with a projected CAGR of 11.7% from 2023 to 2027. The retail sales value of fish products is anticipated to be US$5,345.1million in 2023 and US$8,476.0 million in 2027.

Molluscs and cephalopods in Vietnam saw retail sales surge from US$1,859.9 million in 2018 to US$2,932.3 million in 2022, reflecting a CAGR of 12.1%. The market is expected to grow from 2023 to 2027, with a projected CAGR of 11.2%. The forecasted retail sales value for molluscs and cephalopods is $3,223.3 million in 2023 and $4,974.8 million in 2027.

Retail sales of processed seafood in Vietnam have seen growth over the past few years, with a CAGR of 10.2% between 2018 and 2022. During this time period, the total retail sales of processed seafood increased from US$172.8 million in 2018 to US$255.1 million in 2022 and the forecast indicate that the market will continue to growth from 2023 to 2027. All the three segments, shelf stable seafood, chilled processed seafood, frozen processed seafood are growing at a CAGR of 12.5%, 7.3% and 7.6% respectively from 2018 to 2022.

In 2022, the value of retail sales of processed meat and seafood in Vietnam amounted to US$506.7 million, with a growth rate of 8.3% from 2018 to 2022 compared with the value of US$368.7 million in 2018. The primary distribution channel for these products was offline retail, specifically grocery retailers, which had a market value of US$504.8 million in 2022, showing an increase in growth rate of 8.2% from 2018 to 2022 compared with the value of US$368.2 million in 2018. This channel accounted to 99.6% of the market share, with small local grocers as the largest channel, accumulating a market share representation of 74.1% in 2022.

In contrast, E-Commerce represented a smaller share of the market, accounting for only 0.4% in 2022. However, this channel showed a higher growth rate at the CAGR 39.6% compared to offline retail growth rate at the CAGR 8.2%.

Competitive landscape

Royal Food Co Ltd and CJ Corp were the two largest processed seafood companies with retail sales of US$80.2 million and US$16.4 million respectively representing a 37.8% market share in 2022.

Royal Food Co Ltd and Pataya Food Industries Ltd were the two largest Shelf Stable Seafood companies with retail sales valued at US$80.2 million and US$6.8 million with a combined 61.1% market share in 2022.

Halong Canned Food JSC and Cholon Investment & Import-Export Co (CHOLIMEX) are the two largest frozen processed seafood companies with retail sales valued at US$16.4 million and US$5.7 million with a combined 20.6% market share in 2022.

Three Lady Cooks (Royal Food Co Ltd) and Cau Tre (CJ Corp)were the two largest brands in processed seafood with an 6.6% and 14.6% growth rate respectively from 2018 to 2022.

New product launch analysis

According to Mintel's Global New Products Database (GNPD), there were 3,781 fish and fish products as an ingredient launched in between January 2018 and December 2022. Of those fish products released, 3,546 were food products, 207 were pet products, 16 were health and hygiene and 12 were drinks.

The top sub-categories of products offered were meat products, fish products, prepared meals and poultry products from January 2018 to December 2022. Top claims (may contain more than one claim per package) were ease of use, no additives/preservatives and free from added/artificial preservatives. Top package types were flexible, skinpack and tray. Top flavours (including blends) identified were unflavoured/plain, smoke and fish sauce/Nuoc Mam, while top ingredients identified were white sugar (Food), salt (food) and fish Monosodium Glutamate (food).

Examples of new product launches

Opportunities for Canada

How the CPTPP helps Canada-Vietnam trade and investment

The agreement is currently in force among 10 countries: Canada, Australia, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The CPTPP provides a rules-based trading environment and enhanced market access for exporters and investors, and establishes duty-free access for trade in goods between Canada and Vietnam, eliminating tariffs for key Canadian exports, including:

• agricultural goods:
  • beef (tariffs of up to 31% on fresh, chilled and frozen beef will be eliminated within two years, and tariffs of up to 34% on all other beef products will be eliminated within seven years)
  • pork (tariffs of up to 31% on fresh, chilled, frozen and prepared pork products will be eliminated within nine years)
  • canola (tariffs of 5% on canola seed were eliminated upon entry into force, while tariffs of up to 20% on canola oil will be eliminated within seven years) and
  • ice wine and whisky (tariffs of up to 56% will be eliminated within 10 years).
• fish and seafood products:
  • lobster (tariffs of up to 34% on prepared lobster will be eliminated within three years)
  • salmon (tariffs of up to 18% on fresh, chilled and frozen salmon were eliminated upon entry into force) and
  • fish fillets (tariffs of up to 18% on frozen fish fillets were eliminated upon entry into force)
  • (CPTPP partner: Vietnam)

In addition, please consult the Canada Tariff Finder to explore tariff information for the Vietnam market, and other countries with which Canada has a free trade agreement.

For more information

The Canadian Trade Commissioner Service:

International Trade Commissioners can provide Canadian industry with on-the-ground expertise regarding market potential, current conditions and local business contacts, and are an excellent point of contact for export advice.

• Find a Trade Commissioner

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For information on the Canadian Delicacies Program, please contact:

The Trade Commissioner Service in Vietnam
agriculture-vietnam@international.gc.ca

Resources

• Euromonitor International, 2023
• Global Trade Tracker, 2023
• Mintel Global New Products Database, 2023

Sector Trend Analysis – Fish and seafood trends in Vietnam
Global Analysis Report

Prepared by: Hongli Wang, Senior Market Analyst

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