Canada’s trade policy changes in early 2024 are opening up significant opportunities for Vietnamese exports, particularly in the seafood sector. Under the new adjustments, Canada is easing trade barriers, making it more convenient for Vietnamese goods to access this market. As a result, key export items such as machinery, textiles, agricultural products, and seafood have all seen impressive growth in 2024. Specifically, seafood exports to Canada have increased by 22% as of the first quarter of 2024, indicating strong demand from this market. Products such as pangasius, shrimp, and processed seafood are becoming increasingly popular, presenting great development potential for Vietnamese businesses.
However, while export opportunities are expanding, Vietnamese businesses are facing a significant challenge: a shortage of raw materials for processing. According to reports from Bà Rịa – Vũng Tàu in March 2024, one of the country’s largest seafood processing hubs, domestic supply currently meets only 40–50% of production demand. This shortfall is attributed to various factors, including declining fishing yields, high aquaculture costs, and competition from international markets. Many businesses in the region report that they must import raw materials from Southeast Asia and Europe to sustain production, increasing product costs and reducing competitiveness in the global market. Some companies have even had to cut staff and adjust export plans to cope with the situation.
The strong growth in seafood exports, contrasted with insufficient domestic supply, presents a major paradox. Without long-term solutions such as improving aquaculture capacity and managing marine resources more effectively, Vietnam risks missing out on significant opportunities in the international market.
Source:
Ba Ria Vung Tau faces shortage of seafood
