According to the study, “Vietnam Fishery Industry Comprehensive Report Q4/2019” the key companies operating in the Vietnam fishery industry are Minh Phu Corporation-MPC, I.D.I International Development & Investment Corporation, Vinh Hoan Corporation-VHC, Quoc Viet Seafood Processing, and Export Company Limited, BIEN DONG SEAFOOD, SocTrang Seafood Joint Stock Company-STAPIMEX, Hung Vuong Joint Stock Company-HVG, SAO TA FOODS JOINT STOCK COMPANY, Nam Viet Joint Stock The company, Cuu Long Fish Joint Stock Company.
Based on the technique of fishery, the Vietnam fishery industry is segmented into hand gathering, netting, angling, spearfishing, and trapping. Based on equipment, the market is segmented into hooks, floats, rods, reels, baits, lines, sinkers, lures, spears, nets, waders, gaffs, traps, and tackles boxes. Based on the sector, the market is segmented into the traditional sector, commercial sector, and the recreational sector. The traditional sector comprises individuals and enterprises associated with fisheries resources from which aboriginal people spring products in accordance with their traditions. The commercial sector encompasses individuals and enterprises associated with aquaculture resources or wild-catch and the numerous transformations of those resources into products for sale. Additionally, the recreational sector comprises individuals and enterprises associated with the purpose of recreation and sport or sustenance with fisheries resources from which products are derived that are not for sale.
The Vietnam fishery industry is driven by a rise in demand for different varieties of fish, followed by an increase in awareness about the irreplaceable health benefits of seafood, change in lifestyle patterns, and growth in economy and rise in disposable income. However, the increase in water pollution may impact the market. Moreover, a rise in the demand for aquaculture is a key opportunity for the market.
In Q4/2019, Vietnam fishery the industry is reached at a rapid pace owing to growth in aquaculture production. The country has become a leading fishery producer & exporter in the Asian-Pacific region, along with Thailand and Indonesia. Exporting fishery becomes one of the most significant fields of the country’s economy. In the upcoming years, Vietnam’s fishery export trade is estimated to witness higher growth rate due to favorable weather conditions over the forecast period.
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Ankur Gupta, Head Marketing & Communications