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Rise in Demand for Different Varieties of Fish Expected to Drive Vietnam Fishery Industry: Ken Research

Vietnam fishery industry is a sector of the food industry involved in the catching of fish, whales, seals, marine invertebrates, and seaweed and their processing into several types of food, feed, medical, and industrial products. It is defined by the Food and Agriculture Organization (FAO) as including subsistence, recreational, and commercial fishing. The commercial activity is targeted at the delivery of fish & other seafood products for humanoid consumption or as input factors in other industrial processes. A fishery is an activity leading to the picking of fish. It may involve the rising of fish or the capture of wild fish through aquaculture. Fishery exists for the purpose of providing human food and other purposes such as a sport or recreational fishing), or obtaining ornamental fish or fish products, for instance, fish oil. It is usually defined in terms of the people involved, area of water or seabed, species or type of fish, class of boats, method of fishing, the purpose of the activities or a combination of the foregoing features. Approximate 90% of the country’s fishery catches come from seas and oceans, as opposed to inland waters.

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.

For More Information, Click On The Link Below:-

Vietnam fishery industry Growth

Related Report:-

Vietnam Fishery Industry Standard Report Q4/2019

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Ken Research

Ankur Gupta, Head Marketing & Communications



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