After decades of focusing on exports, Việt Nam’s seafood industry is now turning to the domestic market amid rising trade barriers and weakening global demand. Despite exporting to over 170 countries, local consumption—valued at around US$1 billion—still relies on 40% imports, leaving a largely untapped “gold mine” of 100 million consumers. Exporters face multiple headwinds, including US tariffs, the Marine Mammal Protection Act, and the EU’s IUU yellow card, which are pressuring export revenues. Although seafood exports are projected to reach US$10 billion in 2025, companies are increasingly eyeing growth opportunities at home. However, penetrating the domestic market poses challenges: high production costs, price-sensitive consumers, limited branding, and weak distribution networks. Only about 25% of seafood firms use e-commerce, and most still rely on traditional sales channels. To unlock domestic potential, VASEP urges companies to invest in market research, product innovation, and digital distribution, targeting major cities and middle-income consumers. The government is also developing a programme to boost domestic consumption and promote Vietnamese seafood in retail systems, focusing on branding, quality assurance, and traceability to meet evolving consumer demands. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News