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Modern aquaculture developments will improve profits

Released at: 16:50, 10/12/2016

Modern aquaculture developments will improve profits

Photo: Duc Anh

A high demand, increased incomes and improved fish farming methods will increase the consumption of seafood in Vietnam and export abroad.

by Linh San

Vietnam's aquaculture market will grow at a compound annual growth rate of 5.73 per cent during the period 2016-2020, according to latest forecast by Research and Markets.

The aquaculture market in Vietnam is one of the biggest aquaculture in the world, according to the Research and Markets' forecasts with annual domestic consumption of seafood per capita in the country is about 78 lbs. (35.4 kilos) per capita.

This consumption figure is expected to increase by 5.37 per cent on average per year for the period of 2015-2020. The total consumption of seafood in the domestic market in Vietnam was over 710 thousand metric tons in 2015 and is expected to reach 940 thousand metric tons by 2020.

Key vendors in the Vietnamese market include: Camau Seafood Processing and Service Joint Stock Corporation, Dongnam Seafood, Phuong Dong Seafood, Food Joint Stock Company Ca Mau Seafood Exports, Hung Vuong Mekong, Minh Phu, Ngoc Sinh Seafood, Oriental Seafood, to name just a few.

With the improvements in freshwater aquaculture technology, the steps in the production of seed production have changed from intensive water use land-based systems to water-saving and water productivity-enhancing interventions. Irrigation systems and irrigated agriculture are integrated with fish seed production.

Optimizing the use of irrigated agricultural land can be further explored for its expansion and commercialization potential. For fry to fingerling rearing, the use of cages and net enclosures is becoming increasingly popular in Vietnam. Such initiatives contribute to the enhancement of productivity of irrigated water bodies.

Vietnam is one of the most suitable places for seafood and fish farming because of its long and rich coast line. Infrastructure development, growing consumption of fish, high disposable income of consumers, and export of farmed fish and seafood are some of the key drivers, which enable Vietnam to contribute significant revenue to the aquaculture industry in Asia Pacific.

The need for aquaculture in Vietnam stems from the high demand from wholesalers, retailers, restaurants, and individual consumers.

Market drivers
- Infrastructure development initiatives
- For a full, detailed list, view the full report 

Market challenges
- Lack of environmental and disease monitoring systems
- For a full, detailed list, view the full report 

Market trends
- Production and distribution of seeds and hygienic practices
- For a full, detailed list, view the full report 

Source: Research & Markets, 2016

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