Time: 06/08/2021

By: Vietnam Association of Seafood Exporters and Producers (VASEP) and World Bank

Vietnam’s fisheries industry has rapidly transformed itself into a commodity-oriented industry with its exports reaching close to 9 billion US Dollars (USD) a year. Fishery and aquaculture commodities represent Vietnam’s fifth largest export in value, accounting for approximately 4 percent of the country’s exports in 2018. In 2016, the industry also contributed to approximately 5 percent of Gross Domestic Product (GDP) and provided a total of 4.7 million formal jobs (approximately 5 percent of total formal sector jobs), including around 2 million direct jobs and 2.7 million indirect jobs along fisheries value chains. Around 8.5 million people (10 percent of the total population) derive their main income directly or indirectly from fisheries. As of 2019, the country produced approximately 8.2 million tons of finfish and shellfish, of which capture fisheries accounted for 46 percent and aquaculture had a share of 54 percent. In terms of value, aquaculture’s share is higher – at around 75 percent of the total value of the industry.

As a key player in the global market, Vietnam has prioritized the development of sustainable fisheries. The country, however, is challenged by a number of issues including illegal, unreported and unregulated (IUU) fishing and food safety. These issues are being addressed in order for Vietnam to boost its competitiveness and maintain the sustainability of its fisheries sector. As part of these efforts, a shift from quantity to quality could enable Vietnam to meet its growth targets for the fisheries sector and seize emerging opportunities in a more competitive manner, as consumer markets become more sensitive to food standards and sustainability considerations.

This report is part of a series of World Bank-led studies that aim to contribute to Vietnam’s efforts to boost its marine economy in a sustainable and climate resilient manner. This report focuses on examining the potential impact of the IUU yellow card that was issued to Vietnam by the European Union (EU). The analysis underscores the importance of implementing measures that will address the management, governance and monitoring issues raised by the IUU yellow card and, more importantly, support sustainable fisheries.

This Report is attached here.