According to the report analysis, ‘Vietnam Fishery Industry Comprehensive Report Q1/2020’ states that in the Vietnam fishery market there are several corporates which presently operating more significantly for leading the fastest market growth and dominating the handsome value of market share around the region throughout the near future while delivering the better consumer satisfaction, decreasing the associated prices, spreading the awareness related to the fishery, developing the applications of the production technologies, implementing the profitable strategies and studying the strategies of the competitor’s includes Minh Phu Corporation-MPC, VinhHoan Corporation-VHC, BIEN DONG SEAFOOD, I.D.I International Development & Investment Corporation, Hung Vuong Joint Stock Company-HVG, Quoc Viet Seafood Processing and Export Company Limited, Nam Viet Joint Stock Company, Soc Trang Seafood Joint Stock Company-STAPIMEX:, SAO TA FOODS JOINT STOCK COMPANY, Cuu Long Fish Joint Stock Company and several others.

In addition, the worldwide production of aquaculture and fishing increases with a CAGR of 0.4% / year in the duration of 2013-2020f. Worldwide seafood introduction in 2019 is predicted at 178.54 million tons, an augment of 0.12% compared to 2018 while requirement growth slows down. In the duration of 2013-2019e, the annual dual growth rate of fisheries influences 1.77% while the annual dual populace growth rate is 1.2%.

In Vietnam, the fishing establishment in 2019 was predicted at 3,768.3 thousand tons, an augment of 4.5% compared to the same duration last year. Aquaculture introduction in 2019 was predicted at 4,432.5 thousand tons, up 6.5% over the similar duration last year. Total export turnover in 2019 reached USD 8,544 million, a deduction of 2.8% associated to 2018.

Not only has this, during the recent years, an exponential augment has been observed in the worldwide population, which has influenced the food requirement. This in turn is predicted to boost fish farming around the world. Furthermore, the National Fisheries Development Board of India encourages cage and fresh water fish farming, which propels the growth of the worldwide fishery market. Moreover, the technological innovations in fishing equipment decrease the complications and exertions in fishing and aqua farming, there by accompanying the fish farming industry.

In addition, the control of fish reproduction, genetic advancement in finfish, management of the chromo some sets in shellfish, and control parasitic syndromes in fish act as the foremost drivers of the fishery market. In addition, the effective growth in the health-conscious populace and augment in requirement for fish influence the fishery market growth, as it significantly serves as the primary source of the protein. However, rise in temperature and augment in water pollution restrict the growth of the fishery market. On the contrary, the positive evolution in inland fishing and usage of more sustainable technology in fish farming are predicted to offer lucrative opportunities for fishery market enlargement. Competent fish farming technology such as intensive closed systems has supported in augmenting the profitability, and is predicted to further boost the market growth. Therefore, in the near years, it is predicted that the market of fishery will increase around the globe more actively.

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Ankur Gupta, Head Marketing & Communications