Vietnam’s exports of surimi (fish paste) and fishmeal have the potential to reach $1 billion a year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Surimi and fishmeal businesses have contributed significantly to the country’s economy, General Secretary of VASEP Truong Dinh Hoe told a recent conference on the industry and the establishment of the VASEP Surimi and Fish Meal Business Club.

Over the past five years, Vietnam has earned $300-420 million a year from exporting surimi, accounting for 4-5 per cent of the country’s total seafood export revenue.

Vietnam has over 100 enterprises exporting fish cakes and surimi to more than 40 countries and territories worldwide. South Korea is the leading importer, followed by Thailand, China, and Japan.

It also produces about 540,000 tons of fishmeal annually, including fishmeal produced from marine fish and fishmeal produced from pangasius by-products, and 200,000-280,000 tons of this is exported, earning $200 million a year.

In the first ten months of 2023, Vietnam exported $108 million worth of fishmeal of all kinds. It is estimated that, this year, fishmeal export turnover will be $120-130 million.