Vietnam’s surimi and fish cake exports maintained their impressive growth trajectory in the first seven months of 2025, according to the Vietnam Association of Seafood Exporters and Producers. Despite global market fluctuations, July’s surimi exports surpassed $30 million, marking a 23% increase compared to July 2024. This contributed to a total export turnover of over $195 million for the January-July period, reflecting a 28% year-on-year rise.
South Korea and Thailand remained the largest markets, importing $49 million (up 21%) and $46 million (up 24%) respectively during this period. These markets serve both direct consumption and reprocessing for the region.
Among CPTPP participating countries, exports of these products rose by 23%, reaching $31 million. Notably, Japan witnessed a 25% growth, indicating a recovery in traditional processed products. Similarly, exports to Malaysia and Singapore are on an upward trajectory, with increases of 19% and 21% respectively.
Remarkably, exports to China and Hong Kong surged by 104% in July compared to the same period last year. Cumulatively, exports to this market grew by 57% in the first seven months, totaling $26 million, signifying rising consumption and reprocessing demands in the region.
The EU emerged as a bright spot, with import values surging by 89% in July. Overall, exports to this bloc grew significantly by 47% in the January-July period, reaching $16 million, with Lithuania and Spain leading the way.
In contrast, the US market maintained a modest turnover of $6 million, a slight increase of 2%. Notably, exports to the US in July 2025 plummeted by 74% year-on-year due to the impact of retaliatory tariffs and importer caution.
Globally, surimi supply remains abundant, putting downward pressure on prices. Japanese buyers are currently accepting price increases only for grade A surimi, while lower-graded products maintain their prices. In the EU, purchasing power is recovering as inflation eases, supporting the consumption of mid-range processed products. South Korea has also recorded higher seafood imports in the first half of the year, reinforcing its position as a key market for Vietnam.
On the other hand, the US market is perceived as fraught with policy risks. New retaliatory tariffs could affect the competitiveness of Vietnamese products, especially with the lack of clarity on HS code-specific exceptions.
In the latter half of 2025, Asian markets are expected to continue driving growth in Vietnam’s fish cake and surimi exports due to stable demand and price flexibility. The EU is anticipated to sustain its recovery, focusing on convenient products and compact packaging to align with consumer trends towards economical choices. The China-Hong Kong market may witness further significant growth but will face intense competition from Russian and ASEAN suppliers.
Meanwhile, the US market remains the most unpredictable. Businesses should exercise caution with orders and only finalize deals with clear confirmation of applicable tariffs.
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