Fish is the main ingredient for making surimi. Exports of surimi and fishmeal could reach US$1 billion a year in the near future. — Photo courtesy of the association

Exports of surimi (fish paste) and fishmeal could reach US$1 billion a year in the near future, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).

In the last five years, Việt Nam’s exports of surimi, including from marine fish and tra fish have risen to $300-420 million a year, or 4-5 per cent of the country’s total seafood exports.

The country also produces 530,300-540,000 tonnes of fishmeal annually, including from marine fish and pangasius by-products. Of this, 200,000-280,000 tonnes are exported annually and fetch $200 million.

The association said surimi and fishmeal contribute to creating a circular economy in the seafood industry.

Nguyễn Thị Thu Sắc, VASEP’s chairwoman, said surimi is a product with great potential since there is increasing global demand for it.

"Sumiri and fishmeal businesses have created jobs and contributed significantly to the fisheries and livestock economy. With the exports of main products such as shrimp and pangasius facing many difficulties, promoting and developing the surimi and fishmeal sectors is imperative."

According to VASEP, Việt Nam exports the two products to more than 40 countries and territories, with South Korea being the leading importer followed by Thailand, China and Japan.

It also pointed out that demand for aquafeed has shot up in recent years and is expected to remain high, and so demand for fishmeal, one of the main ingredients for making aquafeed and animal feed in general would also continue to rise, it added.

Việt Nam has over 100 enterprises processing and exporting fish cakes and surimi and nearly 50 making and exporting fishmeal. They include large ones such as Vĩnh Hoàn Corporation and Multinational Development and Investment Joint Stock Company.

To create intra-industry links with an eye on improving value and the quality of surimi and fishmeal products, the association launched the VASEP Surimi and Fish Meal Business Club on December 22.

It would promote sustainable development of the surimi and fish meal segments and Việt Nam's seafood industry in general, Lê Hằng, VASEP’s communications director, said.

It is committed to fostering a circular economy and developing the seafood supply chain sustainably through stringent compliance with environment, labour and social responsibility regulations, especially on Illegal, Unreported, and Unregulated (IUU) Fishing, she added. — VNS