This article presents the features of value chain of fish products, the case of anchovy fish in Khanh Hoa province. Chart and Structure-Conduct-perfonnance approaches are employed to identify and analyze the relations among stakeholders involved in distribution of anchovy product. The result shows that fishennen generate high value added but receive lowest profit in the value chain. Meanwhile, middlemen and processing companies create lower value added but gain higher profits. Importers are price makers on export fish, therefore in order to meet the requirements of importers on indentifying origions of the products as well as the requirements of consumers on quality of cleaned products, all the stakeholders on the chain have to cooperate together. Therefore, solutions are necessary to cooperate and support fishennen in order to develop business for this item.