Aquaculture is the leading animal food-producing sector in Bangladesh and is ranked 5th globally, yielding 2.64 million MT in 2021. Sustainable aquaculture principally relies on an effective governance system that ensures compliance with environmental, social, and food safety standards while managing the risks associated with farming practices. Effective governance significantly influences safe fish production and, thus, fosters sustainability in the sector. Accessing mainstream international markets from developing countries requires addressing challenges such as food safety, traceability, and certification compliance. Secondary data were retrieved from the ‘Web of Science’ databases and explored for critical analysis to understand the existing aquaculture governance systems in Bangladesh. The study revealed that Bangladesh had enacted various laws and policies to sustain the industry and promote safe fish production. However, the government framework is fragmented, with multiple agencies and departments formulating complex regulations that are challenging for farmers to navigate. Hence, a key recommendation is the development of a collaborative packaged policy, led by the Department of Fisheries (DoF), to harmonize intra- and inter-ministerial efforts. DoF could introduce BanglaGAP, modeled after similar Global South initiatives, to bolster aquaculture governance and provide training for value chain stakeholders. Before adopting such schemes, it is essential to assess the suitability of the initiatives for small-scale farmers and their effectiveness in addressing socioeconomic sustainability issues, such as inequity, exploitation, and injustice in local production and supply chains. Thus, Bangladesh has the potential to develop a tailored aquaculture governance framework, adopt responsible certification schemes, and strengthen its position as a major global fish producer and exporter.