VASEP predicts a rise in Vietnam's tuna export demand
The Vietnam Association of Seafood Exporters and Producers (VASEP) has projected a significant increase in tuna export orders during the final months of the year. This is attributed to declining inventories in major export markets. VASEP noted that the stockpiled quantity of tuna in the U.S., one of Vietnam’s primary markets, has started to decrease, prompting importers to consider expediting imports. Additionally, major markets like the U.S. will experience a rise in consumer demand due to upcoming festivals towards the end of the year. Furthermore, preferential tariffs have incentivized EU importers to seek orders from Vietnam.
VASEP reported that Vietnam’s tuna exports reached nearly $445.6 million in the first seven months of this year, marking a 31% year-on-year decline. While exports of high-value fresh, frozen, and dried tuna products decreased by 46%, shipments of processed and canned tuna goods saw a modest 4% increase, surpassing $204 million. Notably, exports to the EU, Mexico, Israel, and Thailand exhibited significant growth compared to the same period in 2022. The EU market showed signs of recovery, with a growth rate of 28% in June and July, generating a monthly turnover of $12 million for Vietnam. Within the EU, exports to the Netherlands experienced remarkable continuous growth, while exports to Germany maintained a consistent 30% increase in June and July. Vietnamese tuna exports to Mexico and Chile recorded substantial hikes of 100% and 90%, respectively. Additionally, tuna shipments to Thailand soared by 65% in the last two months.
According to Nguyen Ha, a tuna market expert at VASEP, Israel has emerged as a potential market amid declining exports to traditional markets. In the first half of this year, Vietnamese tuna exports to Israel reached nearly $25 million, a 92% increase compared to the same period last year. Frozen tuna meat and fillets accounted for the highest proportion at 47%, with a 29% yearly increase in export value. Canned tuna exports witnessed a remarkable surge of 375%, while other processed tuna products experienced an 83% increase. Despite being a small country with limited resources, Israel boasts a sizable consumer demand and high solvency, providing ample opportunities for Vietnam’s tuna exports. The Vietnam-Israel Free Trade Agreement (VIFTA), signed on July 25, is expected to further facilitate Vietnam’s seafood exports, including tuna, to access the Israeli market and the lucrative Middle East region.
To successfully penetrate the Israeli market, VASEP Secretary General Truong Dinh Hoe recommended that tuna exporters prioritize product quality, conduct thorough market research, build credibility, and act responsibly. VASEP pledged to support businesses by providing comprehensive market information. To streamline tuna exports, companies have petitioned the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade to increase quotas for imported raw tuna. This is necessary as domestic tuna raw materials can only meet 25% of the demand for processing and export, as suggested by Binh Dinh Fishery JSC Co.