Vietnam’s tuna exports gain larger market shares in key markets
After overcoming challenges related to tuna size regulations and market volatility, Vietnam’s tuna exports are recovering and expanding in key markets.
HCM City (VNA) – After overcoming challenges related to tuna size regulati𒀰ons and market v🙈olatility, Vietnam’s tuna exports are recovering and expanding in key markets.
The Vietnam Association of Seafood Exporters and Producers (VASEP) has reported a strong rebound in tuna exports to the US, with canned tuna sales rising 17% year-on-year to 95 million USD.
The US remains the largest importer of Vietnamese canned tuna, accounting for 36% of the country’s total exports. While Thailand remains the top supplier of canned tuna for the US market, Vietnam have increased exports, surpassing Mexico to become the second-largest supplier, with a 12% share of the US market.
Vietnamese exporters have also adjusted pricing strategies, with average prices now around 4,670 USD per tonne. With the US economy recovering and domestic consumption rising, demand for seafood, including tuna, is expected to grow, providing further opportunities for Vietnam’s exports.
Besides the US, Vietnam’s tuna exports to Portugal have surged, with shipments to this European market up 380% year-on-year, reaching over 10 million USD in the first 11 months of 2024.
Portugal, strategically located at the crossroads of Europe, Africa, and Latin America, is increasingly becoming an important gateway for Vietnamese tuna to enter Europe and Africa.
The EU-Vietnam Free Trade Agreement (EVFTA) also provides Vietnamese exporters with significant tariff benefits, boosting their competitiveness in global markets.
This momentum in the US and Portugal reflects the growing global demand for Vietnamese tuna, positioning the country as a key player in the international seafood market./.
Tuna export value is forecast to reach 1 billion USD in 2024, marking an 18% increase compared to last year’s figure and solidifying the product's role as one of Vietnam’s key seafood exports.
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Tuna exports are projected to reach 456.8 million USD in the first half of 2024, a year-on-year increase of 20%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
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