VASEP said the amount of tuna stored in the United States, one of Vietnam’s main markets, has started to decline and importers are considering speeding up imports.
By the end of the year, major markets like the United States will host many festivals, leading to an increase in consumer demand. At the same time, preferential tariffs are an advantage that has pushed EU importers to seek orders from Vietnam.
In the last seven months of this year, Vietnam’s tuna exports reached nearly $445.6 million, down 31 percent year-on-year, VASEP said.
While exports of high-value fresh, frozen and dried tuna products declined by 46%, shipments of processed and canned tuna products saw a slight increase of 4% to over $204 million, says The report.
Furthermore, exports to the EU, Mexico, Israel and Thailand recorded strong growth during the same period of 2022.
The EU market has shown signs of recovery, with a growth rate of 28% in June and July, bringing Vietnam a turnover of $12 million per month. It is worth noting that in the bloc, exports to the Netherlands also saw remarkable growth, while those to Germany maintained a 30% increase in June and July.
Vietnamese tuna exports to Mexico and Chile also recorded increases of 100% and 90%, respectively. Meanwhile, tuna shipments to Thailand have also soared 65% in the past two months.
According to Nguyen Ha, tuna market expert at VASEP, in the context where exports to the main traditional markets had all declined, Israel became a potential market.
In the first half of this year, Vietnamese tuna exports to Israel reached nearly $25 million, an increase of 92 percent compared to the same period last year.
Frozen tuna meat and fillets still accounted for the highest proportion, at 47%. The export value of this product group saw an annual increase of 29%. At the same time, the export turnover of canned tuna increased by 375% and that of other processed tuna products by 83%.
Although Israel was a small country, with no natural resources and limited domestic labor resources, Israeli consumer demand was quite large and creditworthiness was high, so there was ample room for Vietnamese tuna exports to the market, Ha said.
In particular, the Vietnam-Israel FTA (VIFTA), signed on July 25, would open opportunities for Vietnamese seafood exports, including tuna, to access the Israeli market and the lucrative Middle East region, Ha said.
To enter the Israeli market, VASEP Secretary General Truong Dinh Hoe suggested tuna exporters to ensure product quality, carefully study market information, promote credibility and be responsible.
He promised that VASEP would accompany, conduct in-depth research and disseminate market information to businesses.
In order to facilitate tuna exports, companies have requested the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade to grant more quotas for imported raw tuna, because the raw material of tuna national could only meet 25% of processing and export demand, said Binh Dinh Fisheries. JSC Co suggested.