(seafood.com.vn) Over the past 3 consecutive months, Vietnam’s tuna exports to South Korea have been growing at a triple-digit rate. Notably, tuna exports to this market in June reached a record high. The export value to this market reached nearly $6 million, nearly 6 times higher than the same period in 2023.
With this result, the cumulative tuna exports to South Korea in the first 6 months of 2024 reached more than $14 million, a 144% increase compared to the same period. South Korea has become one of the 10 individual import markets for Vietnamese tuna.
According to Vietnam Customs statistics, in the first 6 months of this year, 15 enterprises are participating in tuna exports to this market. Leading them are Nha Trang Bay, Yueh Chyang Canned Food, and Trinity Vietnam, accounting for 86% of the total export value in the first half of 2024.
With a population of more than 51 million people, South Korea is currently a potential market for Vietnamese tuna exporters with a high growth trend from last year.
The Vietnam - Korea Free Trade Agreement (VKFTA), which took effect in December 2015, has provided a foundation to promote stronger and more effective economic, trade, and investment cooperation between the two countries. The two countries are participating in the Regional Comprehensive Economic Partnership (RCEP) agreement, and South Korea is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which Vietnam is a member of.
Currently, South Korea mainly imports processed and canned tuna from Vietnam, accounting for up to 99% of the total export value. In particular, South Korea mainly imports frozen tuna loin. The trend of seafood consumption in South Korea is changing with a decrease in consumer spending, which is an opportunity for Vietnamese fishery to promote the export of seafood products at appropriate prices.
Similar to Japan, exporting to South Korea has the advantage of geographical proximity, stable consumption demand, and is a destination for many enterprises in the context of high inflation causing a sharp decline in consumption in Western markets.
While tensions in the Red Sea have caused a sharp increase in shipping costs to the US and Europe, nearby markets like South Korea have also attracted the attention of many enterprises. In particular, while South Korea is reducing tuna imports from other countries, it is increasing imports from Vietnam.