The Korean fishing fleet is one of the largest fishing fleets in the world and has continuously achieved high catches over the years. However, in recent years, due to the ban on the use of fish aggregating devices (FADs) and the depletion of tuna stocks in fishing grounds, the country's tuna catch has decreased.
The decrease in catches has led to a fall in the supply of raw materials to serve the production of canned processed tuna, thus Korea has to increase imports of canned processed tuna and raw/fresh/frozen tuna from other countries. With the increase in imports of frozen tuna, raw materials for production, Korea has gradually reduced imports of canned processed tuna. However, due to unstable domestic catch, Korea still imports more processed and canned tuna from other countries, including Vietnam.
Vietnam exports mainly frozen steamed tuna loin to the Korean market, accounting for 69% of total export turnover.
In 2022, Vietnam's tuna exports to South Korea have grown continuously in the second half of the year. Tuna export turnover to this market reached nearly 7 million USD, up 84% compared to 2021. This growth trend continued in the first month of 2023.
Currently, Vietnam exports mainly frozen steamed tuna loin to the Korean market, accounting for 69% of total export turnover. The average export price of these products in 2022 fluctuates on average at USD 5,142/ton. After rising to the highest level of USD 5,664/ton in May 2022, the average export price of Vietnam's frozen steamed tuna loins to the Korean market has decreased. However, the price tends to increase towards the end of the year.
Currently, there are 18 companies participating in exporting tuna to the Korean market. Nha Trang Bay, Phat Trien Seafood and Tuna Vietnam are the top 3 exporters in this market, accounting for 66% of the total export value.
Compiled by Thuy Linh
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In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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