Vietnam is exporting mainly frozen tuna meat/loin (HS code 0304) to the UK market, accounting for 93% of total export turnover to this market in the first 2 months of the year.
Among the major economies, the UK has the highest inflation rate. Entering 2023, inflation in the UK in January fell to 10.1%, but then suddenly accelerated in February 2023 to 10.4%. Currently, inflation has changed the UK's seafood consumption trend, increasing consumption of frozen and processed seafood.
According to statistics of the World Trade Center (ITC), the UK is currently one of the 10 largest tuna import markets in the world. The UK imports tuna from more than 45 countries around the world, of which Vietnam is the 13th largest supplier, accounting for 1% of the country's total tuna imports. In 2022, although Vietnam's tuna exports to the UK still increased by nearly 10% in value, the reason was the increase in the average price of exports to this market.
In the UK market, with the advantage of supplying raw tuna of pure origin, tuna exporters from Ecuador and Mauritius are dominating the market. Vietnamese products still find it difficult to compete with these countries. However, with the advantage of preferential tariffs under the UKVFTA, importers are increasing their tuna imports from Vietnam in the first months of 2023.
With the current inflation situation, it is likely that the import demand for tuna consumption in the UK will not be able to recover. And therefore, tuna exports to the UK will therefore grow more slowly in the coming months when the preferential tariff quota is used up.
Compiled by Thuy Linh
The UK-Vietnam Free Trade Agreement has significantly boosted Vietnamese seafood exports, with shrimp and pangasius leading the charge in the UK market.
(seafood.vasep.com.vn) In November 2024, Vietnam's tuna exports failed to maintain the rapid growth momentum seen earlier. Export value during the month increased by nearly 4% year-on-year, reaching approximately USD 82 million. Cumulatively, the export value for the first 11 months of 2024 totaled USD 903 million, a 17% increase compared to the same period in 2023. However, at this growth rate, the total export turnover for 2024 is estimated to only reach around USD 1 billion.
(seafood.vasep.com.vn) On the evening of December 24, 2024, in Hanoi, the Central Youth Union, Viet nam Youth Federation and the Vietnam Young Entrepreneurs Association held the Vietnam Golden Star Award Ceremony 2024, with the theme "Reaching Vietnam", honoring 200 outstanding enterprises. Deputy Prime Minister Nguyen Hoa Binh attended.
(seafood.vasep.com.vn) In the first ten months of 2024, 448 Vietnamese companies were involved in exporting pangasius to international markets. Vinh Hoan remains the top exporter, holding a 14% share of Vietnam's total pangasius export value.
(seafood.vasep.com.vn) Vietnam's seafood sector is making impressive strides as it nears the end of the year. Aquaculture has maintained steady growth, while fishing activities have recovered thanks to favorable weather conditions.
(seafood.vasep.com.vn) To ensure sustainable shrimp farming and environmental protection, Soc Trang Province emphasizes raising awareness and improving the capacity of shrimp farmers through various forms of communication and by developing and replicating effective models.
(seafood.vasep.com.vn) To achieve the goal of making the province a national hub for high-quality shrimp post-larvae production and producing 50 billion shrimp post-larvae by 2025, Ninh Thuan has focused on implementing a comprehensive set of measures.
(seafood.vasep.com.vn) The seafood processing company Kyokuyo has just opened a seafood processing plant in Vietnam to reduce its reliance on China. In Japan, Kyokuyo ranks as the third-largest seafood producer, following Maruha Nichiro and Nissui.
(seafood.vasep.com.vn) Vietnam's total fishery production in the first 10 months of 2024 is estimated at 7,889.8 thousand tons, a 2.5% increase compared to the same period last year. Aquaculture contributed approximately 4,612.5 thousand tons, while capture fisheries accounted for 3,277.3 thousand tons.
(seafood.vasep.com.vn) Ms. To Thi Tuong Lan, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), forecasts that pangasius export turnover could reach the target of USD2 billion in 2024. However, the industry will still face numerous challenges in the coming year.
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