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
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
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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