What opportunities exist for Vietnam tuna?
Currently, the U.S. is the largest market for tuna exports, accounting for over 38% of Vietnam's total tuna export value. Vietnam's tuna exports to this market have been steadily increasing over the past 10 years, rising from $175 million in 2014 to nearly $327 million in 2023, almost doubling.
In 2023, due to the impact of inflation, Vietnam's tuna exports to the U.S. dropped by 33% compared to 2022. However, in 2024, exports to this market have been steadily increasing. While the growth rate slowed down in the last months of the year, the export value remains higher compared to the same period in the past two years.
During his first term, Donald Trump implemented high tariffs on imported tuna products from China, causing U.S. importers to shift their focus to Vietnam. This helped Vietnam increase its market share in the U.S. tuna market in recent years.
In his second term, Trump proposed imposing tariffs of 10-20% on imports from other countries, with China facing up to 60%. This presents an opportunity for Vietnamese seafood products, including tuna, to increase exports to the U.S.
In his second term, Trump has made reducing the trade deficit a priority, meaning the U.S. will closely monitor the origin of products. Therefore, Vietnam will face new trade defense measures from the U.S., including stricter controls on imported seafood and quality standards.
Moreover, many experts predict that, due to its geographical proximity to China, Vietnam could be seen as a gateway for Chinese goods entering the U.S. The U.S. government might try to block this loophole and impose tariffs on goods from Vietnam. As a result, Vietnam's seafood industry, including tuna, may face challenges if demand from the U.S. decreases due to high tariffs making imports too expensive.
Additionally, if losing the U.S. market, Chinese tuna exporters may look to shift their focus to other markets like the EU and the Middle East.
Specifically, after Chinese tuna products were hit with high tariffs during Trump's first term, Chinese producers shifted their exports to the EU market. This has increased competition in those markets.
(seafood.vasep.com.vn) On the afternoon of November 6th, Vietnam time, U.S. media announced the preliminary vote count showing that Donald Trump won the 2024 U.S. presidential election. His victory is expected to bring significant changes in taxes, trade, investment, and more. As a result, Vietnam's tuna exports will also be affected.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn
