Outstanding achievement after 10 years:
From 2017 to 2019, tuna exports to the US grew continuously. In 2019 alone, exports to this market skyrocketed 38%. This is due to the impact of the trade war between the US and China, so US importers have turned to Vietnam, which has helped Vietnam increase its market share in the US tuna market in 2019.
Entering 2020, due to the impact of the Covid-19 pandemic, Vietnam's tuna exports declined. However, the US economic recovery after the stressful period of the pandemic boosted Vietnam's tuna exports to the US peak in 2022.
But then, due to general difficulties in the world market such as inflation, decrease in average export prices, and large inventories has caused tuna imports to the US to slow down. Vietnam's tuna exports to this market in the first 7 months of 2023 decreased by 49%, reaching just over 171 million USD. However, this decrease is temporary and will not be a major trend in the near future.
Frozen tuna meat/loin products with code HS0304 are Vietnam's main export products to the US in recent years
Frozen tuna meat/loin products with code HS0304 are Vietnam's main export products to the US in recent years. While Vietnam's exports of these products have grown steadily in recent years, canned tuna exports have had many fluctuations.
Many opportunities will open up in the near future
Among the world's tuna import markets, the US is the second largest importing country after Japan. Tuna is still the third most consumed product in the US. Therefore, the US will continue to be the leading strategic partner of Vietnam's tuna industry.
Bilateral relations between Vietnam and the US have made remarkable progress in both quality and quantity after 28 years of establishing diplomatic relations and 10 years of establishing comprehensive partnership. Over the past 10 years, the growth rate of Vietnam's tuna exports to the US has increased . And the event of upgrading relations to the level of comprehensive strategic partnership between the two countries during US President Joe Biden's visit to Vietnam will create unprecedented opportunities to promote economic and trade cooperation, including trade. Vietnam's tuna trade with the US will have stronger and more sustainable breakthroughs in the coming time.
Compiled by Thuy Linh
Competent ministries, sectors and localities should continue efforts to lift the European Commission’s “yellow card” against the Vietnamese seafood products for illegal, unreported and unregulated (IUU) fishing, as an inspection team of the commission will visit Vietnam soon, Minister of Agriculture and Rural Development Le Minh Hoan.
(seafood.vasep.com.vn) According to data from Vietnam Customs, in March 2024, Vietnamese pangasius export turnover to markets reached 156 million USD, down 14% over the same period. Vietnam pangasius export value in QI/2024 reached 411 million USD, down 3% compared to QI/2023.
(vasep.com.vn) According to data from the Department of Fisheries, as of March 20, 2024, the shrimp farming area reached about 348,670 hectares, including 334,799 hectares of black tiger prawn farming area and 13,871 hectares of white leg shrimp farming area.
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
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