In the first 8 months of this year, tuna inventories in major markets such as the US and EU were at a high level, causing a decrease in import demand in these markets. This pushes Vietnamese tuna businesses to shift to other potential markets such as Mexico.
Mexico is the market with the second highest per capita income in Latin America. This is also a market in the CPTPP bloc. Fishery trade between Vietnam and Mexico has gained a remarkable boost since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in early 2019.
According to the CPTPP Agreement, import and export tax on frozen tuna meat/fillets of Vietnam with HS code 0304 of Vietnam will be reduced to 0% from 2021. Besides, in 2021, Mexico's tuna catch will decrease due to Due to the impact of the Covid-19 pandemic and the decline in resources, the country had to increase imports of tuna from outside. And this is creating attraction for Vietnam for Mexican tuna importers. Tuna is currently the second most exported aquatic product to Mexico after pangasius.
Currently, the average export price of frozen tuna meat/fillet HS code 030487 to the Mexican market ranges from 6.6 to 7.1 USD/kg on average. As of the end of August, only 5 Vietnamese enterprises are exporting tuna to Mexico: Bidifisco, Hai Thanh Seafood, Dai Viet Seafood, Hong Phat Service Produce Co., Ltd, and Tithico
Although accounting for only 2% of tuna export turnover, with the current growth of tuna exports and the advantage of import tax under the CPTPP agreement, the Mexican market will be a potential and promising choice of Vietnam. many businesses in the near future.
(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.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
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