Currently, the UK imports a lot of fresh and frozen tuna products from Vietnam, accounting for 99% of total export turnover. Compared to the same period, Vietnam's exports of these products to the UK increased by 98%. Meanwhile, exports of processed and canned tuna decreased.
Vietnam is the 13th largest tuna supplier in the UK market. Ecuador, Mauritius and Seychelles are leading this market.
However, this year due to the El Niño phenomenon, rainfall in Panama decreased. Drought is making it difficult to transport goods from South American countries, including Ecuador, to European countries through the Panama Canal. Shipping companies must choose alternative routes. The Strait of Magellan, at the tip of South America, is a natural waterway but is about 7,000 km from the Panama Canal and almost 6,000 km from the Port of Manta, so is a huge detour for container ships. Therefore, it can be said that this is an opportunity for Asian countries, including Vietnam, to increase tuna exports to European countries, including the UK.
Vietnam is the 13th largest tuna supplier in the UK market
Looking at the overall picture, in the context of high inflation, the increase in raw tuna prices causes the demand for tuna in many markets to decline. That's why advantages from free trade agreements like UKVFTA are creating competitiveness for Vietnamese tuna products in markets like the UK.
In addition, according to the latest information from the Government newspaper, on July 16, the UK signed an agreement and officially became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The UK’s accession is expected to boost trade between this country and members of the CPTPP bloc, including Vietnam. Along with the trade agreement between Vietnam - UK (UKVFTA), incentives from CPTPP will open up opportunities for Vietnamese seafood products to enter the UK market, including tuna.
It is expected that Vietnam's tuna exports to the UK in the last months of the year will continue to be positive.
|
Top 5 Vietnamese tuna supplier to the UK, Jan- July 2023 |
||
|
No |
Company |
Proportion (%) |
|
1 |
DRAGON WAVES FROZEN FOOD FACTORY CO., LTD |
40 |
|
2 |
TITHICO |
14 |
|
3 |
Highland Dragon Enterprises |
14 |
|
4 |
BIDIFISCO |
14 |
|
5 |
TUNA VIETNAM CO.,LTD |
8 |
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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