With this result, in the first 6 months of 2024, Vietnam tuna exports to South Korea reached more than 14 million USD, an increase of 144% over the same period. South Korea became one of the largest 10 single tuna markets of Vietnam.
According to statistics from Vietnam Customs, in the first six months of this year, 15 Vietnam enterprises were participating in exporting tuna to this market. Leading ones are NHA TRANG BAY, YUEH CHYANG CANNED FOOD, and TRINITY VIETNAM, which account for 86% of total export turnover in the first half of 2024.
With a population of over 51 million people, South Korea is currently a potential market for Vietnamese tuna exporters, with a high growth trend since last year.
The Vietnam-South Korea Free Trade Agreement (VKFTA) took effect in December 2015, creating a foundation to promote economic, trade, and investment cooperation between the two countries to develop more strongly and effectively. The two countries are participating in the Comprehensive Economic Partnership Agreement (RCEP), and South Korea is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Vietnam is a member.
Currently, South Korea mainly imports processed and canned tuna from Vietnam, accounting for 99% of total export turnover, of which, South Korea mainly imports frozen steamed skipjack tuna loin/meat.
The change in seafood consumption trends in Korea following the trend of reduced consumer spending is an opportunity for Vietnamese seafood to boost exports of seafood products at suitable prices.
Like Japan, exports to Korea have the advantage of a close geographical location, stable consumption demand, and are the destination of many businesses in the coming time in the context of inflation, which is causing a sharp decrease in consumption in Western markets.
While the Red Sea tension has caused shipping rates to the US and Europe to skyrocket, closer markets, such as Korea, are also of interest to many businesses.
Notably, while Korea has reduced tuna imports from other countries, it has increased imports from Vietnam.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai Nam said that in the past 5-6 years, Vietnam's seafood export value has only hovered around 8-10 billion USD/year. To reach the value of 16 billion USD by 2030, Mr. Nam proposed establishing corporations/enterprises to exploit the sea.
(seafood.vasep.com.vn) Vinh Hoan Seafood (stock code VHC) announced that its export turnover to three key markets— the U.S., EU, and China—grew between 32% and 40% in November 2024 compared to the same period in 2023.
(seafood.vasep.com.vn) Shrimp exports for the first 11 months of 2024 brought in nearly 3.6 billion USD, up 22% compared to the same period last year. Exports to major consumption markets all recorded double-digit growth.
(seafood.vasep.com.vn) In 2023, total pangasius imports into the European Union saw a significant decline compared to the previous year. Approximately 70,000 tons were imported, 3,000 tons less than in 2022, according to a report from FAO-Globefish.
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
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Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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