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) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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