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 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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