Since May, tuna exports to Spain have decreased continuously. However, exports to this market showed signs of recovery in the last quarter of the year when it increased by 33% in October and this growth continued in the first half of November with an increase of 112%.
Spain is currently the largest tuna importer in the EU and the second largest tuna import market of Vietnam. In the first 9 months of 2022, Spain's tuna imports increased compared to the same period in 2021, and nearly as before the pandemic. Spanish importers are tending to increase tuna imports from external sources. In the context of high inflation causing consumers to tighten their spending, Spanish producers try to lower production costs by finding cheap supply with preferential tariff.
Vietnam tuna exports to Spain increase at the end of the year
Spain is currently importing mainly frozen tuna meat/loin HS code 0304 and frozen steamed tuna loin HS code 16 from Vietnam, accounting for 55% and 44% respectively. According to the agreement in the Free Trade Agreement between the EU and Vietnam (EVFTA), Vietnam's frozen tuna meat/loin products exported to the EU will have tariffs eliminated in 4 years from 18%. Currently, these products exported to the EU are being taxed at 4.5%. With this tax rate, Vietnam's competitiveness is lower than products enjoying preferential tariffs from Ecuador, Mexico, PNG or Mauritius.
In the processed tuna segment, frozen steamed tuna loin products with HS code 16 are being tax exempt according to the quota of 11,500 tons/year. These products can't compete with cheap Chinese products, or Ecuador's duty free.
One of the reasons why tuna exports to Spain increased at the end of the year was due to a sharp increase in exports of frozen steamed tuna loins with HS code 16. These shipments to Spain will be stored in bonded warehouses and will be cleared as soon as the preferential tariff quotas under EVFTA are restarted in early 2023.
Currently, there are more than 15 enterprises participating in exporting tuna to the Spanish market. Bidifisco, Tuna Vietnam and Nha Trang Bay are the 3 largest tuna exporters in this market, accounting for nearly 84%.
Compiled by Thuy Linh
The UK-Vietnam Free Trade Agreement has significantly boosted Vietnamese seafood exports, with shrimp and pangasius leading the charge in the UK market.
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(seafood.vasep.com.vn) On the evening of December 24, 2024, in Hanoi, the Central Youth Union, Viet nam Youth Federation and the Vietnam Young Entrepreneurs Association held the Vietnam Golden Star Award Ceremony 2024, with the theme "Reaching Vietnam", honoring 200 outstanding enterprises. Deputy Prime Minister Nguyen Hoa Binh attended.
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(seafood.vasep.com.vn) Vietnam's seafood sector is making impressive strides as it nears the end of the year. Aquaculture has maintained steady growth, while fishing activities have recovered thanks to favorable weather conditions.
(seafood.vasep.com.vn) To ensure sustainable shrimp farming and environmental protection, Soc Trang Province emphasizes raising awareness and improving the capacity of shrimp farmers through various forms of communication and by developing and replicating effective models.
(seafood.vasep.com.vn) To achieve the goal of making the province a national hub for high-quality shrimp post-larvae production and producing 50 billion shrimp post-larvae by 2025, Ninh Thuan has focused on implementing a comprehensive set of measures.
(seafood.vasep.com.vn) The seafood processing company Kyokuyo has just opened a seafood processing plant in Vietnam to reduce its reliance on China. In Japan, Kyokuyo ranks as the third-largest seafood producer, following Maruha Nichiro and Nissui.
(seafood.vasep.com.vn) Vietnam's total fishery production in the first 10 months of 2024 is estimated at 7,889.8 thousand tons, a 2.5% increase compared to the same period last year. Aquaculture contributed approximately 4,612.5 thousand tons, while capture fisheries accounted for 3,277.3 thousand tons.
(seafood.vasep.com.vn) Ms. To Thi Tuong Lan, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), forecasts that pangasius export turnover could reach the target of USD2 billion in 2024. However, the industry will still face numerous challenges in the coming year.
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