Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
Slight decrease in domestic tuna catch output
According to statistics from the Ministry of Agriculture and Rural Development, the total marine catch volume in the first three months of 2024 is estimated at 833.6 thousand tons, a slight decrease of 0.1% compared to the same period in 2023. Specifically for tuna, the catch volume in the first three months of 2024 in the three key provinces for tuna fishing is estimated at 5,392 tons, a slight decrease of 0.8% compared to the same period last year. Specifically: in Phu Yen, the estimated catch is 1,008 tons, a decrease of 12% compared to the same period; in Binh Dinh, the estimated catch is 3,916 tons, an increase of 4%; in Khanh Hoa, the estimated catch is 368 tons, a decrease of 12%.
Unstable exports to major markets
As of the end of March 2024, Vietnam's tuna has been exported to 86 markets worldwide. Among them, exports to major markets such as the US, EU, CPTPP countries, Israel, Russia, the Philippines, South Korea, and Thailand accounted for 90% of the total export turnover.
In the US market, tuna exports have rebounded in March, increasing by 16% to over $32 million. Vietnam's exports of various tuna products to this market have all shown good growth in the first three months of 2024, except for frozen cooked tuna loins under HS code 16.
Alongside the US, orders to the EU are also picking up again in March, reaching $19 million, a 30% increase. Tuna exports to Italy and Germany, the two largest importing markets for Vietnam's tuna within the EU, continue to grow steadily. However, many markets within the EU bloc such as the Netherlands, Spain, Lithuania, are experiencing a decline in imports from Vietnam.
Exports to Israel and Canada are also continuing to accelerate in March, with growth rates of 95% and 143%, respectively.
After a period of instability, exports to the Russian market have been steadily increasing since late 2023. In March 2024 alone, tuna exports to Russia increased by 4% compared to the same period in 2023. Cumulatively for the first three months of the year, exports to this market increased by 65%, reaching nearly $9 million. This figure has made Russia the fourth largest single market for tuna exports in the first quarter of 2024.
However, exports to several other major markets in March were not promising. For example, exports to Japan decreased by 18%, Mexico decreased by 38%, Chile decreased by 34%, and Thailand decreased by 78%. Therefore, the growth rate of Vietnam's tuna exports in March was not high.
Many difficulties remain
While many forecasts indicate a global tuna market recovery, Vietnam's tuna sector continues to face challenges that could hinder export growth in the near future.
Specifically, the price of raw tuna in Bangkok has dropped to its lowest level in three years, but tensions in the Red Sea continue to escalate. Although this may not have significantly affected exports in the first quarter of 2024, the current increasing freight costs and prolonged delivery times will pose many difficulties for enterprises, especially in terms of capital.
Furthermore, challenges related to seafood harvesting and regulations related to illegal, unreported, and unregulated (IUU) fishing are also causing difficulties for enterprises' production and exports.
(seafood.vasep.com.vn) The first two months of 2025 recorded positive signals in Vietnam's seafood export activities, with total revenue reaching USD 1.423 billion, growing 18.2% compared to the same period in 2024. In February 2025, the export value hit USD 655.197 million, showing an impressive growth of 42.6%.
(seafood.vasep.com.vn) Kiên Giang Province, home to over 13,000 fishing vessels, is intensifying efforts to combat illegal, unreported, and unregulated (IUU) fishing. Faced with challenges from offshore fishing, many vessels have shifted to near-shore fishing using destructive methods, severely damaging marine ecosystems.
(seafood.vasep.com.vn) Vinh Hoan Corporation (HOSE: VHC) continues to solidify its position as the leader in Vietnam's pangasius export industry with impressive business results in 2024 and positive prospects for 2025. Factors supporting growth, such as recovering demand, improved selling prices, and favorable international trade policies, make Vinh Hoan one of the top stocks to watch in investment portfolios for 2025.
Amid global trade uncertainties, Việt Nam is prioritising compliance with international market requirements to maintain and expand its agricultural exports.
On February 26, 2025, VinFast and the Vietnam Association of Seafood Exporters and Producers (VASEP) signed a comprehensive cooperation agreement to strongly promote green transformation goals. The collaboration between the two parties will contribute to the realization of the country’s sustainable development goals and help elevate the Vietnamese brand on the international market.
(seafood.vasep.com.vn) In 2024, the total brackish water shrimp farming area in Ca Mau reached 278,600 hectares, with a shrimp output of 242,000 tons. This output achieved 99.59% of the set target and marked a 4.57% increase compared to the same period last year. The average shrimp yield attained 869 kilograms per hectare per year, representing a 38 kilograms per hectare per year increase compared to 2023. Shrimp export turnover reached USD 1.12 billion, positioning Ca Mau amongst the nation's leading localities in this sector.
(seafood.vasep.com.vn) In 2024, Ben Tre province expanded its high-technology application in aquaculture by an additional 523 hectares, surpassing the planned target of 500 hectares and achieving a fulfillment rate of 104.6%. To date, the province has converted 3,633 hectares to high-tech aquaculture out of the 4,000-hectare goal, representing 90.82% progress towards the 2021-2025 phase plan. This sector yields an average productivity of 60-70 tons per hectare, with a total output reaching 221,282 tons. The average profit margin ranges from VND 700 to 800 million per farming season, delivering substantial economic benefits to the local populace.
(seafood.vasep.com.vn) In 2025 In 2025, Vietnam's brackish water shrimp industry will continue to grow sustainably, enhancing value-added products with strong contributions from local authorities and the business community.
(seafood.vasep.com.vn) In January 2025, the country's total seafood output was estimated at 594,100 tons, a 0.7% increase compared to the same period last year. Specifically, fish production reached 443,400 tons, up 0.7%; shrimp output was 56,300 tons, up 3.1%; and other seafood products totaled 94,400 tons, down 0.9%.
(seafood.vasep.com.vn) The industrial pangasius production in Vinh Long province in 2024 reached 95,100 tons, a 4% decrease compared to 2023. Despite the decline in production, positive trends in the final months of the year offer hope for improving economic efficiency in the near future. Additionally, the increase in the area for industrial pangasius farming and the maintenance of overall aquaculture area demonstrate the province’s efforts to sustain its production activities.
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
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn
