Increase in the market share of Vietnamese canned tuna in the US
08:51 06/18/2024

Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.

( After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.

( Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.

( In the first two months of 2024, Poland—which ranks as Vietnam's fourth-largest EU supplier of tuna—became a noteworthy market. Vietnam's tuna exports value to Poland increased by 786% in comparison to the same period last year, totaling over $2 million USD and contributing about 2% of the country's overall tuna exports revenue.

( Since the end of 2023, Vietnam's tuna exports have tended to recover and are expected to increase again in 2024, especially in the year's second half.

( Entering 2024, Vinh Hoan Corp showed signs of improvement right from the beginning of the year when it reached a revenue of 921 billion VND, an increase of 102% over the same period last year. Vinh Hoan Joint Stock Company (MCCK: VHC) has just announced its business results for January 2024, with revenue reaching 921 billion VND, an increase of 102% over the same period last year and an increase of 13% compared to December 2023. This is also the highest result in the past 8 months.

( According to statistics from Vietnam Customs, Chile is one of the few tuna export markets of Vietnam that maintained good growth in 2023. Tuna export turnover to this market in 2023 reached nearly 16 million USD, an increase of 87%.

( In 2023, tuna exports to the Middle East were unstable, and tended to decrease compared to 2022. According to statistics of Vietnam Customs, Vietnam's tuna exports to this market decreased by 130% in 2023, reaching 82 million USD.

( Vietnam's tuna industry closes in 2023 with a slight growth in the last month of the year, up 7% over the same period in 2022, reaching 73 million USD. Thus, for the whole year 2023, Vietnam's tuna industry had earned 845 million USD, down 17% compared to 2022.

( Continuing the growth momentum in September, Vietnam's tuna exports to Canada grew continuously in the last months of the year. In November 2023 alone, the value of tuna exports to Canada increased by 117% of proportion. This figure has contributed to raising the total export value in the first 11 months of 2023 to nearly 31 million USD, down 37% of proportion compared to the same period in 2022.

( In 2023, canned tuna became the most exported product to the EU for the first time. Export turnover of this product group accounts for more than 40% of total export turnover to this market, estimated at about 71 million USD, up 28% from 2022.

( By the end of November 2023, Vietnam’s seafood exports reached over 8.2 billion USD, down 20% over the same period in 2022. It is estimated that seafood exports in December reach nearly 800 million USD, equivalent to November, bringing the total seafood exports for 2023 to about 9 billion USD, 17% lower than the record level of nearly 11 billion USD of 2022.

( In 2022, Belgium was Vietnam's third-largest tuna import market in the EU, with a growth rate of 65% compared to 2021. However, in 2023, tuna exports to Belgium have declined under the impact of inflation. Belgium is no longer one of Vietnam's three largest tuna import markets in the EU

( After a period of positive growth in the second quarter of 2023, Vietnam's tuna exports to Lithuania decreased in the last months of the year. In October 2023 alone, tuna exports Lithuania decreased by 80% compared to the same period in 2022

( In September 2023, Vietnam's tuna exports reached 72 million USD, down 8% over to the same period in 2022 and down 18% over to August.

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