Vietnam’s tuna export orders are expected to rise in the coming months, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

This increase is attributed to declining tuna inventories in major export markets, particularly the U.S. The U.S. market is beginning to reduce its stockpiled tuna, prompting importers to accelerate their orders. Additionally, year-end festivals in major markets like the U.S. will drive up consumer demand. Preferential tariffs have also encouraged EU importers to seek orders from Vietnam.

In the first seven months of the year, Vietnam’s tuna exports reached $445.6 million, a 31% decrease compared to the previous year. While high-value fresh, frozen, and dried tuna products saw a 46% decline in exports, processed and canned tuna goods experienced a modest 4% increase to over $204 million. Vietnam’s tuna exports to the EU, Mexico, Israel, and Thailand showed significant growth compared to the same period in 2022.

The EU market showed signs of recovery, with a 28% growth rate in June and July. Exports to the Netherlands and Germany also saw notable increases. Exports to Mexico and Chile grew by 100% and 90%, respectively, while shipments to Thailand increased by 65%.

Israel has emerged as a potential market for Vietnamese tuna, with exports reaching nearly $25 million in the first half of the year, a 92% increase over the previous year. Frozen tuna meat and fillets accounted for the largest share, with a 29% yearly growth. Canned tuna exports increased by 375%, and other processed tuna products surged by 83%.

The Vietnam-Israel Free Trade Agreement (VIFTA), signed in July, is expected to open up opportunities for Vietnam’s seafood exports, including tuna, to access the Israeli market and the Middle East region.

To succeed in the Israeli market, VASEP suggests that tuna exporters prioritize product quality, market research, credibility, and responsibility. VASEP also pledges to support businesses by providing market information. Additionally, businesses are requesting increased quotas for imported raw tuna to meet processing and export demands.

Source:  VN Express International