Vietnam’s tuna sales recovered in October, with growth seen in key markets including the United States, the European Union, and Japan, according to new data released by the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s monthly sales of tuna amounted to USD 65.5 million (EUR 55 million), up nearly 4 percent from the same month in 2019.
The U.S. was the top destination for tuna from Vietnam in the first 10 months of this year in terms of value, with sales recovering recently after months of slowdown due to the COVID-19 pandemic. Between January and October, Vietnam earned USD 235.5 million (EUR 197.6 million) in tuna sales to the U.S., accounting for 43 percent of Vietnam’s total tuna export value. However, recent growth rates have remained low and failed to offset the decline in sales during the months the U.S. was under lockdown, VASEP said.
Demand for processed and canned tuna is expected to continue rising in the U.S., bringing about more opportunities for tuna exporters from Vietnam in the U.S. in the months to come, the trade group said.
The European Union-Vietnam Free Trade Agreement (EVFTA), effective from 1 August, also helped boost Vietnam’s tuna exporters, with sales to the E.U. growing 17 percent year-on-year in October. The export value in the first 10 months increased slightly 0.5 percent to USD 115 million (EUR 96.5 million), mainly to Italy (up 60 percent from a year earlier), Germany (20 percent higher year-on-year) and Spain (rising 41 percent from January-October 2019).
VASEP said it expects exports of tuna from Vietnam to the E.U. will continue to grow in November and December as buyers from the bloc attempt to maximize their share of the quota of 11,500 metric tons that the E.U. will grant Vietnam in 2021 under the EVFTA.
The value of tuna exports from Vietnam to Japan also surged 29.3 percent year-on-year to nearly USD 2.9 million (EUR 2.4 million) in October.
However, sales to Southeast Asian nations fell 22 percent year-on-year to USD 33.5 million (EUR 28 million) in the month, with the export value to Thailand, the biggest buyer of tuna from Vietnam in the region, tumbling 23 percent year-on-year.
VASEP said it hopes sales will continue to rise in the last two months of this year as demand will surge during the year-end seasonal festivals.
Photo courtesy of Vietnam Association of Seafood Exporters and Producers
