Tuna exports from Vietnam are forecast to rise 8 percent in value this year to achieve total revenues of around USD 524 million (EUR 491.7 million), with the key U.S. and EU markets buying in more of the product in recent times and a new trade agreement expected to underpin further growth.
Following three years of consecutive declines, Vietnam’s tuna exports increased 12 percent in 2016, reaching USD 510 million (EUR 478.5 million), confirmed Truong Dinh Hoe, general-secretary of the Vietnam Association of Seafood Producers and Exporters (VASEP).
In terms of main product formats, frozen tuna loins and canned tuna accounted for 47 percent and 30 percent of exports respectively, while the main buyers were the United States, the EU, ASEAN countries, Israel, China and Japan.
Exports to the U.S. market totaled USD 200.3 million (EUR 187.9 million) last year, an increase of 5.3 percent compared to 2015. As a result, Vietnam was the second largest exporter to the States behind Indonesia, said VASEP.
EU exports, meanwhile, reached USD 115.3 million (EUR 108.2 million) last year, an increase of 18.4 percent. Frozen tuna loin was the main product shipped to the bloc, accounting for 36 percent of exports, followed by canned tuna and frozen whole tuna with 31 percent and 20 percent of the trade respectively.
Italy, German and Belgium were Vietnam’s three main tuna markets in the EU, accounting for 57 percent of imports.
Hoe expects exports to the EU to increase further, especially once the EU-Vietnam Free Trade Agreement (FTA) comes into force in 2018 and lower tariffs are placed on Vietnamese tuna.
Vietnam’s tuna exports to China increased by 67.2 percent last year, but exports to Japan decreased by 5.2 percent with Hoe citing that a growing preference for meat among young Japanese is responsible for the steady annual decline of Japan’s tuna imports.
The depreciation of the yen also affected tuna exports to Japan, said VASEP.
Vietnam’s tuna sector is focused on the yellowfin species.
