With the recent cuts in bluefin tuna catches in the eastern Atlantic Ocean region, Vietnam’s yellowfin tuna industry is hoping for better earnings.
The Vietnam Association of Seafood Exporters and Producers (VASEP) in early February announced it is aiming for a 4.5 percent increase in tuna exports to 120,000 metric tons valued at USD 300 million, compared to 2009 totals valued at USD 13 million.
To achieve its goal, the nation established the Vietnam Tuna Association to help exporters focus on improving product quality, developing a brand and diversifying products. So far, it’s paid off with high export prices and strong demand. Annual export prices registered a year-over-year increase of 8 percent for Vietnamese tuna products.
According to one U.S. importer, in mid-February the yellowfin supply was tight due to the Chinese New Year, when all the boats in Asia tie up. And the short supply forced prices up by about 50 cents compared to the same time period last year.
“We’re only seeing supply from Central and South America and the catch has been off, so prices are starting to skyrocket,” said the supplier. “I see prices remaining high for the next couple of months and then we’ll start to see an abundance out of Panama, Costa Rica, Ecuador and Brazil. Prices will even out when Asia opens up again in about a month.”
Vietnam is the largest exporter of yellowfin tuna to the U.S. market, exporting 2,800 metric tons of fresh fish in 2010, up from 1,800 metric tons in 2009, according to data from the National Marine Fisheries Service. Trinidad & Tobago and the Philippines, the No. 2 and 3 exporters, reached 2,000 metric tons and 1,587 metric tons last year, respectively.
In 2010, Panama took the No. 4 slot for fresh yellowfin exports at 1,224 metric tons, skyrocketing from only 364 metric tons in 2009.
