Vietnam's tuna export industry is set to see remarkable growth in the first half of 2024, with exports expected to reach $456.8 million, marking a 20% increase from the previous year, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).
This surge in tuna exports follows a significant rebound in the sector, which saw a 22% increase in the first five months of 2024, totaling $388 million. The upswing is driven by substantial gains in various tuna products, including a 44% rise in shipments of canned tuna, a 24% increase in bagged tuna, and a 7% growth in frozen loin and filet products. Notably, exports of frozen whole tuna nearly tripled during this period.
Key markets for Vietnamese tuna have shown strong demand, with exports to the United States and the European Union rising by 30% and 37%, respectively. These two regions alone account for nearly 60% of Vietnam’s total tuna exports. Other markets such as Israel, South Korea, and additional countries have also demonstrated robust growth, with export increases of 64%, 66%, and 58%, respectively.
During the VASEP annual conference in Ho Chi Minh City, Cao Thị Kim Lan, director of the Bình Định Fisheries Joint Stock Company, highlighted Vietnam's significant strides in the global tuna market. In 2023, Vietnam became the world's fifth-largest exporter of tuna, up from eighth place a decade ago. This remarkable achievement was underscored by tuna exports surpassing the $1 billion mark in 2022.
Lan emphasized the strengths of Vietnam’s tuna industry, citing advanced processing facilities, skilled labor, and a strong reputation for quality products. She expressed confidence in the industry's potential for further growth, provided that internal challenges and supply chain difficulties are addressed with the support of the government.
A primary concern for the industry is the reliance on imported raw materials, which comprise over 50% of the tuna processed for export. Companies face challenges in obtaining certificates of catch compliance, essential for verifying that raw materials do not violate illegal, unreported, and unregulated (IUU) fishing regulations. Technical issues with the VNPT electronic monitoring system also pose hurdles for verifying legal catches, affecting supply chain transparency.
Lan called for improved procedures and regulatory adjustments to facilitate the issuance of catch certificates. She also advocated for the establishment of a digital data system to connect fishing ports with government bodies, enhancing data transparency and supporting more effective policy development.
With these measures, Vietnam's tuna industry is poised to continue its upward trajectory, potentially reaching the $1 billion export milestone again this year.
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