Positive signs in Vietnamese tuna exports, especially towards to the European market
Tuna
Market & Price Trends
Sustainability & Environmental Impact
Regulation & Compliances
Innovation & Technology
Nguyen Quan
Published Aug 31, 2020
Vietnam's tuna exports this year seem to be more promising, seeing a sudden growth reversal in exports to markets such as the EU. Notably, Vietnamese tuna exports to three main markets, Germany, Italy, and the Netherlands, saw high three-digit growth in July, 119%, 200%, and 210%, respectively. This growth is mainly driven by the Free Trade Agreement between the European Union and Vietnam (EVFTA) taking effect on August 1. Normally, shipments from Vietnam to the EU usually take at least 3 weeks. Therefore, in July, the tuna shipments of Vietnam were exported early so that they could be imported into bonded warehouses, wait for customs clearance and enjoy preferential tax rates after the implementation of the EVFTA. In the US currently, consumers have been purchasing more canned food such as canned tuna, and thus, the canned tuna market has grown by 11% compared to the same period last year.
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