In the past five years, Vietnam's tuna exports to Spain have sharply declined by 29%, and the Vietnam Trade Office in Spain anticipates that Vietnam's export prospects will become increasingly challenging in the near future.
The European Union and Spain are actively promoting the approval of free trade agreements with Mexico and Mercosur countries this year, and have resumed negotiations with other ASEAN countries, including Thailand, Indonesia, and the Philippines, which are strong tuna exporting nations.
Free trade agreements between the EU and New Zealand, the EU and Central America (covering Panama, Guatemala, Costa Rica, El Salvador, Honduras, and Nicaragua), the EU and Chile, and the EU and Kenya are expected to take effect soon, which will further enrich Spain's import options.
More complicated is the potential for future Trump administration to impose additional tariffs on imports from the EU and Spain, which could limit the re-export of goods. This situation will also reduce opportunities to import goods as raw materials for producing products for export to the US market, thereby indirectly affecting trade patterns.
Vietnam's main competitors in seafood are coming from Latin America and North Africa.
These regions, with inherent advantages such as geographical proximity, lower transportation costs, shorter transportation times, and established traditional trade relationships with Spanish-speaking communities, are creating fierce competition with Vietnamese seafood exports (including tuna) in the Spanish market.