Vietnam: Tuna exports to South Korea increased

Published 2024년 8월 7일

Tridge summary

Vietnamese tuna exports to Korea have surged, with the value reaching nearly 6 million USD in June, a nearly six-fold increase compared to the same period in 2023. The first half of the year saw tuna exports to Korea rise by 144% to over 14 million USD, making Korea one of the top ten single markets importing tuna from Vietnam. The growth is due to Vietnam's competitive pricing, with processed and canned tuna being the most popular imports. However, VASEP fears that the growth momentum may not be sustainable in the second half of 2024 due to a potential decline in the supply of raw skipjack tuna caused by a regulation on the minimum size of skipjack tuna for exploitation. VASEP has proposed to relevant agencies to review and possibly remove barriers to tuna exports.

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Original content

Although Korea is very fond of Vietnamese tuna products, businesses are worried about not having enough supply to export tuna to this market. Information from the Vietnam Association of Seafood Exporters and Producers (VASEP), in the past three months, Vietnam's tuna exports to Korea have grown rapidly at 3 digits. Notably, in June, the value of tuna exports to this market peaked, reaching nearly 6 million USD, an increase of nearly 6 times compared to the same period in 2023. Cumulatively, the value of tuna exports to Korea in the first 6 months of the year reached more than 14 million USD, up 144% over the same period. This result has made Korea one of the ten single markets importing the most tuna from Vietnam. Explaining this breakthrough, VASEP attributed it to Vietnam's very competitive selling prices. Especially in the context that Korean consumers tend to spend economically on seafood products. Currently, processed tuna and canned tuna are the product groups that Korea ...

Source: 24h newspaper