Will 90 countries buy and export a fish species from Vietnam reach the billion USD mark in 2024?

Published 2024년 5월 27일

Tridge summary

Vietnam has seen a 70% increase in the export turnover of processed and canned tuna from 2020 to 2024, as reported by the Vietnam Association of Seafood Exporters and Producers (VASEP). Despite instability in fresh and frozen tuna exports, demand for processed and canned tuna is expected to rise due to its convenience and value-added qualities. Tuna products are exported to over 90 markets, with growth in the US, EU, Japan, and Mexico. However, the industry faces challenges such as raw material shortages and new regulations from Decree 37/2024/ND-CP and Decree 38/2024/ND-CP that restrict the export of fish species caught domestically and imported in the same shipment, leading to a decrease in supply and increased administrative sanctions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the past 5 years, Vietnam's export of processed and canned tuna has tended to increase. In the first 4 months of the year alone, the export turnover of this product group has increased from 91 million USD in 2020 to 154 million USD in 2024, an increase of 70%. In particular, Vietnam's canned tuna exports are gradually recovering, higher than the same period in 2019, before the Covid pandemic. On the contrary, the export of fresh and frozen tuna, which is mainly frozen tuna meat/loin with HS0304 code, is unstable. After peaking in 2022, exports of this product group decreased sharply. Entering 2024, product group exports have increased again, but the increase is not high - up 6% over the same period. According to experts' forecasts, convenience is key for shoppers and value-added seafood that is pre-marinated or ready to heat and eat will continue to attract buyers looking to create Create ...

Source: Danviet