W52 Tuna Update: South Korea Secures Increased Catch Limits for Bluefin Tuna and Bigeye Tuna, and Vietnam Targets USD 9.5 Billion in Seafood Exports in 2024

South Korea Announces Substantial Increases in Bluefin and Bigeye Tuna Catch Limits for 2024

The South Korea Ministry of Oceans and Fisheries announced that revised conservation and management measures for major fish species, such as bluefin tuna and bigeye tuna, were agreed upon at the 20th annual meeting of the West Central Pacific Fisheries Commission held in the Cook Islands. In 2024, South Korea is set to raise its annual catch limits for bluefin tuna by 135 metric tons (mt) compared to the previous year, while the catch limits for bigeye tuna will see a substantial increase of 1,394 mt. The existing limits, applicable to the central and western Pacific Ocean, encompassing South Korean waters, currently stand at 748 mt for bluefin tuna and 13.94 thousand mt for bigeye tuna.

The Central and Western Pacific Fisheries Commission conducts regular stock assessments for managed fish species every 2 to 3 years to calculate stock estimates and manages them by setting total allowable catch (TAC) and quotas for each country depending on the stock status. In recent years, the South Korean delegation has done its best to solve the problem of insufficient catch limits for tuna species by submitting proposals for the revision of conservation management measures to the Central and Western Pacific Fisheries Commission every year and conducting bilateral consultations with major member countries.

Consequently, the updated conservation plan has undergone revisions, leading to an agreement on management measures and an ensuing rise in the catch limit. Notably, the surge in the population of bluefin tuna in Korea's coastal waters has prompted adjustments in the conservation and management measures for bluefin tuna. This revision is anticipated to alleviate certain challenges faced by the fishing industry.

Vietnam Targets a USD 9.5 Billion Export Revenue in 2024 Amid Evolving Production Dynamics

The Vietnam Ministry of Fisheries has set an export revenue target of USD 9.5 billion in 2024, with a total output of approximately 9.22 million metric tons (mmt). Compared with 2023, wild catch next year is expected to decrease by 8.3% year-on-year (YoY) to 3.54 mmt, while farmed production will increase by 5% YoY to 5.68 mmt. The Ministry of Fisheries of Vietnam proposed that establishing a production chain, enhancing competitiveness, and promoting green production are crucial to the sustainable development of fisheries.

2023's fishery production is approximately 9.27 mmt, representing an increase of 2% YoY, of which wild catching is 3.86 mmt and aquaculture production is 5.4mmt. Annual export revenue is expected to be USD 9.2 billion, accounting for 92% of the USD 10 billion plan in 2023. The main export products include shrimp with export value USD 485 million and tuna with export value of USD 126.4 million.