Vietnam’s tuna exports to South Korea hit record high in June 2024

Published 2024년 8월 7일

Tridge summary

Vietnamese tuna exports to South Korea have seen a significant increase of 144% in the first half of 2024, reaching over $14 million, with 15 enterprises participating in the exports. Leading the pack are Nha Trang Bay, Yueh Chyang Canned Food, and Trinity Vietnam, contributing 86% to the total export value. The Vietnam-Korea Free Trade Agreement (VKFTA) and the possibility of South Korea joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are facilitating this growth. Most imports from Vietnam are processed and canned tuna, with a focus on frozen tuna loin. This shift towards South Korea is strategic due to its large population, potential market growth, and lower consumer spending on seafood, offsetting the increased shipping costs caused by tensions in the Red Sea.

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

Original content

With this result, the cumulative tuna exports to South Korea in the first 6 months of 2024 reached more than $14 million, a 144% increase compared to the same period. South Korea has become one of the 10 individual import markets for Vietnamese tuna. According to Vietnam Customs statistics, in the first 6 months of this year, 15 enterprises are participating in tuna exports to this market. Leading them are Nha Trang Bay, Yueh Chyang Canned Food, and Trinity Vietnam, accounting for 86% of the total export value in the first half of 2024. With a population of more than 51 million people, South Korea is currently a potential market for Vietnamese tuna exporters with a high growth trend from last year. The Vietnam - Korea Free Trade Agreement (VKFTA), which took effect in December 2015, has provided a foundation to promote stronger and more effective economic, trade, and investment cooperation between the two countries. The two countries are participating in the Regional Comprehensive ...

Source: Vasep