Vietnam's tuna exports to South Korea hit record high

Published Aug 12, 2024

Tridge summary

In the first half of 2024, Vietnam's tuna exports to South Korea surged by 144% year-on-year, amounting to over $14 million, making South Korea one of the top ten export markets for Vietnamese tuna. This growth is largely due to the Vietnam-Korea Free Trade Agreement (VKFTA) and the potential of South Korea's participation in the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). The Korean market primarily imports processed and canned tuna from Vietnam, with a 20% share of total imports, mainly in the form of frozen yellowfin tuna meat. This increase in imports from Vietnam contrasts with a decrease in imports from other countries, highlighting a growing opportunity for Vietnamese tuna exporters in the South Korean market.

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Original content

In the first half of 2024, Vietnam's tuna exports to South Korea totaled more than 14 million U.S. dollars, up 144% year-on-year. South Korea has become one of the top ten export markets for Vietnamese tuna. Since its entry into force in December 2015, the Vietnam-Korea Free Trade Agreement (VKFTA) has laid the foundation for the strong and efficient development of economic, trade and investment cooperation between the two countries. The two countries are participating in the Regional Comprehensive Economic Partnership (RCEP), and South Korea is considering joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), of which Vietnam is a member. Currently, the Korean market mainly imports processed and canned tuna from Vietnam, accounting for 20% of imports. 99% of the total imports. Among them, South Korea mainly imports frozen yellowfin tuna meat. Similar to Japan, Vietnam's export activities to South Korea have advantages such as geographical proximity and ...

Source: Foodmate