Opinion

Revenue from Vietnamese Tuna in H1 2022: 56% increase year on year

Frozen Yellowfin Tuna
Tuna
Vietnam
Market & Price Trends
image
Vietnam is among the fastest growing tuna exporting countries in the world, exporting tuna to over 10 destinations. In H1 of 2022, the country recorded a YoY increase of 56% in tuna exports, primarily due to inflation causing food prices to rise and growing demand for canned tuna, particularly Vietnamese tuna, in many countries. Due to low tuna volumes and rising prices in the Asia-Pacific region, the United States recorded a 96% YoY growth in exports, the highest YoY increase in Vietnamese tuna exports. Similarly, exports to Canada, Japan, and Mexico also grew during this period. The outlook for the market remains strong and it is likely that the target of reaching a turnover of USD 1.1 billion from tuna exports will be achieved in 2022.

The yellowfin tuna fishery of Vietnam is the most important wild-capture export product in the country. On average, about 2,000 vessels are harvested for yellowfin during peak season every year. Vietnam exports the fish to more than ten countries worldwide, with major markets including the United States, European Union, Egypt, Israel, Canada, Japan, and Mexico. According to statistics from the General Department of Customs, the revenue earned from tuna exports in June 2022 reached 90 million USD, a YoY increase of 41% compared to June 2021. Tuna export turnovers reached USD 553 million in the first six months of 2022, up 56% from the same period in 2021. One of the main reasons behind the drastic increase in the value of tuna exports was the rise in prices due to the Russia-Ukraine geopolitical tensions. In addition, the rising prices increased the demand for canned tuna, which, in turn, increased the demand for Vietnamese tuna in many countries.

Vietnam recorded a drastic increase in revenue from tuna exports to the majority of the countries in H1 of 2022. Vietnam’s exports to the United States saw the largest increase in value in the first 6 months of 2022. Revenue from tuna exports reached more than $300 million, an increase of 96% compared to the same period in 2021. Low tuna catches in the East Pacific (EPO) affected the catches of the US fishing fleet and increased opportunities for Vietnamese tuna in the country. Similarly, tuna exports to Canada, Japan, and Mexico (CPTPP) continued to grow positively. By the end of June 2022, this group of countries became the third largest export market block for Vietnamese tuna exporters (after the United States and the European Union). The demand for tuna imports from CPTPP countries reached USD 68 million, up 50% over the same period last year. Within this increase, exports to Canada increased by 68%, Japan by 26% and Mexico by 30%.

In addition to the three major export markets above, in the first 6 months of 2022, tuna exports to Saudi Arabia, Thailand, the Philippines, or Russia still grew considerably. Overall, the outlook for Vietnamese tuna exports remains positive, and it is anticipated that in the second half of 2022, exports will continue to grow positively, with a slower growth rate. Tuna export turnover in 2022 is expected to reach about USD 1.1 billion, up 45% compared to 2021. Exports will continue to be driven by countries like the US, Canada, and Mexico, which have a high demand for Vietnamese tuna given growing domestic demand.

By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.