Vietnam’s seafood industry is seeing remarkable growth, with the latest figures revealing that Vietnamese tuna exports to Italy grew by 8,599 percent in the last month compared to the same period last year. This surge has made Italy the largest tuna market for Vietnam in the European Union (EU) over the first nine months of this year. The Vietnam Association of Seafood Exporters and Producers (VASEP) announced these figures last week, along with predictions that the country’s marine product exports will reach $3.5 billion in 2021, up 17 percent from 2018.
Canned Tuna Drives Growth
Canned tuna exports are the only product group to post growth over the same period, up 22 percent. Conversely, Vietnam’s exports of fresh and frozen tuna decreased by 30 percent. This suggests that the canned tuna market is the primary driver of the country’s growth in this sector. Vietnam’s tuna exports to the EU market increased by 51 percent last month compared to the same period last year, following the implementation of the EU-Vietnam Free Trade Agreement (EVFTA).
EVFTA Opens Doors for Vietnamese Tuna Businesses
The EVFTA’s abolition of tax on fresh and frozen tuna products made Vietnamese products more attractive to EU countries. Furthermore, processed and canned tuna products from Vietnam have gained popularity in this market. According to VASEP, this signifies that the door to the EU market is opening wider for Vietnamese tuna businesses.
US Market Shows Signs of Recovery
Vietnam’s tuna exports to the US also show signs of recovery in the last two months after a decline due to the COVID-19 pandemic. Tuna export value to the US reached over $25 million last month, up 2 percent compared to the same period last year. The canned tuna market in the US, which is familiar to most consumers, has shown good growth, with beef, pork, and poultry supplies disrupted due to the pandemic. This has led to an increase in the US’s tuna imports.
Japan and Canada Also Show Growth Potential
Apart from the US and the EU markets, Vietnam’s tuna exports to Japan and Canada also grew last month. After three consecutive months of decline, tuna exports to Japan increased again. Meanwhile, Canada is a promising market for Vietnamese tuna this year, with continuous three-digit growth in recent months.