Vietnam’s $800 million product captivates the US and Russia: Over 100 countries import it for consumption

Tuna is Vietnam’s top seafood export valued at hundreds of millions of dollars and is highly popular in major markets such as the US, Japan, and Canada. In recent years, tuna has become an important commodity, accounting for a large proportion of the total seafood export turnover.

Vietnamese tuna products have been exported to over 100 markets worldwide. Among them, the US, EU, Middle East, and countries under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are the four largest markets for Vietnamese tuna, accounting for 82-86% of the country’s total tuna export turnover.

According to statistics from the General Department of Customs, Vietnam’s tuna export turnover is estimated at 845 million USD in 2023.

The US remains the largest tuna importing market for Vietnam, with continuous growth in October and November and a slight decrease in December 2023. In 2023, Vietnam’s tuna exports to the US reached 326 million USD.

The US imports mostly canned tuna from Vietnam. According to statistics from Volza, Vietnam is the largest tuna importing market for the US, alongside Thailand and China.

According to a study published in IJSCIA, the competitive ability of Vietnamese tuna in the US and Canadian markets is relatively high, following Thailand and showing an upward trend.

This research emphasizes the importance of improving product quality to meet the preferences of consumers in importing countries, and taking advantage of opportunities from the CPTPP to enjoy preferential tariffs when exporting to Canada, aiming at enhancing competitiveness and expanding export scale in these two markets. To enhance the competitiveness of Vietnam’s tuna export industry, particularly in the US market, it is necessary to adopt trade promotion measures and expand commercial cooperation to take advantage of preferential tariffs and meet the product demands of importing countries.

After the US, Israel is the second largest single market for Vietnamese tuna imports. In December 2023, exports to this market decreased by 6% compared to the same period in 2022. However, for the whole year of 2023, due to good growth in many months, Vietnam’s tuna exports to Israel reached over 50 million USD, an increase of 37% compared to 2022.

After a period of instability, Vietnam’s tuna exports to Russia have consistently increased in the last months of 2023. In 2023, Vietnam’s tuna export turnover to this market reached nearly 29 million USD, an 18% increase from 2022.

In addition, Vietnam’s tuna exports to the EU and Thailand in 2023 also slightly increased, reaching 176 million USD (a 6% increase from 2022) and 29 million USD (a 2% increase from 2022), respectively.

Challenges for tuna exports in 2024

According to VASEP, 2024 is expected to present many challenges for the tuna export industry, as the European Commission still maintains a yellow card warning for Vietnamese seafood products. Furthermore, although the price of raw tuna has decreased, the tension in the Red Sea is expected to increase shipping costs. This poses challenges in terms of production costs for processed tuna.

In addition to challenges in export markets, Vietnamese businesses also face difficulties due to shortcomings in the current food safety regulations in Vietnam.

Faced with these difficulties, VASEP proposes that the relevant authorities take action to address these obstacles for businesses, thereby creating favorable conditions for tuna exports.

References: Customs, VASEP, Verywellfit, Volza