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Vietnam’s tuna exports maintained their growth momentum in July 2024, recording a 14% increase to reach nearly $87 million, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). However, the growth rate has slowed down compared to previous months.
Notably, exports to key markets such as the EU, Israel, Canada, and Mexico witnessed a downward trend in July. In the EU, tuna exports declined by 14% in July, amounting to $16 million. While exports to Italy maintained positive growth, the rate slowed down significantly from triple digits to 18% in July. Meanwhile, exports to the Netherlands and Germany decreased by 46% and 19%, respectively.
Contrasting the trend in the EU and Israel, the second-largest single importer of Vietnamese tuna, exports to the US continued to rise, albeit at a modest pace of 17%. Cumulative exports to the US in the first six months of the year increased by 20%, reaching $206 million.
Exports to Russia and South Korea also posted growth in July, increasing by 57% and 266%, respectively.
Source: VASEP
VASEP attributed the recent slowdown to the implementation of Decree 37, which was issued by the government in April 2024 to guide the enforcement of the Fisheries Law. The decree includes provisions on minimum allowable sizes for catching aquatic species in natural waters, requiring fishermen to incur additional costs for new fishing gear with appropriate mesh sizes and maintain catch logs.
As a result, many fishing vessels have been denied unloading permits at ports due to violations of the new regulations, leading to a significant shortage of raw materials for businesses engaged in processing, trading, and exporting seafood products.
The lack of domestic supply will compel businesses to resort to importing raw materials, which puts them at a competitive disadvantage compared to countries enjoying preferential tariffs, such as the Philippines and Ecuador.
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