Businesses in the industry expect that by 2024, Vietnamese tuna will have the opportunity to return to the USD 1 billion milestone if shortcomings in raw materials are resolved.

10 years ago, Vietnam was only ranked 8th on the map ranking world tuna exporting countries, but in 2023 Vietnam became the 5th largest tuna exporter in terms of turnover, just behind Thailand, Ecuador, Spain and China.

In 2022, Vietnam recorded a record milestone when tuna export turnover reached USD 1 billion, showing the development potential of the processing and export industry. At the same time, Vietnamese businesses have tuna processing factories with high technology, experience, skills - reputable products in hundreds of markets.

According to VASEP's report, accumulated as of the end of May 2024, tuna exports reached nearly USD 388 million, an increase of 22% over the same period in 2023. Of which canned tuna products increased by 44%, bagged tuna increased by 24%, frozen loin/fillet tuna increased by 7% and frozen whole tuna increased nearly 3 times over the same period in 2023.

Tuna exports to most markets increased compared to the same period in 2023. Accordingly, the two largest markets, the US and EU, accounted for 37% and 22% of Vietnam's tuna exports, respectively, and recorded growth of 30% and 37% over the same period in 2023.

In addition, tuna exports to Israel increased the most, with 64%; to Russia increased by 58%, to Korea Republic increased by 66%...

However, according to Ms. Cao Thi Kim Lan, Director of Binh Dinh Seafood Joint Stock Company (Bidifisco), in the structure of tuna export value in recent years, more than 50% of value is created from imported raw materials due to unstable domestic supply and catch not meeting enough demand for export processing.

Businesses in the industry expect that by 2024, Vietnamese tuna will have the opportunity to return to the USD 1 billion mark if problems in raw materials are resolved.

Kylie Nguyen