Italy Emerges as Vietnam’s Top Tuna Market in the EU
Vietnamese tuna exports to Italy experienced an extraordinary surge of 8,599 percent last month compared to the same period the previous year. This remarkable growth has propelled Italy to become Vietnam’s largest tuna market in the European Union (EU) during the first nine months of this year. The Vietnam Association of Seafood Exporters and Producers (VASEP) recently released these figures, highlighting the significant shift in trade dynamics.
Canned Tuna Drives Export Growth
Among various product groups, canned tuna was the sole category to demonstrate growth, with a notable increase of 22 percent. In contrast, Vietnam’s exports of fresh and frozen tuna experienced a decline of 30 percent. Despite this decrease, Vietnam’s tuna exports to the EU market exhibited significant growth last month, with a year-on-year increase of 51 percent.
This surge can be attributed to the positive impact of the EU-Vietnam Free Trade Agreement (EVFTA), which came into effect two months earlier. The removal of taxes on fresh and frozen tuna products by the EU immediately after the agreement’s implementation has made Vietnamese tuna more appealing to EU countries.
Expanding Opportunities in the EU and US Markets
Vietnamese processed and canned tuna products have gained traction in the EU market, signifying an expanding avenue for Vietnamese tuna businesses. This positive trend is further reinforced by the growing attractiveness of Vietnamese tuna to EU consumers. Moreover, Vietnam’s tuna exports to the United States, after a period of decline due to the COVID-19 pandemic, have shown signs of recovery in the last two months.
In fact, the value of tuna exports from Vietnam to the US surpassed $25 million last month, reflecting a 2 percent year-on-year increase. The canned tuna market in the US, having a strong familiarity among consumers and facing disruptions in beef, pork, and poultry supplies due to the pandemic, has experienced notable growth, contributing to the increased demand for tuna imports.
Promising Markets in Japan and Canada
Vietnam’s tuna exports to Japan, which had witnessed three consecutive months of decline, rebounded with renewed growth. Additionally, Canada has emerged as a bright spot market for Vietnamese tuna this year, experiencing continuous three-digit growth in recent months. These positive developments in both the Japanese and Canadian markets provide further opportunities for Vietnamese tuna exporters.
In conclusion, Vietnam’s tuna exports have experienced remarkable growth, with Italy becoming the leading market for Vietnamese tuna in the EU. The rise of canned tuna exports, coupled with the positive impact of trade agreements such as the EVFTA, has fueled this expansion.
Furthermore, recovering markets in the US, along with growing demand in Japan and Canada, demonstrate the resilience and potential of Vietnam’s tuna industry. As Vietnamese tuna continues to gain popularity for its quality and appeal, the future looks promising for the country’s tuna exports.