July 21, 2010

Vietnamese tuna exports increase sharply

Vietnam's export turnover of tuna in foreign markets has increased sharply recently, according to the Vietnam Association of Seafood Exporters and Producers.

According to statistics from the General Department of Vietnam Customs, by the end of June 15, 2010, Vietnam had exported 37,000 tonnes of tuna, earning more than US$147 million, up 71.2% in quantity and 98% in value compared to the same period last year. The country's tuna exports increased remarkably in the Republic of Korea's market, followed by Taiwan at 328.8%, and Canada at 198.3%.

The US is the major importer of Vietnamese tuna with around 15,000 tonnes worth over US$75 million, up 103.8% in quantity and 179.8% in value year on year.

The US Department of Commerce said that due to the economic recovery, the US trade deficit in May hit a 18-month record high and the growing demand for seafood products in recent months has opened opportunities for Vietnam to boost tuna exports.

The EU ranks second among countries importing tuna from Vietnam. However, due to the regulations of the illegal, unreported and unregulated fishing (IUU) law, Vietnam's tuna exports to this market in the first months of the year declined steadily.

As of the end of June 15, Vietnam exported around 7,000 tonnes of tuna to the EU, earning more than US$24.6 million, down 14% in quantity and 6.6% in value.

Vietnam had exported over 2,600 tonnes of tuna to Japan by the end of June 15, earning nearly US$16 million, up 50.7% in quantity and 119.9% in value. However, under the Vietnam-Japan Economic Partnership Agreement, the current export tax rate on Vietnam's tuna to Japan is higher than that of Thailand and the Philippines, making it difficult to compete in the Japanese market.