Business

Tuna exports poised to hit 1 billion USD this year

Tuna export value is forecast to reach 1 billion USD in 2024, marking an 18% increase compared to last year’s figure and solidifying the product's role as one of Vietnam’s key seafood exports.

Workers process tuna. (Photo VNA)
Workers process tuna. (Photo VNA)

Hanoi (VNA) – Tuna export value is forecast to reach 1 billion USD in 2024, marking an 18% increase compared to last year’s figure and solidifying the product's role as one of Vietnam’s key seafood exports.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the country earned 821 million USD from tuna exports in the first ten months of the year, an 18% rise year-on-year. October alone saw shipments worth nearly 93 million USD, a 22% increase compared to the same period last year.

These figures reflect the post-COVID-19 recovery of the tuna industry and rising global demand for the fish.

Traditional markets like the United States and the European Union remain critical, while emerging markets have also shown positive growth. Vietnam’s tuna products, particularly canned goods, enjoy competitive advantages in countries such as Germany, the Netherlands, and Italy.

To further boost tuna exports, Vietnam has implemented various policies aimed at enhancing global competitiveness and ensuring the sustainable development of the industry. Efforts include negotiating and signing free trade agreements like the Europe-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP). The recent comprehensive economic partnership with the United Arab Emirates has opened doors to the Middle Eastern market.

Tuna-exporting enterprises have been given priority in access to preferential loans, enabling them to invest in equipment, processing, and preservation technologies to improve production lines.

Additionally, the Ministry of Industry and Trade, in collaboration with other agencies, has rolled out national trade promotion programmes. These initiatives help domestic businesses showcase Vietnamese tuna products at international trade fairs and connect with potential buyers, further strengthening the industry’s global presence./.

VNA
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