According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's tuna exports to the RoK have experienced a remarkable surge over the past three months, reaching a record high in June. In June alone, the export value of tuna to the RoK approached 6 million USD, nearly six times higher than the same period in 2023. Over the first six months of 2024, cumulative exports of tuna to the RoK exceeded 14 million USD, marking a 144% increase year-over-year. As a result, the RoK has become one of the top 10 single markets for Vietnamese tuna exports.
According to press reports, VASEP representatives have identified the RoK as a potential market for Vietnamese tuna suppliers. Statistics from Vietnam Customs revealed that 15 enterprises have been involved in exporting tuna from Vietnam to the RoK during the first half of the year. The RoK has primarily imported processed canned tuna, particularly frozen steamed skipjack tuna.
Analyses from various sources showed that global transportation activities are shifting due to factors like the Russia-Ukraine conflict and tensions along the Red Sea shipping route. Increased shipping costs from the Indian Ocean to the Pacific, from Asia to Europe, and from Vietnam to the US and EU are concerns that import-export businesses must address. Consequently, closer and safer regional markets are likely to be prioritised. The positive signals from the Vietnamese tuna export market to the RoK may provide opportunities for logistics companies and seafood processors in Vietnam.
However, VASEP also reported that domestic businesses are struggling due to a decrease in the supply of skipjack tuna in the domestic market. The primary reason for this shortage is the current regulations on the minimum size of skipjack tuna allowed for exploitation, as stipulated in Decree No.37/2024 under the Fisheries Law, which is currently "tying the hands" of businesses. The Government’s Decree No.37/2024/ND-CP amends and supplements several articles of Decree No. 26/2019/ND-CP, dated March 8, 2019, detailing certain provisions and measures for implementing the Fisheries Law. This law came into effect on May 19, 2024.
It is important to remember that Vietnam has previously faced considerable challenges in penetrating demanding markets, such as Europe, the US and Australia, which impose stringent requirements on agricultural products, aquaculture practices, and seafood harvesting. Complying with these standards is crucial for the success of any export batch from Vietnam. Therefore, adhering to the changes brought by Decree No.37/2024/ND-CP is the most effective path for Vietnamese businesses to expand globally, rather than merely expressing difficulties and waiting for support.
