In August 2023 alone, the export value of canned tuna dropped by 13%, reaching nearly $22 million. However, thanks to strong growth in the early months, the total export value for the first eight months of 2023 still increased by 19% compared to the same period in 2023, totaling over $196 million.
Vietnam’s canned tuna products are now exported to 74 countries globally, with the U.S., Israel, Germany, the Netherlands, and Lebanon being the top five importers, accounting for over 61% of total export value.
By the end of August 2024, canned tuna exports to these markets, excluding the Netherlands, had increased year-on-year. However, data from the General Department of Customs shows that canned tuna exports to the two largest markets, the U.S. and the EU, have been continuously declining over the past four months.
According to businesses, this decline coincided with the implementation of Decree 37/2024/ND-CP, which required companies to stop purchasing locally caught bullet tuna from fishermen because the fish did not meet the required size of half a meter or more. Most fishing ports have also ceased issuing certification (S/C) for tuna batches that do not meet the size standards set by Decree 37. As a result, businesses have been relying on their inventory to fulfill export orders.
Currently, these inventory reserves have been depleted, yet the issues related to the minimum size requirements for bullet tuna, as stipulated in Decree 37, have not been resolved.
Additionally, the Red Sea Crisis has significantly increased transportation costs to Europe and the U.S. According to a report from the Central Institute for Economic Management (CIEM), shipping costs from Vietnam to Europe have surged by 3-5 times, while those to the U.S. have risen by 70-88%. On top of that, longer shipping times have led to a shortage of empty containers, further complicating the movement of goods. These factors are directly affecting the competitiveness of Vietnam’s tuna companies in the global market.
Faced with mounting challenges, it is expected that Vietnam’s canned tuna exports will not recover in the final months of the year.
And as such, businesses are urging the Prime Minister, Deputy Prime Minister, and the Minister of Agriculture and Rural Development to direct amendments to the minimum size regulations in Appendix V3 of Decree 37, specifically for bullet tuna (a migratory species), to be implemented as soon as possible and in a manner that is practical for the industry.
VFM
