In June alone, the export value reached nearly $6 million, a sixfold increase compared to the same period in 2023.

South Korea among top 10 importers of Vietnamese tuna, photo VNA

Nguyen Ha, a tuna market expert at VASEP, highlighted the robust growth of exports of processed and canned tuna to South Korea.

“Due to global economic difficulties and a recession, South Korean consumers have tightened their spending, leading to increased demand for affordable seafood products such as canned tuna. Vietnamese tuna, being inexpensive and reasonably priced, has seen a surge in purchases from South Korea since 2023,” she explained, quoted by local media agency Tuoitre.

Currently, processed and canned tuna products constitute 99 per cent of Vietnam’s total tuna export value to South Korea, with frozen steamed skipjack tuna being the primary product.

Echoing this sentiment, a representative from a seafood company in Nha Trang emphasised the shift in seafood consumption trends in South Korea towards more budget-friendly options. “This presents an opportunity for Vietnam to boost exports of competitively priced products. With rising freight rates to the United States and Europe, Vietnamese companies are redirecting their export focus to nearby markets with stable demand,” the representative remarked.

According to VASEP, cumulative tuna exports to South Korea in the first half of 2024 exceeded $14 million, marking a 144 per cent increase on-year. South Korea has now become one of the top 10 markets for Vietnamese tuna, with around 15 Vietnamese companies currently exporting to this market. With a population of over 51 million, South Korea represents a significant and growing market for Vietnamese tuna exporters.

However, VASEP predicts that maintaining the current growth rate for the rest of 2024 will be challenging due to a decrease in the domestic supply of raw skipjack tuna. This is partly attributed to the minimum size regulations outlined in Decree 37, which imposes certain restrictions on the industry.