With this result, in the first 6 months of 2024, Vietnam tuna exports to South Korea reached more than 14 million USD, an increase of 144% over the same period. South Korea became one of the largest 10 single tuna markets of Vietnam.

According to statistics from Vietnam Customs, in the first six months of this year, 15 Vietnam enterprises were participating in exporting tuna to this market. Leading ones are NHA TRANG BAY, YUEH CHYANG CANNED FOOD, and TRINITY VIETNAM, which account for 86% of total export turnover in the first half of 2024.

With a population of over 51 million people, South Korea is currently a potential market for Vietnamese tuna exporters, with a high growth trend since last year.

The Vietnam-South Korea Free Trade Agreement (VKFTA) took effect in December 2015, creating a foundation to promote economic, trade, and investment cooperation between the two countries to develop more strongly and effectively. The two countries are participating in the Comprehensive Economic Partnership Agreement (RCEP), and South Korea is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Vietnam is a member.

Currently, South Korea mainly imports processed and canned tuna from Vietnam, accounting for 99% of total export turnover, of which, South Korea mainly imports frozen steamed skipjack tuna loin/meat.

The change in seafood consumption trends in Korea following the trend of reduced consumer spending is an opportunity for Vietnamese seafood to boost exports of seafood products at suitable prices.

Like Japan, exports to Korea have the advantage of a close geographical location, stable consumption demand, and are the destination of many businesses in the coming time in the context of inflation, which is causing a sharp decrease in consumption in Western markets.

While the Red Sea tension has caused shipping rates to the US and Europe to skyrocket, closer markets, such as Korea, are also of interest to many businesses.

Notably, while Korea has reduced tuna imports from other countries, it has increased imports from Vietnam.