First quarter tuna exports enjoy high growth

VOV.VN - Vietnam’s tuna exports maintained a high growth rate during the opening months of the year, despite strong fluctuations in the global market over the past year, partly thanks to opportunities gained from numerous free trade agreements (FTAs).

Customs statistics indicate that the tuna export value climbed by 108% on-year in January to reach US$88 million. This rate slowed down in February but was still at a high 57%, fetching US$67 million, almost double the figure in February, 2019, when the COVID-19 pandemic had not yet broken out.

Growth in March remained stable, duly pushing the export earnings for the first quarter to more than US$230 million, representing an annual rise of 53%. 

The Vietnam Association of Seafood Exporters and Producer (VASEP) put down the positive growth of the tuna export to the industry’s success in utilizing tax advantages in European and Asia-Pacific markets created by free trade agreements to which Vietnam is a member. This includes trade deals such as the Vietnam-EU FTA (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

This can be seen due to the strong increases in terms of exports to both the EU and CPTPP markets, such as Belgium, up 163%, the Netherlands, up 114%, Chile, up 99%, and Canada, up 52%. Indeed, Netherlands has risen from fourth place to the top position among European importers of Vietnamese tuna.

This upward trajectory is expected to continue boosting tuna exports to Europe thanks to strong economic recovery that stimulates demand. In addition, tax preferential treatments under the terms of the EVFTA also creates an impetus for exports.  

Apart from foreign markets, tuna producers are also seeking to tap into the domestic market, with demand for tuna products on the rise.

Domestic sales will therefore help the tuna sector to reduce its dependence on foreign markets as a means of better adapting to socio-economic uncertainties.