What’s On

Chinese firms develop taste for Vietnamese tuna

By Phuong Dong   August 5, 2016 | 05:38 pm GMT+7

Export value surged by 107 percent in the first half of this year.

The Vietnam Association of Seafood Exporters and Producers (Vasep) said that the country fetched $225 million from tuna exports over the first six months of this year, decreasing by a mere 0.01 percent against the same period last year, mainly thanks to China.

Export value to China saw a massive jump of 107 percent on-year to hit $12.2 million.

The growth rate reached 253 percent in the first three months, making China overtake Japan to become Vietnam’s third largest tuna market.

According to Vasep, Chinese companies have increased tuna imports from Vietnam to ensure raw materials for their manufacturing plants. Exports to the two largest markets, the U.S. and the E.U. showed signs of a slowdown, forcing Vietnamese companies to look to potential new markets like China.

Although contributing 41 percent of the total export value, equal to $93 million, U.S. expenditure on Vietnamese tuna products fell by 0.2 percent on-year.

Exports to the E.U. fell even further by 10.5 percent to $52 million.

Vasep predicts in the third quarter of this year, Vietnam’s tuna exports will generate about $123 million, up five percent on-year. This should equate to an export value of $455 million in 2016, the same figure as last year.

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