Canned Vietnamese tuna is a 'star' in the US

From raw tuna, many Vietnamese enterprises process canned tuna to export to many markets, with the US market leading the way - Photo: LAM THIEN

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after nearly half a year of continuous decline, Vietnam's canned tuna exports to the US have increased again since October 2024. The cumulative 10-month figure reached more than 87 million USD, up 17% over the same period.

The US is an attractive market for seafood exports from many countries, but why does Vietnamese processed tuna rise and rank among the top in the US?

Surpass Thailand, equal to Korea

According to VASEP, 2022 is the peak year for the US market when importing the canned tuna segment. However, in early 2024, the US imported canned tuna at the same level as the same period. Therefore, Vietnamese tuna exports to the US also fluctuated.

However, according to VASEP, canned food producers from Mexico, Indonesia and Ecuador are also losing market share in the US market. Imports from Indonesia have been falling continuously for the past three years.

In the US market, Mexico is the leader. Vietnam has now surpassed Thailand and is the second largest supplier of canned tuna, accounting for more than 17% of the country's total import volume.

On December 11, Mr. Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers, shared with Tuoi Tre Online that canned food processors in Asia are expanding their market in the US in 2024. Mr. Hoe cited that Thailand is still the largest supplier of canned tuna to the US. Many Thai businesses invest in this product segment.

“However, the amount of canned tuna imported from Thailand to the US this year is only at the same level as the same period last year. Meanwhile, the US increased imports from Vietnam and South Korea. For canned tuna from Vietnam, the US is the largest consumer market, currently accounting for 36% of total export turnover,” Mr. Hoe informed.

US seafood retail sales increase, increasing export opportunities

According to many businesses, the US is an attractive market for Vietnamese seafood. While Asian canneries are expanding their market in the US in 2024, to compete, Vietnamese businesses have adjusted their selling prices in this market lower than their “competitors”, averaging at $4,670/ton.

According to VASEP statistics, among more than 140 Vietnamese enterprises, there are 6 large enterprises exporting canned tuna to the US, accounting for the highest rate of 46% of the market share, which is Highland Dragon Company Limited, followed by enterprises such as: Toan Thang Company Limited, Tin Thinh Company Limited, Kien Giang Trading Joint Stock Company, Ha Long Tuna Joint Stock Company, FOODTECH Joint Stock Company.

The International Monetary Fund (IMF), when assessing the economic outlook, said that the US economy is recovering, and raised its forecast for US economic growth in 2024 and 2025.

In particular, domestic consumption in the US is higher and is expected to continue to increase, leading to increased retail sales of seafood in the US, which will promote seafood imports in the coming time, including tuna.

Recognizing this opportunity, Mr. Nguyen Anh Dung (a seafood exporter in Nha Trang City) admitted that in the near future there will be great opportunities not only for canned tuna, but also for Vietnamese seafood in general.

However, between the opportunity and the actual profit brought to the business, Mr. Dung said that… the profit will “not be excellent” because logistics costs increase.

“Since President Donald Trump was re-elected, the tax wave will fluctuate if the US imposes import taxes of 60-100% on China and 10-20% on other countries, causing international customers to increase their import purchases to stock up and avoid high tariffs.

So canned tuna is gaining momentum for this reason. But transportation costs, shipping fees, etc. make it impossible to make a profit at a superior level,” said Mr. Dung.

Vietnam's canned tuna exports tend to increase

According to the General Department of Customs, from 2021 to now, Vietnam's canned tuna exports have been on an increasing trend. Export turnover has increased from 169 million USD in 2021 to 255 million USD in 2023, an increase of 51%.

Currently, Vietnam's canned tuna products have reached more than 65 markets. Of which, the US, EU and Israel are the three largest import markets. In the first half of 2024, exports to these markets all grew strongly, by 88%, 35% and 141% respectively.

Source: https://tuoitre.vn/ca-ngu-dong-hop-viet-nam-dang-la-ngoi-sao-tai-my-20241211151726636.htm