Most notably, tuna exports in June witnessed a six-fold increase to nearly US$6 million compared to last year’s corresponding period.
Insiders pointed out that the growth can largely be attributed to Vietnamese products’ competitive prices and firms’ efforts in grasping the seafood consumption trend in the RoK.
Meanwhile, the Vietnam-Korea Free Trade Agreement (VKFTA), which came into force in December 2015, has provided a solid foundation for stepping up economic, trading, and investment co-operation between the two sides.
In addition, both countries are members of the Regional Comprehensive Economic Partnership (RCEP), while the RoK is also considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Currently, the RoK mainly imports processed and canned tuna products from Vietnam, accounting for 99% of total Vietnamese export turnover to its market. Among these items, frozen steamed skipjack tuna loin remains the most popular product.
According to experts, there is a positive outlook ahead for tuna exports to the RoK thanks to geographical proximity, stable consumption demand, and the fact that this is a large market of more than 51 million consumers.
However, local businesses are currently facing challenges due to an overall decline occurring in the domestic supply source of raw skipjack tuna and high freight rates.
The VASEP’s statistics indicate that the country’s seafood export turnover in the first half of the year edged up by 6% year on year to US$4.4 billion, with key products such as shrimp, pangasius, and tuna all showing signs of a strong recovery.
Currently, tuna exports throughout the reviewed period reached US$472 million, representing a rise of 23% year on year - the most impressive growth rate among main seafood exports.
