Vietnam’s tuna exports to UK positive in coming months: Association
Vietnam’s tuna exports to the UK in the remaining months of this year will be positive and Vietnamese tuna still has good competitiveness thanks to the advantages that the Vietnam-UK free trade agreement brings about, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Hanoi (VNA) – Vietnam’s tunaexports to the UK in the remaining months of this year will be positive andVietnamese tuna still has good competitiveness thanks to the advantages thatthe Vietnam-UK free trade agreement brings about, according to the VietnamAssociation of Seafood Exporters and Producers (VASEP).
Vietnam is the 13th largest tuna productsupplier to the UK.
According to the General Department of Vietnam Customs, after asharp drop of 51% in May, the export of Vietnamese tuna to the UKcontinued to increase in the two subsequent months. This growth has raisedVietnam’s export turnover of the fish to the UK in the first seven months of this year to more than 4.5 million USD, representing a year on year rise of 77%.
On July 16, the UK signed a document to join theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).The accession is expected to boost trade between the UK and the members of theCPTPP bloc, including Vietnam.
Along with the UKVFTA that the two countries signed in late 2020, incentives fromthe CPTPP will open up opportunities for Vietnamese seafoods, includingtuna, to enter the UK market, according to experts.
With the implementation of the UKVFTA,bilateral trade revenue between Vietnam and the UK reached about 8.6 billionUSD in 2022, an increase of 29% over the previous year./.
Despite a sharp fall in exports before the end of 2022 due to global inflation, tuna still brought home 1 billion USD in revenue last year, up 34% from 2021, becoming a billion-dollar commodity for the first time, data showed.
Domestic tuna exporters are targeting promising small markets to get out of current difficulties amid economic fluctuations in big importing countries.
The Vietnam Association of Seafood Exporters and Producers (VASEP) forecast tuna export orders will increase sharply in the last months of the year due to decreasing inventories in major export markets and the recently signed Vietnam-Israel Free Trade Agreement.
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Illustrative photo (Photo: VNA) 
