After reaching a peak of nearly 6 million USD in June 2024, Vietnam's tuna export value to Italy has stagnated and continuously decreased in the last 5 months of the year. As of December 15, 2024, the export turnover to this market decreased by 18% compared to the same period in 2023, reaching more than 30 million USD. With this decrease, Italy is no longer Vietnam's largest tuna import market in the EU.

According to statistics from Vietnam Customs, the value of Vietnam's tuna exports to Italy has been continuously decreasing every month since June. The export turnover from 6 million USD in June decreased to more than 281 thousand USD in November 2024, and was lower than the same period in 2023.

Currently, Italy is reducing imports of processed and canned tuna products from Vietnam compared to the same period. Of which, the export of frozen steamed tuna loin products with HS code 16 decreased the most, by 50% compared to the same period. Meanwhile, canned tuna products decreased by 16%.

According to businesses, the official entry into force of the Vietnam - EU Free Trade Agreement (EVFTA) has created opportunities for Vietnamese tuna products to penetrate deeper into the Italian market. Benefiting from the Agreement, Vietnamese businesses have the advantage of reduced tariffs and expanded export opportunities to this market. In addition, favorable geographical location, competitive labor costs and deep participation in the global value chain are important factors strengthening Vietnam's role and position in the Italian market.

Tuna industry faces difficulties right from the "input"

However, since Decree No. 37/2024/ND-CP, effective from May 19, 2024, has caused a shortage of domestic skipjack tuna supply, affecting the export activities of enterprises to markets.

Moreover, with less than a month left until Tet At Ty 2025, according to information from the fisheries sub-departments, many skipjack tuna fishing vessels in key provinces are still on shore, not knowing when they will set sail.

According to fishermen, if previously the skipjack tuna warehouse owners bought at 30,000 VND/kg, they are now only buying at 17,000 - 19,000 VND/kg. At this purchase price, if they do not lose money on fuel, they will also lose money on labor, so the ship owners decided to keep their ships on shore.

According to Decree No. 37/2024/ND-CP, the minimum length of skipjack tuna allowed to be exploited is 50cm, while the output of fishermen is mainly tuna under 2kg/fish and size from 30cm or less, while the output of fish that can meet the minimum size as Decree 37 only accounts for about 10%, leading to the fact that the fish caught do not meet the standards, so businesses do not buy them.

This situation is causing difficulties for fishermen, and will also cause businesses to lack the supply of raw materials of pure origin that enjoy tariff incentives under the agreement in the EVFTA. Therefore, it is expected that the export of frozen steamed tuna loins and canned tuna from Vietnam not only to Italy but also to other markets in the first months of 2025 will find it difficult to maintain growth.

Source: VASEP