VIFTA Creates Opportunities for Vietnamese Tuna in Middle East
According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), the Free Trade Agreement between Vietnam and Israel (VIFTA) signed in July will bring many opportunities for seafood exports of Vietnam.
Vietnam not only accesses the Israeli market but also penetrates the large Middle East market.
According to statistics from Vietnam Customs, Israel is the second largest single tuna import market of Vietnam after the US. In the past 5 years, Vietnam's tuna exports to Israel have been unstable.
However, in the first 6 months of 2023, Vietnam's tuna exports to Israel are growing continuously. In the first 6 months of 2023, export turnover to Israel reached nearly US$25 million, up 92% over the same period last year.
|Tuna export turnover to Israel from January 2021 to June 2023. Photo: VASEP|
VASEP experts said that in the context that exports to the main traditional markets have all decreased, Israel is a potential replacement market because this is a market with high purchasing power and solvency.
Israel is a country with no natural resources and limited domestic labor resources. Although it is a small country, the consumption demand is quite large. Therefore, this market still has a lot of room for Vietnamese tuna businesses to utilize effectively.
VASEP said that this year, Vietnam's tuna exports to Israel increased over the same period, especially processed and canned tuna products.
The export of frozen tuna meat/loin in Vietnam still accounts for the highest proportion 47%. The export value of this product group increased by 29% over the same period. Meanwhile, the export value of canned tuna increased by 375%, and other processed tuna products increased by 83%.
In recent years, Vietnamese tuna products exported to Israel are competing with similar products from Thailand and China.
According to statistics from the International Trade Center (ITC), Vietnam is the second largest tuna supplier to this market after Thailand and before China. It is expected that the VIFTA will be an opportunity for Vietnam's tuna products to increase their market share in this market and in the Middle East countries.
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