After reaching a peak of nearly USD 6 million in June 2024, Vietnam’s tuna exports to Italy slowed down sharply and continuously declined over the last five months of the year. As of December 15, 2024, total export turnover to Italy fell by 18% year-on-year, reaching just over USD 30 million. With this decline, Italy is no longer Vietnam’s largest tuna importer within the EU.
Continuous Decline in the Second Half of 2024
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According to data from the General Department of Vietnam Customs, Vietnam’s tuna exports to Italy have shown a steady month-on-month decline since June 2024. Export value dropped from USD 6 million in June to only USD 281,000 in November, much lower than the same period last year.
Italy has notably reduced imports of processed and canned tuna products from Vietnam. Among them, frozen steamed tuna loins (HS16) saw the sharpest decline—down 50%, while canned tuna exports decreased by 16% compared to 2023.
EVFTA Brings Opportunities but Challenges Persist
The EU-Vietnam Free Trade Agreement (EVFTA) has opened significant opportunities for Vietnamese tuna to penetrate the Italian market more deeply. With preferential tariffs and improved market access, Vietnamese exporters gained competitive advantages. Additionally, favorable geography, competitive labor costs, and integration into global value chains have strengthened Vietnam’s position in the Italian market.
However, despite these benefits, the industry has encountered major challenges—especially from the supply side—since the implementation of Decree No. 37/2024/NĐ-CP, effective May 19, 2024.
Tuna Industry Faces Raw Material Shortages
This decree has caused a shortage of skipjack tuna supply in domestic waters, directly impacting export operations. With Tet (Lunar New Year 2025) approaching, many fishing boats in key tuna-producing provinces are still docked, unable to resume operations.
Fishermen report that the purchase price for skipjack tuna has dropped from 30,000 VND/kg to just 17,000–19,000 VND/kg, making trips unprofitable after covering fuel and labor costs. As a result, many have suspended fishing activities.
Under Decree No. 37/2024/NĐ-CP, only tuna measuring 50 cm or longer are allowed to be caught. However, the majority of fish caught are under 2 kg each and below 30 cm, meaning only around 10% of the total catch meets legal size requirements. Consequently, a large portion of tuna caught cannot be sold, leading to raw material shortages for processors and exporters.
Outlook for 2025: Continued Difficulties Expected
This situation poses challenges for both fishermen and exporters, especially regarding the availability of origin-qualified raw materials required to receive EVFTA tariff preferences.
As a result, Vietnam’s exports of frozen steamed tuna loins and canned tuna to Italy—and likely to other markets—are expected to face continued difficulties and slow growth in the early months of 2025.