News 01:
Frozen Tuna Meat is Vietnam's Key Export Product to the UK
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after three consecutive months of decline, Vietnam's tuna exports to the UK have bounced back. In June 2024 alone, tuna exports to this market increased by 56%, reaching USD 742 million.
Frozen tuna meat/loin remains Vietnam's primary export product to this market, accounting for up to 92%. Currently, Vietnam is the second-largest non-EU supplier of frozen tuna meat/loin to the UK, following South Korea.
In the canned and pouch tuna segments, Ecuador, Mauritius, Seychelles, and the Philippines are the four main suppliers to the UK market, while Vietnam is only a minor supplier. Additionally, Vietnam's fishing capacity is lower than that of other countries due to the limited capabilities of its fleet. Moreover, the regulations on the size limits of skipjack tuna that can be caught are causing a further decline in output. As a result, VASEP predicts that maintaining the growth momentum in tuna exports to the UK until the end of the year will be challenging.
Chart: Vietnam's Tuna Export Revenue to the UK Market in 2023 and 2024 (Source: Vietnam Association of Seafood Exporters and Producers - VASEP)
Read more at: Thịt cá ngừ đông lạnh là sản phẩm xuất khẩu chủ lực của Việt Nam sang Anh
News 02:
Opening of the 8th Negotiations session to Upgrade the ACFTA Agreement
On August 6, the 8th negotiation session to upgrade the ASEAN-China Free Trade Agreement (ACFTA) began in Quang Ninh province. The negotiation is expected to take place in 5 days, with the attendance of over 180 delegates from the 10 ASEAN member countries, China, and the ASEAN Secretariat.
Since the ACFTA came into effect in 2005, trade between ASEAN and China has increased sevenfold, reaching $722 billion and $702 billion in 2022 and 2023, respectively. China has maintained its position as ASEAN's largest trading partner since 2009. In 2020, ASEAN surpassed the EU to become China's largest trading partner and maintained this position in subsequent years. Additionally, China is the 4th largest foreign investor in ASEAN, with total FDI amounting to $15.3 billion in 2022, representing 6.9% of total FDI flows into ASEAN.
Furthermore, Deputy Minister of Industry and Trade Phan Thi Thang emphasized the special significance of the 8th negotiation session in Ha Long, as it serves as a precursor to the final round in Bangkok (Thailand) in September 2024, and coincides with the 75th anniversary of ASEAN's founding (August 8, 1967). Given this significance, the Deputy Minister suggested that the negotiating delegations continue their active discussions and complete one of the priority economic initiatives of Laos during the 2024 ASEAN Chairmanship year.
Image: Deputy Minister of Industry and Trade Phan Thi Thang gave the opening speech at the conference
See more at: Khai mạc Phiên đàm phán lần thứ 8 nâng cấp Hiệp định ACFTA