Vietnam’s tuna exports return to growth but headwinds remain

The US remains the key market

In August 2026, Vietnam’s tuna exports totaled nearly $90 million, up 2% year-on-year. The figure was broadly unchanged from July but market performance varied significantly across destinations.

The US remained the leading market with $35 million, up 23% year on year despite an 8% pullback from July. In the first eight months of the year, tuna exports to the US totaled $248 million, up 8%.

This growth has enabled the US to remain the most important driver of Vietnam’s tuna export sector. However, the final months of the year are likely to be more difficult to predict, as the additional 12.5% US tariff on Vietnamese goods began affecting new orders from late July. Importers will need to reassess purchasing prices, while Vietnamese exporters are also facing pressure to absorb part of the tariff costs in order to retain customers.

This will be a key test of Vietnamese tuna exporters’ ability to maintain orders in the US market. The full impact may not yet be reflected in August export figures due to the time lag between contract signing, ocean freight and customs clearance.

Russia remains a bright spot 

While the US remains the cornerstone market, Russia is emerging as a notably fast-growing market. In the first eight months of the year, Vietnam’s tuna exports to Russia reached $38 million, surging 56% year-on-year - one of the steepest growth rates among Vietnam’s major tuna markets. However, exports to Russia declined slightly by 6% year on year in August.

Tuna exports to Japan reversed course in August, jumping 27% year on year to $5 million. In the first eight months of 2026, exports to Japan reached nearly $27 million, up 4%.

Shipments to Canada also increased 8% in August to $6 million, bringing total exports to the market in the first eight months to nearly $30 million, up 7% year-on-year.

Growth in these markets is not yet sufficient to replace the role of the US or EU, it provides exporters additional destinations to diversify market risks. Amid rapidly changing trade policies in major markets, this is an avenue worth watching.

The EU remains a bottleneck

Conversely, the EU continued to weigh on overall growth.

In August, Vietnam’s tuna exports to the EU reached only $14 million, down 16% year on year. Exports to several key markets in the bloc fell sharply, with the Netherlands down nearly 47% and Germany down 17%. In the first eight months, tuna exports to the EU totaled  $118 million, down 17%.

Pressure in the EU stems not only from demand. Exporters are also facing increasingly stringent requirements on traceability, combating illegal, IUU fishing, and electronic catch certificates through the CATCH system. Meanwhile, Indonesia is edging closer to a free trade agreement with the EU, threatening to heighten competitive pressure on Vietnamese tuna in the medium term. 

A 2% gain masks an uneven recovery 

In the first eight months of 2026, Vietnam’s tuna exports totaled nearly $634 million, up 2% year on year. While this represents a positive shift compared to the declines seen earlier in the year, it falls short of signaling a broad-based recovery. 

Behind the headline figure lies a significant divergence across markets. Exports to the US rose 8%, Russia 56%, Canada 7% and Japan 4%, the EU retreated by 17% and Thailand slumped by nearly 30%. Exports to markets outside the top 10 destinations also dropped 14%.

This data indicates that current growth is heavily reliant on a small cluster of high-performing markets rather than a widespread rebound in global consumption. 

After eight months, Vietnam’s tuna exports have moved out of negative territory. However, pressures are likely to remain significant through the end of the year. The 2.4% growth recorded in the first eight months is a positive signal. But to sustain growth in the final months of the year, Vietnamese tuna exporters will need a more balanced market structure, greater capacity to adapt quickly and, above all, less reliance on price advantages.