Photo: VASEP/FIS

Competition Intensifies for Vietnam's Tuna Exports to Spain Amidst Shifting Trade Landscape

VIET NAM
Friday, June 20, 2025, 19:00 (GMT + 9)

Despite Early 2025 Growth, Long-Term Decline and Rising Trade Agreement Pressure Challenge Vietnamese Suppliers

HANOI – Vietnam's tuna exports to Spain are facing growing challenges as intensified competition and a changing global trade landscape create headwinds for the Southeast Asian nation's seafood industry. While recent statistics from Vietnam Customs show a 10% increase in tuna export turnover to Spain in the first four months of 2025, an underlying trend of instability and decline has persisted since 2020, according to Ms. Nguyen Ha, Tuna Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Over the past five years alone, the value of Vietnam's tuna exports to the Spanish market has decreased by a significant 29%. Businesses attribute this decline not only to domestic factors such as limited fishing resources for local fleets and complexities in import-export procedures but also to mounting competition within the Spanish market itself.

The Vietnam Trade Office in Spain anticipates that Vietnam's export prospects will become increasingly difficult in the near future. This is primarily due to the European Union's (EU) strategic prioritization of Free Trade Agreements (FTAs) with key competitors. The EU and Spain are actively promoting the ratification of FTAs with Mexico and Mercosur countries this year and have resumed negotiations for agreements with other ASEAN nations, including Thailand, Indonesia, and the Philippines – all strong tuna-exporting countries.

Furthermore, FTAs between the EU and New Zealand, EU-Central America (encompassing Panama, Guatemala, Costa Rica, El Salvador, Honduras, and Nicaragua), and EU-Chile and Kenya are all expected to come into effect soon, further diversifying Spain's import options.

Photo: courtesy VNA

Adding to the complexity, the potential for additional tariffs on imported goods from the EU and Spain by a future Trump administration in the United States could limit the flow of re-exported goods from the EU. This scenario would also reduce opportunities for importing goods as raw materials for export production destined for the U.S. market, indirectly impacting trade dynamics.

Vietnam's primary competitors, particularly for seafood products, are emerging from Latin America and North Africa. These regions boast inherent advantages in terms of geographical proximity, lower transport costs, reduced shipping times, and established traditional trade relationships with Spain's large Spanish-speaking community. These factors collectively create fierce competition for Vietnamese seafood exports, including tuna, in the Spanish market.

Photo: courtesy Vasep

In a related policy development, the Spanish government is reportedly planning a significant €14.1 billion (approximately $15.03 billion USD) response to potential tariff threats, aimed at restarting trade in response to any decision by President Trump to increase tariffs on European products. This plan includes €7.4 billion (approximately $7.89 billion USD) in new financing and €6.7 billion (approximately $7.14 billion USD) to be leveraged from existing instruments, which could also affect goods imported into the country. (Conversion based on an approximate exchange rate of 1 EUR = 1.066 USD).

Additionally, Spain has introduced several notable policy regulations impacting international trade. These include emergency measures to counter tariff threats and restart trade, quality standards for edible vegetable oils, and new EU regulations on animal health related to monitoring obligations for farm owners.

Given these multifaceted factors, Vietnam's tuna exports to the Spanish market are expected to continue experiencing fluctuations.

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