EVFTA increases export opportunities for Seafood industries in Vietnam
Frozen Octopus
Sustainability & Environmental Impact
Innovation & Technology
Nguyen Quan
Published Jun 12, 2020
The newly approved EVFTA will bring many opportunities for Vietnam's industries which involved in exporting their produce. After the EVFTA agreement comes into effect, some processed products with high basic tax rates (20%) will be reduced immediately to 0% for seafood products like oysters, clams, scallops, squid, abalone, shrimp and prawn products etc. In addition, popular products like frozen squid and octopus currently subject to a tax rate of 6-8% will be reduced to 0% too. EVFTA agreement, Vietnam's seafood industry will have the opportunity to expand their export markets, increase competitiveness compared to competitors without FTA partners such as India and Thailand. This will also give the country an opportunity to attract foreign investment, improve production technology and product quality, create motivation to open markets, attracting the attention of businesses of both sides Vietnam and EU.
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