Door to EU market wide open for Vietnamese aquatic products

Published 2020년 7월 28일

Tridge summary

The EU is a major market for aquatic product imports, particularly shrimps and pangasius fish from Vietnam, which makes up over 17% of the country's total seafood exports. With the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), the fishery industry is set to benefit from a significant reduction in tax rates, with many products soon facing zero percent tariffs. This is expected to boost the competitiveness of Vietnamese seafood in the EU market, despite the strict quality and safety standards that must be met. However, challenges such as the yellow card warning for IUU fishing and the need for modern production facilities for deeply-processed products remain. Additionally, the agreement's focus on environmental and labor standards could positively impact the industry's sustainability and global market standing.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The EU is one of the largest aquatic import markets in the world, spending 23-25 million euros each year to import more than 9 million tons of aquatic products. Spain, France, Germany, Italy, and the UK are the main import markets with the annual aquatic import value exceeding US$1 billion. Over the past many years, the EU has accounted for more than 17 percent of Vietnam's total seafood export value, making it the second-largest export market for Vietnamese aquatic products. Of which, shrimps and shrimp products accounted for 22 percent of the proportion of Vietnam's shrimp exports; pangasius fish and pangasius fish products accounted for 11 percent of the proportion; other seafood products accounted for 30 percent-35 percent of the proportion. The Vietnam Association of Seafood Exporters and Producers (VASEP) said that after the EVFTA comes into effect, the fishery industry will have 840 tax lines reduced, especially up to 50 percent of the tax lines, which are currently subject ...

Source: Sài Gòn Giải Phóng