Shrimp exports to the EU increased 10% after EVFTA took effect

Published 2020년 9월 14일

Tridge summary

The article highlights the positive impact of the Europe-Vietnam Free Trade Agreement (EVFTA) on Vietnam's export products, particularly seafood, in the EU market. Since its implementation in late August 2020, the agreement has led to a 10% increase in seafood exports, with notable growth in shrimp and squid. The EU is set to eliminate tariffs on a significant portion of Vietnam's exports within a specified period, including 100% of canned tuna within seven years. Vietnamese shrimp exports to the EU have experienced a 20% surge in growth in August 2020, driven by a 0% tax rate for Vietnamese frozen black tiger shrimp under the EVFTA. However, the growth is threatened by the Covid-19 pandemic, which has affected import trends and consumption habits in the EU. To mitigate these challenges, Vietnamese seafood products need to be certified for traceability, food safety, and hygiene to attract EU consumers.

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

Original content

After more than a month, the EVFTA Agreement took effect and was implemented, many export products of Vietnam have had positive changes in the EU market. In which, typically seafood, from the beginning of August up to now, seafood export has increased by about 10% compared to July. The most increasing items are shrimp and squid ... Except for closed tuna. Box and fish ball, EU will eliminate tariffs on 86.5% of Vietnam's exports within 3 years, 90.3% within 5 years and 100% within 7 years. For canned tuna, the EU gives Vietnam a tariff quota of 11,500 tons. With shrimp products, Vietnam Association of Seafood Exporters and Producers (VASEP) said that Vietnam's shrimp export turnover to the EU increased sharply at 2 digits. Specifically, in August, shrimp exports to the EU were estimated to increase by 20% over the same period in 2019. Economic experts stated that Vietnam has advantages in production and export of agricultural, forestry and aquatic products. The remaining EU has ...

Source: CafeF