The seafood industry of Vietnam could lose about $480 million per year

Published 2021년 8월 10일

Tridge summary

A report by the Vietnam Association of Seafood Exporters and Producers and the World Bank warns of potential economic losses for Vietnam due to the European Commission's yellow card warning, issued in October 2017, over concerns of illegal, unreported, and unregulated (IUU) fishing. The report estimates an annual loss of around $387 million from caught seafood and $93 million from the aquaculture industry, with the potential for a significant disruption to Vietnam's seafood exports if the issue is not addressed. The report suggests that removing the yellow card and leveraging tariff preferences under free trade agreements could aid in recovery and growth in the seafood exports to the European Union.

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

Original content

This warning is stated in the Report “Assessment of economic impact from commercial analysis of non-compliance with anti-IUU regulations: The case of Vietnam” recently published by the Vietnam Association of Seafood Exporters and Producers. (VASEP) in collaboration with the World Bank (World Bank) announced today, August 10. Of the above $480 million, it is estimated that losses from caught seafood, including tuna, swordfish, krill, squid, octopus and other seafood species, are estimated at about $387 million per year. The aquaculture industry may lose about $93 million due to indirect impacts such as loss of reputation, increasing burden of customs control and failure to take advantage of preferential tariffs of the Vietnam Free Trade Agreement. South - European Union (EVFTA)... In the medium term, if the ban lasts for 2-3 years, it may cause disruption to Vietnam's seafood exports, in which fishing will shrink by at least 30% in terms of output. However, if Vietnam soon removes ...

Source: Sggp