UKVFTA opens doors for Vietnamese tuna exports to UK market

Published 2024년 8월 17일

Tridge summary

Vietnamese tuna exports to the UK have increased by 56%, reaching US$742 million, due to tariff incentives from the UK-Vietnam Free Trade Agreement (UKVFTA). The Vietnam Association of Seafood Exporters and Producers (VASEP) reports that frozen tuna meat/loins are the primary export product and Vietnam is the second largest non-EU supplier of frozen tuna meat to the UK. However, Vietnamese tuna products face competition from Ecuador, which has already signed an FTA with the UK. To enjoy preferential tax rates, Vietnamese seafood products must prove their origin, meaning all materials used in production must be from Vietnam. Vietnamese enterprises are encouraged to increase the application of science and technology, develop modern production and processing systems, diversify export products, and deeply process products to meet international standards and create competitive advantages.

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

Original content

Vietnamese tuna is enjoying several advantages in the UK market thanks to tariff incentives from the UK-Vietnam Free Trade Agreement (UKVFTA). According to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP), after three consecutive months of decline, Vietnamese tuna exports to the UK have increased once again, with export value to the highly lucrative market soaring by 56% to reach US$742 million. The first half of the year witnessed tuna export turnover to this market rake in US$3.6 million, down 5% over the same period from last year. Frozen tuna meat/loins remain the nation’s major export product to the UK market, accounting for 92%. In addition, the country is currently the second largest non-EU supplier of frozen tuna meat to the UK market, after the Republic of Korea (RoK). The VASEP also reported that tuna is sold in many types of products in the UK market such as raw, ready-to-cook, sushi, sauced, cake, or breaded. Of which, canned and ...

Source: WTOCenter