Vietnam’s seafood sector thrives under UKVFTA with 90% exports led by shrimp

Published 2024년 12월 30일

Tridge summary

The UK-Vietnam Free Trade Agreement (UKVFTA) has significantly boosted Vietnamese seafood exports to the UK, with shrimp and pangasius accounting for 90% of the total export value. The agreement has provided Vietnamese seafood companies with numerous advantages, including a 0% import tax on key products. However, to maximize these benefits, Vietnamese seafood enterprises must improve their product quality, raw material sourcing, and supply chain capabilities. The Vietnam Association of Seafood Exporters and Producers (VASEP) is supporting businesses by providing market insights and updating regulations. It is also crucial for companies to stay updated on market trends, food safety regulations, and consumer preferences to remain competitive.

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Original content

The UK-Vietnam Free Trade Agreement has significantly boosted Vietnamese seafood exports, with shrimp and pangasius leading the charge in the UK market. Since the UK-Vietnam Free Trade Agreement (UKVFTA) came into effect, shrimp and pangasius fish have dominated Vietnam’s seafood exports to the UK, accounting for 90% of the total export value, with shrimp leading the way. The UKVFTA has emerged as a critical trade pact, unlocking opportunities for Vietnamese seafood to penetrate the UK market. Effective from early 2021, the agreement has driven robust export growth through strategic and proactive market engagement. Nguyen Hoai Nam, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), stated that UKVFTA has provided significant advantages for Vietnam’s seafood sector. Key products, such as shrimp and pangasius, benefit from a 0% import tax, substantially easing their entry into the UK market. Shrimp and pangasius currently represent 90% of ...

Source: WTOCenter