Door to EU market wide open for Vietnamese aquatic products
Published Jul 28, 2020
Tridge summary
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.
Original content
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 to the tax rate of 22 percent, will be reduced to zero percent. In the next three to seven years, about 50 percent of the remaining tax lines, from 5 percent to 26 percent, will be cut to zero percent. According to the VASEP, processed products, such as oysters, scallops, squid, octopus, ...
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