Vietnam: Grasp consumer tastes, increase exports of tuna products to the UK

Published 2024년 8월 17일

Tridge summary

The UK-Vietnam Free Trade Agreement (UKVFTA) offers tariff incentives for Vietnamese tuna products, including a 3-year phase-out of taxes on frozen tuna loin or fillet, and a 7-year schedule for reduced taxes on processed tuna used in canned tuna. However, Vietnamese tuna exports to the UK have slowed down despite the agreement, with the UK reducing imports of frozen tuna meat/loin from Vietnam. There is potential for Vietnamese businesses to increase exports of processed and canned tuna products, given their popularity in the UK. The article also highlights the need for Vietnamese businesses to improve production quality, diversify export products, and understand the UK market to compete with Ecuador, which has a stronger fishing fleet and an abundance of pure origin tuna.

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

Original content

UK commitments and regulations for tuna products in UKVFTA Vietnamese tuna has an advantage in this market thanks to tariff incentives from the Vietnam - UK Free Trade Agreement (UKVFTA). According to the commitments in the UKVFTA Agreement, regarding tariff commitments, this Agreement has a mechanism to continue the EVFTA Agreement, which means that import tax rates for fresh and frozen tuna products will quickly be adjusted. remove. The tax rate on frozen tuna loin or fillet products will be eliminated over a period of 3 years from 18% to 0%. For processed tuna used for canned tuna – the 24% base rate will be reduced over a 7-year schedule. For canned and packaged tuna, the quota will be 11.500 tons per year which will be duty-free. After that, the original tax rate of 20,5% will be applied, which will decrease by 3,5% each year. With this agreement, Vietnamese tuna products have an advantage in the UK market To enjoy preferential tax rates as committed in the UKVFTA Agreement, ...

Source: WTOCenter