The seafood industry of Vietnam could lose about $480 million per year
Seafood
Vietnam
Published Aug 11, 2021
Tridge summary
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.
Original content
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 the IUU yellow card, takes advantage of tariff preferences and changes institutions from the EVFTA, the chances of recovery and the goal of increasing seafood exports to the EU market to 1 $2-1.4 billion in the coming years is doable. This shows that it is necessary to have reasonable and effective solutions to soon overcome the yellow card, move the seafood industry towards the target of annual export growth of 7-9% and reach 16-18 billion USD in export turnover. imports by 2030, as well as supporting sustainable ...
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