Vietnam’s seafood exports increase after EU-Vietnam FTA comes into effect

Vietnam targets to earn 9 billion USD from fishery exports in 2020. (Photo: VNA). Sketched by the Pan Pacific Agency.

HANOI, Aug 19, 2002, VNS/VNA. The Vietnam Association of Seafood Exporters and Producers (VASEP) has said that seafood exports to Europe have seen many positive signs since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect at the beginning of this month, Vietnam News Agency reported.

The number of orders in the European market alone since the beginning of this month has increased by about 10 percent compared to last month, specifically, for shrimp and squid.

Online newspaper VietQ reported that Tran Van Linh, Chairman of the Board of Directors of Thuan Phuoc Seafood and Trading Corporation, said the company had exported 3,000 tonnes of shrimp and products made from shrimp to EU with a value of about 31 million USD, a year-on-year increase of 8 percent in volume and 6 percent in value respectively over the same period last year.

Nguyen Thi Anh, Director of Ngoc Xuan Seafood Corporation, shared EU customers had started negotiating orders with the corporation again recently.

Although it had not increased strongly, this was a positive signal for businesses to recover after a long delay and contract cancellation, said Anh.

Assessing the initial results since the EVFTA’s implementation, Truong Dinh Hoe, Secretary-General of VASEP, said the association expected the EVFTA would help seafood exports grow by about 20 percent in the EU, however, in the current pandemic context, an increase of 10 percent was encouraging.

Regarding future prospects in the EU, Hoe said the growth rate could not be fully forecast as European countries were still facing the pandemic.

As for the issue of removing the yellow card for illegal, unreported and unregulated fishing, localities are implementing many measures to combat illegal fishing, while enhancing the control and supervision of the installation of monitoring equipment on fishing cruises and having strict sanctions for violations of the use of positioning equipment.

The EVFTA took effect from August 1 and many key products of Vietnam will benefit from this agreement.

Vietnam has advantages in producing and exporting agricultural, forestry and aquatic products while the EU has a great demand for these items with import value accounting for 8.4 percent of the region’s total annual import value.

Therefore, room for growth in exports to the EU remains huge. Vietnamese businesses can access a huge seafood consumption market with an average consumption of 22.03 kilogrammes per person, 5.34 kilogrammes higher than the world average.

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