CPTPP gives great chances for Vietnam’s tra fish exports

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is opening the door wide for Vietnamese tra fish to enter the markets of 10 other members of the deal.

CPTPP gives great chances for Vietnam’s tra fish exports
Vietnam’s tra fish exports to the CPTPP members totalled 328.3 million USD in 2018, up 17.3 percent year on year

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the 10 countries are importing Vietnamese tra fish with the turnover ranging from over 1 million USD to about 100 million USD.

Mexico is currently the biggest purchaser, importing more than 99.4 million USD worth of tra fish from Vietnam in 2018. It is followed by Canada (48.04 million USD), Australia (46.84 million USD), Singapore (45.98 million USD), Malaysia (38.33 million USD) and Japan (32.2 million USD).

Last year, Vietnam’s tra fish exports to the CPTPP members totalled 328.3 million USD, up 17.3 percent year on year. The shipments to most of these markets enjoyed strong growth, particularly Malaysia up 72.2 percent, Australia 34.4 percent, Singapore 20.7 percent, and Canada 19.5 percent.

Under the agreement, import tariffs on most of aquatic products, including tra fish, will be eliminated. Therefore, businesses believe that this is a chance for Vietnam to bolster tra fish exports to both traditional and potential markets in the CPTPP bloc.

Among the CPTPP members, Mexico is the most important market of Vietnamese tra fish because it is not only the biggest importer in the grouping but also ranks first in Latin America and fifth in the world in this regard.

Although the tra fish shipment to Mexico fell 4.65 percent in 2018, it has been rising sharply this year, reaching 40.8 million USD in the first four months – up 31.5 percent year on year.

Meanwhile, Japan has yet to be a major market of the Vietnamese product, but exports to it have reported impressive growth in recent years. The tra fish export value to Japan soared 37.6 percent in 2018 compared to the previous year.

 

The revenue continued to surge 38.6 percent to 8.58 million USD between January and April of 2019, making Japan one of the top 10 markets of Vietnamese tra fish in the first quarter.

Though Chile is still is a small purchaser, good growth has also been seen in tra fish exports to this market, 15 – 24.3 percent between 2016 and 2018.

Despite the modest turnover, Vietnam has become the biggest supplier of white flesh fish for this country.

Insiders believe that there remain much potential for the Southeast Asian nation to expand its tra fish market share in Chile. Additionally, with the CPTPP, Chile has great potential to become a bridge helping Vietnamese tra fish enter 33 markets in Latin America.-VNA

VN Tra fish breeders face heavy losses from low prices

VN Tra fish breeders face heavy losses from low prices

After racing to breed tra fish, farmers in the Mekong Delta region, mainly in the Tien Giang and Long An provinces, suffered heavy losses because of the rock-bottom prices of tra fish in the market.  

Tra fish shipments to US, China fall

Tra fish shipments to US, China fall

Shipments of Tra fish from the Mekong Delta to the US and China, two of the biggest buyers of the products, have dropped compared to the figure last year.  

Japan among top 10 importers of Vietnam’s tra fish for first time

Japan among top 10 importers of Vietnam’s tra fish for first time

Vietnamese tra fish, a major foreign currency earner, has gradually won the trust of Japanese consumers as seen in the market’s emergence as one of the 10 biggest tra fish importers of Vietnam.  

 
 

Other News

.
EVFTA hoped to help with sustainable poverty reduction in Vietnam
EVFTA hoped to help with sustainable poverty reduction in Vietnam
BUSINESSicon  05/08/2020 

The EU-Vietnam Free Trade Agreement (EVFTA), which came into force on August 1, is hoped to create a driving force to help Vietnam reap further achievements in poverty reduction and economic growth.

Analysts: High-end hotels hold appeal among investors
Analysts: High-end hotels hold appeal among investors
BUSINESSicon  05/08/2020 

Analysts from real estate consultant Jones Lang LaSalle have said domestic and foreign investors alike are actively seeking to purchase high-end hotels in downtown areas, mostly due to limited land supply.

Wooden plank exporters struggle with higher tax rates
Wooden plank exporters struggle with higher tax rates
BUSINESSicon  04/08/2020 

The Vietnam Timber and Forest Product Association has sent an urgent petition to the Ministry of Finance, Ministry of Agriculture and Rural Development and Ministry of Industry and Trade about congestion of wooden planks

E-wallet firms battle for slice of cashless payment pie
E-wallet firms battle for slice of cashless payment pie
BUSINESSicon  04/08/2020 

E-wallets firms are battling for a piece of the cashless payment market amid rapid growth in the context of the COVID-19 pandemic.

Corporate income tax reduction comes into effect
Corporate income tax reduction comes into effect
BUSINESSicon  04/08/2020 

Resolution 116/2020/QH14 granting a reduction of 30 per cent on corporate income tax (CIT) for eligible enterprises officially came into effect on Monday.

Big rearers win big
Big rearers win big
BUSINESSicon  04/08/2020 

Many animal husbandry enterprises are leveraging the pork supply shortage to sell at high prices, earning huge profits

VN businesses slow in preparing to enjoy preferential tariffs in EVFTA
VN businesses slow in preparing to enjoy preferential tariffs in EVFTA
BUSINESSicon  04/08/2020 

 Experts have raised concerns that Vietnamese businesses are slow in preparing conditions to enjoy preferential tariffs in the Viet Nam-EU Free Trade Agreement (EVFTA).

Probe into Tenma Vietnam’s alleged bribery underway: police official
Probe into Tenma Vietnam’s alleged bribery underway: police official
BUSINESSicon  04/08/2020 

The investigation into the Japanese-invested Tenma Vietnam company’s allegation of bribing civil servants and tax and customs officers of northern Bac Ninh province is still ongoing, according to a police official.

VN textile, electronics hardest hit in pandemic: official
VN textile, electronics hardest hit in pandemic: official
BUSINESSicon  04/08/2020 

Textile and electronics have been the two export-oriented sectors mostly impacted by the COVID-19 pandemic, an official has said.

How can VN night-time economy develop?
How can VN night-time economy develop?
BUSINESSicon  05/08/2020 

Food and Music of An Bang Sea, a night event organized on An Bang Beach in Hoi An City in Quang Nam province last weekend, attracted many visitors.

Local F&B shops struggle to survive new COVID-19 outbreak
Local F&B shops struggle to survive new COVID-19 outbreak
BUSINESSicon  05/08/2020 

Eatery and beverage shops learned from experiences from the April lockdown and have prepared for the new difficult period.

Businesses in HCM City's central business districts are idle as demand is weak
Businesses in HCM City's central business districts are idle as demand is weak
BUSINESSicon  05/08/2020 

Many streetfront buildings in large cities that house shops that were busy in the past are idle because business activities have declined due to Covid-19.

Vietnam prepares to receive investors from Japan, the US, EU
Vietnam prepares to receive investors from Japan, the US, EU
BUSINESSicon  04/08/2020 

Japanese businesses have begun relocating factories to Vietnam, and it is expected that American and European businesses will also come soon.

VN Civil Aviation Authority's plans for new Quang Tri Airport face opposition
VN Civil Aviation Authority's plans for new Quang Tri Airport face opposition
BUSINESSicon  04/08/2020 

The Civil Aviation Authority of Vietnam (CAAV) plans to build Quang Tri Airport in Quang Tri province, but experts disagree with the idea.

Vietnam factory activity dips in July as Covid-19 impacts grow
Vietnam factory activity dips in July as Covid-19 impacts grow
BUSINESSicon  03/08/2020 

Despite a drop in output in July, firms remained confident in the 12-month outlook for production.

Enticing legal changes lure in foreign investors
Enticing legal changes lure in foreign investors
BUSINESSicon  04/08/2020 

Foreign investors are making new investments moves into Vietnam on the back of supporting policies and new rules. However, as some legal concerns remain, the development of the next steps still requires some preparation. 

Summary of new points of amended Law on Investment 2020
Summary of new points of amended Law on Investment 2020
BUSINESSicon  03/08/2020 

After more than six years in effect, the Law on Investment has been officially amended with a number of new articles to improve the country’s appeal to higher-quality foreign investment flows.

Outlining the preferential mechanisms for new PPP projects
Outlining the preferential mechanisms for new PPP projects
BUSINESSicon  04/08/2020 

Public-private investment projects play a significant role in developing infrastructure and have the potential to accelerate large-scale construction works across the country.

Vietnam economic outlook remains positive despite Covid-19 resurgence: HSBC
Vietnam economic outlook remains positive despite Covid-19 resurgence: HSBC
BUSINESSicon  03/08/2020 

HSBC economists forecast GDP expansion of 3% in 2020 for Vietnam, the only ASEAN country they expect to have positive growth this year.

Vietnamese startups bag millions of US dollars despite COVID-19 pandemic
Vietnamese startups bag millions of US dollars despite COVID-19 pandemic
BUSINESSicon  03/08/2020 

A slew of Vietnamese startups managed to secure millions of US dollars even in the midst of the rapidly escalating COVID-19 pandemic.

 
 
 
Leave your comment on an article

OR QUICK LOGIN