EVFTA brings new impetus for Vietnam’s fishery exports

Shipments of Vietnamese fishery products to the EU in August, the first month the EU-Vietnam Free Trade Agreement took effect, increased by around 10 percent over July, demonstrating the positive effect of the deal.

EVFTA brings new impetus for Vietnam’s fishery exports hinh anh 1

Processing Tra fish for export (Photo: VNA)

The EU is the third largest market for Vietnam’s fishery products, after the US and Japan, with a market share of 17-18 percent.

Under the EVFTA, among about 220 tax lines of fishery products with rates ranging from 0 to 22 percent, most tax lines in the high range of 6-22 percent have been reduced to 0 percent immediately after the agreement took effect. The remaining tax lines will be phased out to zero after 3-7 years.

Shrimp is a major export that has benefited from the new tariff scheme. Shrimp exports to the EU in August rose by 20 percent from the previous month, and are expected to continue to increase towards the year-end.

Tuna also has good prospects in the EU market. In the first half of August alone, the value of tuna shipments to the EU picked up 11 percent month on month to nearly 6.3 million USD.

Tra fish exporters are pinning hope on the EVFTA, because under the deal, tariffs on many tra fish products have been reduced to 0. However, export of those products has not recovered so far due to deep reduction in the past eight months.

 

At the same time, technical requirements, quality standards and origin rules under the EVFTA pose new challenges to the Vietnamese fishery sector.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said in anticipation of the free trade deal, Vietnamese fishery enterprises have made necessary preparations to meet the requirements of the EVFTA.

He added that Vietnam is also mobilizing the entire political system to address the problem of illegal, unreported and unregulated (IUU) fishing in order to have the EU’s “yellow card” removed./.VNA

VN fishery sector aims for “yellow card” removal with US$10 billion export target in sight

VN fishery sector aims for “yellow card” removal with US$10 billion export target in sight

The seafood industry is making all-out efforts to meet this year’s U$$10 billion export target whilst dealing with recommendations from the European Commission (EC)

Vietnam's seafood exporters setting up basis for EVFTA boons

Vietnam's seafood exporters setting up basis for EVFTA boons

Vietnamese seafood producers are developing their material in a sustainable way to make use of incentives for rising exports to the EU market.

 
 

Other News

.
Boeing to bring more technologies to local airlines
Boeing to bring more technologies to local airlines
BUSINESSicon  18/10/2020 

To cope with the COVID-19 pandemic, Boeing has sped up its ecoDemonstrator programme to support its partner airlines, including those in Vietnam.

VN has been active as foreign companies plan investment relocation
VN has been active as foreign companies plan investment relocation
BUSINESSicon  18/10/2020 

Vietnam has been seen as an ideal destination for foreign companies looking for elsewhere to relocate production channels in a bid to diversify their supply chains in the post-Coronavirus pandemic.

MoIT helps enterprises deal with increasing trade remedy cases
MoIT helps enterprises deal with increasing trade remedy cases
BUSINESSicon  17/10/2020 

Vietnam’s export goods face more trade remedies in the process of deep economic integration, so the Ministry of Industry and Trade has developed solutions for the situation.

ASEAN pushes forward with 5G connectivty cooperation
ASEAN pushes forward with 5G connectivty cooperation
BUSINESSicon  17/10/2020 

As ASEAN chair this year, Vietnam is playing a crucial role in further cementing joint activities within the bloc via boosting the application of high technologies to adapt to Industry 4.0, which is sweeping throughout the region.

Real estate stocks await cash flow
Real estate stocks await cash flow
BUSINESSicon  17/10/2020 

Domestic and foreign capital flow is expected to bolster real estate shares after the COVID-19 pandemic as many investors are paying attention to the industry.

Online exports require professionalism
Online exports require professionalism
BUSINESSicon  17/10/2020 

Using online platforms to boost exports is the fastest way to bring Vietnamese goods to the world, said business leaders and industry experts.

Vietnam to become the 4th largest economy in Southeast Asia: IMF
Vietnam to become the 4th largest economy in Southeast Asia: IMF
BUSINESSicon  17/10/2020 

Vietnam's GDP is estimated to reach US$340.6 billion this year, making it the fourth-largest economy in Southeast Asia.

The dark future of hotels on 'golden land' in Hanoi
The dark future of hotels on 'golden land' in Hanoi
BUSINESSicon  18/10/2020 

A series of hotels have had to cancel their opening plans this year because of Covid-19. Many hotels have been put up for sale because of poor patronage.

Special day for two billionaires: mountains of money pouring in
Special day for two billionaires: mountains of money pouring in
BUSINESSicon  18/10/2020 

Techcombank share prices have soared, while the Hoa Phat Group of the billionaire Tran Dinh Long has reported a record 30-year profit. The prosperity of these enterprises has helped their owners earn more money despite Covid-19.

Many hoteliers intend to divest capital due to heavy losses
Many hoteliers intend to divest capital due to heavy losses
BUSINESSicon  16/10/2020 

Over the past eight months, hotel room tariffs have plunged and hotel room occupancy rates have remained low, forcing several hoteliers to divest capital with many financially weak hotels in the local market being put up for sale.

Meeting expectations of the corporate bond market
Meeting expectations of the corporate bond market
BUSINESSicon  16/10/2020 

A new government decree tightens conditions on the issuance of corporate bonds. However, before the decree came into effect, enterprises flooded the market with new issuances.

M&A activities signal promising fortunes
M&A activities signal promising fortunes
BUSINESSicon  17/10/2020 

Although merger and acquisition levels dropped in 2020 across Vietnam, the prospect for such activities remain bright for next year as overseas investors look to local businesses in order to improve market access.

Thai billionaire, European brewer lose money in Sabeco investment deal
Thai billionaire, European brewer lose money in Sabeco investment deal
BUSINESSicon  16/10/2020 

The Sabeco price has seen a strong recovery in the last half a year, but is still at a low price. Both Thai billionaire and the big brewer Heineken have lost money because of the drop in Sabeco share price.

Investors lose billions of VND as land prices keep rising
Investors lose billions of VND as land prices keep rising
FEATUREicon  17/10/2020 

A lot of real estate traders have missed opportunities to make huge profits because they decided to postpone purchasing plans, hoping that prices would decrease further.

Salary increases in 2020 lowest in 10 years: survey
Salary increases in 2020 lowest in 10 years: survey
BUSINESSicon  16/10/2020 

Salaries increased by 6.5% this year at multinational companies (MNCs) and 5.2% at Vietnamese companies, and are forecast to increase by 7 per cent and 7.7% next year, according to the Talentnet – Mercer Total Remuneration Survey.

The right structural adjustments help Vietnam achieve long-term growth aspirations
The right structural adjustments help Vietnam achieve long-term growth aspirations
BUSINESSicon  17/10/2020 

No nation has escaped the threat of COVID-19 to lives and livelihoods, with many countries seeing cases resurge recently. 

State firms more resilient than foreign, Vietnamese private companies: survey
State firms more resilient than foreign, Vietnamese private companies: survey
BUSINESSicon  15/10/2020 

Business resilience is highly correlated with level of digitisation, the Business Pandemic Resilience Diagnostic conducted by Grant Thornton...

Pandemic a test of fire for Vietnamese enterprises
Pandemic a test of fire for Vietnamese enterprises
BUSINESSicon  15/10/2020 

The COVID-19 pandemic has been a test for Vietnamese businesses as many have been and will be struggling to recover for the foreseeable future. 

Five expy projects unlikely to attract private investors
Five expy projects unlikely to attract private investors
BUSINESSicon  15/10/2020 

Although the National Assembly Standing Committee has given its approval to switch three of the eight subprojects of the North-South Expressway from the public-private partnership (PPP) format into wholly State-invested, 

Only 5% FDI projects in Vietnam use high technologies
Only 5% FDI projects in Vietnam use high technologies
BUSINESSicon  15/10/2020 

Vietnam is home to 32,539 valid foreign direct investment (FDI) projects with registered capital of a combined US$381 billion, of which US$233 billion has been fully disbursed.

 
 
 
Leave your comment on an article

OR QUICK LOGIN