Vietnam’s seafood exports to EU expected to continue to increase

The Office of the Ministry of Industry and Trade (MoIT) and the Trade Promotion Agency, on the afternoon of April 22, informed the press that the EU market needed to import a large volume of seafood after the pandemic, opening up opportunities for Vietnamese seafood enterprises.
Vietnam’s seafood exports to EU expected to continue to increase ảnh 1 Processing aquatic products for export. (Photo: SGGP)
According to the MoIT, the European Union (EU) is one of the five largest seafood export markets of Vietnam. For the EU, Vietnam is the second-largest seafood supplier in Asia, just behind China. The EU's seafood import demand is extremely high, over US$50 billion per year.

From August 2020, when the EU- Vietnam Free Trade Agreement (EVFTA) officially took effect, it has created many opportunities for Vietnamese seafood exports to the EU market, thanks to several commitments on tax incentives. According to the EVFTA, about 220 tax lines for seafood products have a base tax rate of 0-22 percent. The remaining tax lines will be reduced to zero percent following a roadmap from three to seven years, opening up opportunities for seafood companies to increase their price competitiveness compared to products in other countries.

After the Covid-19 vaccination campaign and the economic stimulus package from the beginning of 2021, seafood demand in the EU market has recovered significantly. Along with the tariff advantage from EVFTA, it is an opportunity for Vietnam to promote exports of most aquatic products to this market.

To fully exploit the advantages of the EVFTA and the potential, as well as the great demand of the EU market, on April 25 and 26, the Trade Promotion Agency will coordinate with the trade offices of Vietnamese embassies in the EU member countries to organize an online conference on seafood trade between Vietnam and EU 2022 to support localities, enterprises, and cooperatives that supply Vietnamese seafood products to strengthen their search for partners, business opportunities, and export of seafood to the EU market.

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