Vietnam’s seafood exports to the other 10 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have increased sharply since the agreement took effect earlier this year, according to the Ministry of Agriculture and Rural Development.
According to the ministry’s Agro Processing and Market Development Authority, they grew at nearly 15 per cent year-on-year to US$502 million in the first four months.
Overall exports were US$2.5 billion, an increase of 2.4 per cent.
Export growth slowed down in the case of many markets.
But in the case of CPTPP members, exports to Mexico increased by 35.6 per cent, to Malaysia by nearly 22 per cent and to Canada by nearly 14 per cent.
Japan, another member, remained the top importer of Vietnamese seafood.
Exports of tra fish and shrimp to Japan were worth $8.58 million and $121.7 million in the first three months, a year-on-year increase of 60.37 per cent and 1.4 per cent, respectively.
The CPTPP’s reduction or elimination of many tariff lines on seafood has helped boost their exports to member countries, according to seafood firms.
Canada is the sixth biggest market for Vietnamese shrimp, accounting for almost 5 per cent of exports.
According to the Vietnam Association of Seafood Exporters and Producers, the CPTPP will give shrimp exporters an advantage in the Canadian market over rivals like India, Thailand and Indonesia, who are not members of the treaty.
To capitalise on the opportunities brought by the trade deal, many seafood firms have expanded their facilities, purchased modern machinery and equipment and set up raw material-production areas to enable production that meets market requirements.
Tran Van Linh, chairman of the Thuan Phuoc Seafoods and Trading Corporation in Da Nang, said his company planned to invest in processing plants to expand production and exports to CPTPP markets, especially Japan and South Korea, which have high demand for fisheries products.
Source: VNS