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EU market looks bright for Vietnamese shrimp producers
September 04, 2019, 09:19 AM
The EU market looks a strong opportunity for Vietnamese shrimp exports in the coming years, said Nguyen Tien Thong of Danish research body Syntesa.

The Europe-Vietnam free trade agreement was recently signed, with 0% duties to come into force for shrimp next year. Currently, the average tariff on shrimp products comes under the Generalized System of Preferences, at 7%.

Various product types will enter a zero-tariff state over the next seven years, with most changing immediately when the agreement enters force. “Prepared or preserved” shrimp — HS16052110 and HS16052190 — are the two types which will only become 0% in seven years’ time.

The latter makes up some 35-40% of Vietnam’s sales to the EU, but its main EU export — HS030617, “frozen shrimp” — makes up another 55-60%.

The agreement provides some certainty for Vietnamese exporters regarding the EU, said Thong. He said the market consumes roughly 900,000 metric tons of shrimp per year, sometimes peaking towards 1 million.

The EU market is strict when it comes to quality and food safety, but Vietnam has been getting better in this regard with each passing year;

Thong noted EU consumers were willing to pay more for certified product, with such shrimp on average earning €0.94 per kilogram more than uncertified.

(undercurrentnews)

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Specialist on Shrimp market
Ms Kim Thu
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