AEC: Opportunities for seafood enterprises

Export potentials 14:58 11/12/2015
(vasep.com.vn) In the framework of the 27th ASEAN Summit held in Malaysia in November 22nd 2015, ASEAN leaders signed the Kuala Lumpur declaration to officially establish the ASEAN Economic Community (AEC) from December 31st 2015. This event will offer further opportunities for Vietnam seafood enterprises.

In the short term, the establishment of AEC will create a common market and remove barriers in services and capital for goods trading. ASEAN members enjoying the same preferential tax will compete with each other by quality and value added in products. It is expected that Vietnam will be experience a relatively high GDP growth rates. GDP growth of East Asia will be 6.1%, Vietnam's will be 5.8%, lower than Philippines (6.5%), and higher than Thailand (4%), Indonesia (5.6%), Malaysia (5%). 

Through October 2015, ASEAN has been Vietnam's 6th largest seafood importing market, behind the US, EU, Japan, China-Hong Kong and South Korea. It is also the 7th largest seafood source to Vietnam. 

Vietnam’s seafood export to ASEAN reported the annual growth of 5-10%. In Jan-Oct 2015, total seafood export increased by 33.6% from those of 5 years ago: Exports of other finfish (HS code from 0301 to 0305 and 1604, except for tuna and pangasius) reported the largest revenue of US$170 million, up 11% from that of 2011 while exports of tuna reached US$31.7 million, up 57% and exports of mollusk (squid, octopus and bivalve mollusk) up 8.7%.

In Jan-Sep 2015, total seafood imports into Vietnam from ASEAN reached US$87.7 million, down 0.5% year on year. Vietnam has also imported shrimp, tuna, squid and octopus from India, Taiwan, Peru. 

Among ASEAN markets, Thai is one of the Vietnam's most important seafood markets. In Jan-Oct 2015, seafood export to Thailand accounted for 44.2% of Vietnam’s total export value to ASEAN. It was followed by Singapore, Malaysia and Philippines.

Among ASEAN nations, Thailand and Vietnam are two leading seafood suppliers. 

Setting up ACE is a milestone in the regional economic integration in the ASEAN community. Seafood companies will have better competitive advantage because they enjoy the same economic environment and favorable and fair trade. This is a great opportunity for seafood enterprises to raise seafood imports and promote seafood exports inside and beyond the region. 

 

Vietnam seafood exports to ASEAN, 2011-2015 (US$)

No.

Products

2011

2014

↑↓%

Jan-Oct 2015

1

Other finfish (HS code from 0301 to 0305 and 1604, ext tuna, pangasius)

80,076,456

150,519,713

+87.96

169,906,792

2

Tuna (HS code 03 & 16)

20,246,472

34,984,752

+72.8

31,763,566

3

Pangasius (HS code 03 & 16)

110,851,730

136,569,821

+23.2

112,064,391

4

Crab and other crustacean (HS code 03  & 16)

4,222,721

3,438,816

-18.56

3,028,505

5

Mollusk

45,260,170

65,235,169

+44.1

49,213,255

6

Shrimp in all varieties (HS code 03 & 16)

48,184,211

62,144,321

+28.9

46,811,395

Total

308,841,761

452,892,592

+46.6

412,787,902

 

 

Seafood imports into Vietnam from ASEAN, Jan-Sep 2014-2015

Products

Jan-Sep 2014

Jan-Sep 2015

↑↓%

Other finfish (HS code from 0301 to 0305 and 1604, ext tuna, pangasius)

8,683.876.72

12,119,479.58

+39.56

Tuna (HS code 03 & 16)

15,551,274.48

14,577,186.63

-6.26

Pangasius (HS code 03 & 16)

3,165,597.04

6,861,852.10

+116.76

Crab and other crustacean (HS code 03  & 16)

1,352,721.30

783,292.00

-42.1

Cephalopod (HS code 0307 & 16)

8,260,170.67

6,453,603.98

-21.87

Bivalve mollusk (HS code 0307 & 16)

1,470,338.25

515,225.85

-64.96

Shrimp in all varieties (HS code 03 & 16)

49,717,689.08

46,465,837.34

-6.54

Total

88,201,667.55

87.776,477.49

-0.48

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