Vuong Duc Anh, from the Ministry of Industry and Trade’s Department of Export-Import, said the CPTPP and EVFTA are new-generation trade deals with trade facilitation as a core value via cutting tariffs.
Under the EVFTA, aquatic products, excluding canned tuna and fish balls, will enjoy a zero tax for a maximum of seven years. While under the CPTPP, Canada and Peru will cut taxes to zero percent once the deal takes effect. Other countries will offer tax reductions in accordance with roadmaps.
Anh said the signing of the EVFTA and CPTPP will afford Vietnamese fishery firms chances to expand export markets, especially new markets such as Canada, Peru and Mexico, given that Vietnam’s rivals Thailand and China have yet to sign the FTAs with the European Union and have yet to join the CPTPP.
Vietnam now ranks second globally in terms of shrimp exports with a market share of 14 percent, behind India (15 percent). India has yet to join the CPTPP while its FTA negotiations with the EU have been stalled.
According to experts, Vietnamese aquatic firms will also have chances to improve technology and product quality, join the regional supply chain and diversify materials supply sources. In particular, signing new-generation FTAs also requires the State to reform mechanisms, thereby creating a stable and transparent business environment.
However, domestic enterprises also face competition with foreign rivals and stringent regulations on product quality and trace of origin. Therefore, they need to build business plans for medium and long term and renew technologies to join the global value chain for sustainable growth.
VNA
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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