Of the 7 countries that have ratified the CPTPP agreement, Japan, Canada and Mexico were the three markets currently in the top 10 of the largest tuna importer of Vietnam, other markets were small importers of Vietnamese tuna. According to the statistics of Vietnam Customs, total tuna export value of Vietnam to countries in CPTPP accounted for 12% of total tuna export value of Vietnam in 2018.
According to the commitment, countries participating in CPTPP commit to completely eliminate 97% to 100% of import tariff lines for goods originating from Vietnam, depending on the commitment of each country. Nearly all of Vietnam's goods, including seafood exported other CPTPP countries, shall be fully eliminated tax when the Agreement comes into effect or according to tax roadmap reduction. Specifically, Vietnam's tuna products exported to CPTPP countries are entitled as follows:
Australia: Tax imposed on tuna products shall be reduced to 0% as soon as the agreement comes into effect (basic tax rate of 0%, except for processed striped tuna HS160414 reduce from 5% to 0%)
Canada: Tax imposed on tuna products is 0% as soon as the agreement comes into effect (basic tax rate is 0%)
Chile: Taxes on tuna products are reduced from 6% to 0% as soon as the agreement comes into effect.
Mexico: Tax rates for products of loin/fillet frozen tuna HS code 0304 shall be reduced by the 3-year roadmap, from the base rate of 20% to 0%. In addition, processed canned tuna products with HS code 16 shall reduce tariffs according to a 16-year schedule, in which the tax rate shall be kept at the base rate of 20% from the first year to the 5th year and shall be completely eliminated for 11 years from the 6th year. It means that the goods shall be tax free from January 1 of year 16th.
New Zealand: The tax imposed on tuna products shall be reduced to 0% right away the agreement took effect.
Japan: Taxes imposed on fresh/live/frozen tuna (except for bigeye tuna) and canned tuna products (except for loin/fillet tuna HS030487) shall be reduced to 0% as soon as the agreement is effective. Particularly for bigeye tuna, the 3.5% tax rate shall be eliminated in the 11-year period starting from the date of this Agreement took effect for Japan, and shall be exempted from April 1 of the year 11th. Products of loin/ fillet tuna HS code 030487, 3.5% of tax rate shall be removed annually for an 8-year period starting from the date of this Agreement comes into force for Japan, these goods shall be exempt from tax since April 1 of year 8th.
For the most part, when CPTPP takes effect, Vietnam's tuna products exported to Japan, Mexico and Chile have many opportunities. However, there are also a lot of competition in these market. If businesses are not actively access, they cannot take advantage this opportuinity. Besides, markets like Japan and Mexico are also countries where domestic culturing tuna and fishing industry are very developed, so the market share for tuna import products might not be much.
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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