Following this move from E.U., Vietnamese lawmakers are expected to ratify the agreement in early summer, after which it will come into force, the council said in a statement on 30 March.
The European Parliament endorsed the deal with Vietnam on 12 February.
The agreement, the “most modern, comprehensive and ambitious agreement ever concluded between the E.U. and a developing country,” will abolish 99 percent of customs duties between the two sides over the next 10 years.
Once the deal comes into force, seafood exporters from the Southeast Asian nation will have “huge opportunities” to speed up exports to the E.U., the Directorate of Fisheries of Vietnam has said. About half of the import taxes on seafood products from Vietnam to the E.U. will be removed immediately after the agreement becomes effective, with the remainder eliminated within seven years from the effective date of the pact. The E.U., however, will give Vietnam annual quotas for duty-free imports of 11,500 metric tons (MT) of canned tuna and 500 MT of canned fish balls. Additional volumes beyond the quotas will be taxed, according to reports from the directorate and the Vietnamese Finance Ministry’s National Institute for Finance.
Shrimp and pangasius are the top two seafood products Vietnam exports to the E.U. According to Vietnam Association of Seafood Exporters and Producers (VASEP), the EVFTA is expected to help significantly boost the competitiveness of Vietnam’s seafood sector in E.U. markets.
Vietnam exported seafood products worth USD 143.7 million (EUR 133 million) to the E.U. in the first two months of this year, down 10.9 percent from January-February last year. The drop was largely due to the economic fallout of the coronavirus pandemic. The export value of shrimp fell 15 percent, while that of pangasius declined 40 percent year-on-year.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
(seafood.vasep.com.vn) Sao Ta Food Joint Stock Company (FIMEX VN) has just announced that in March 2024, finished shrimp output reached 2,000 tons and finished shrimp consumption reached 1,693 tons, an increase of 74%, and 42% over the same period in 2023, respectively.
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