Up to 90 percent of the tariff lines levied on this product type will be cut down to zero percent once the EVFTA is signed, excluding canned tuna and fish ball, with the longest roadmap of seven years.
Experts said this is an excellent chance for the seafood sector to reach out to more markets.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said the average import tariff on aquatic products exported to the EU is 14 percent, many of which are imposed with higher tariffs, up to 26 percent.
When the EVFTA takes effect, nearly 840 basic tariff lines, making up about 50 percent of the tariff lines for aquatic products, will be reduced to zero percent; the remaining are subject to 3-to-7-year reduction roadmap.
The EU will provide tariff quota for some Vietnamese special products such as canned tuna, 11,500 tonnes, and surimi, 500 tonnes.
The enforcement of the EVFTA will push Vietnam’s aquatic product exports to the EU market, Hoe said.
He added that shrimp exports will be more optimistic because the tariff lines for this product will reduce sharply from the first year of the deal’s enforcement, then gradually go down to zero percent in the next following years.
Vietnam is now the second biggest shrimp exporter, accounting for 14 percent of the global market share after India.
When the EVFTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) come into effect, the import duties on raw shrimp material from Vietnam and the export duties on processed shrimp in the EU and CPTPP countries will be cut down.
Meanwhile, India is not a member of the CPTPP and the negotiation of a FTA between India and the EU is temporarily delayed.
This is considered a good opportunity for the Vietnamese shrimp industry to compete with India.
According to the VASEP, with the aim of exporting 4.2 billion USD worth of shrimp in 2019, the US is defined as the key growth market of Vietnam with the export turnover projected at 750 million USD, up 17.6 percent against 2018.
The European demand for shrimp is forecast to continuously grow, especially in the UK and the Netherlands.
This is the foundation for the shrimp sector to realise its goal of increasing its export value to the EU to 1.5 billion USD in 2019.
Experts said the signing of the EVFTA is a good chance for aquatic firms to expand export markets and increase their competitiveness.
Source: VNA
(seafood.vasep.com.vn) According to a report by the General Statistics Office, the estimated pangasius output for January 2025 reached 102.5 thousand tons, representing a 6.0% increase compared to the corresponding period of the preceding year. This surge is attributed to the rise in pangasius material prices within the Mekong Delta, which has incentivized aquaculture farmers to expand their stocking activities. Concurrently, this price increase has facilitated processing enterprises to intensify procurement efforts to meet export demands during the early part of the year.
(seafood.vasep.com.vn) Between 2015 and 2024, Vietnamese pangasius exporting enterprises have undergone notable transformations in rankings and experienced fluctuations in developmental strategies, competitive intensity, and business efficacy. This dynamic is clearly illustrated through shifts in export turnover and the proportional contribution to the national pangasius export volume among the Top 5 enterprises.
(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.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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