In a statement over the weekend, the Department of Trade and Industry (DTI) said the country is “set to apply” for the EU’s Generalized System of Preferences Plus (GSP+).
Last year, the EU announced that certain exports from the Philippines, Pakistan and Ukraine may enter duty-free under the GSP+ starting next year, provided that they meet two conditions: first, the products comprise less than two percent of Europe’s GSP imports; and second, the said countries must have ratified and are abiding by 27 international conventions covering the environment, governance, human and labor rights, and sustainable development.
The Philippines is eyeing to qualify for the GSP+ in the next 10-year cycle from 2014 to 2023, as the existing EU GSP cycle ends in December.
The country is a beneficiary of the EU GSP, under which 2,442 products enter Europe duty-free while 3,767 are slapped lower tariffs.
Philippine exports enjoying zero or lower duties under the EU GSP include canned tuna, canned pineapples, crude coconut oil, dried/prepared pasta, edible parts of plants, activated carbon, imitation and other articles of jewelry, garments, semiconductors, tennis balls, and mattress support for bed frames.
Last year, Euro 1.076-billion or roughly P62.8-billion worth of Philippine shipments were granted preferential treatment under the EU GSP, with chemicals, live animals and animal products, vegetables, wood and articles of wood, and jewelry among the top beneficiaries.
If the country qualifies for GSP+, 6,274 products would be slapped zero tariff, allowing Philippine exports to the EU to grow by 12 percent alongside the creation of 270,000 new jobs, the DTI said.
Trade Undersecretary Adrian S. Cristobal Jr. said the DTI is already briefing exporters on the requirements and processes for the EU GSP+.
Cristobal said the garments and tuna sectors would most benefit from the trade scheme, so the DTI has already committed to assist these industries on non-tariff measures and rules of origin concerns under the EU GSP+.
The GSP+ would generate an additional 40,000 jobs in the garments sector within the first eight months, while the volume of canned tuna exports to the EU would rise 64 percent alongside jacking up the workforce by 70 percent, the DTI said.
Cristobal said the benefits of the EU GSP+ to the garments and tuna industries would redound to the whole manufacturing sector.
“The sustainability of the tuna and garments sectors will contribute significantly to the revival of the country’s manufacturing industry since these sectors account for more than 50 percent of the country’s industry labor force,” he said.
(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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