The export of the first batch of frozen shrimp to several European countries under the EU-Vietnam Free Trade Agreement (EVFTA) was marked with a ceremony in the south central province of Ninh Thuan on September 11.
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said tariff removal under the EVFTA is expected to create big opportunities for Vietnam’s aquatic product exports.
Accordingly, the EU is set to eliminate tariffs on 86.5 percent of Vietnam’s aquatic product exports in three years, 90.3 percent in five years, and 100 percent in seven years, he said, noting that to take this advantage, orders for Vietnamese aquatic products since the beginning of August has increased by around 10 percent compared to July.
Tien added the EVFTA, taking effect on August 1, promises a bright prospect for shrimp exports to the EU in the remaining months of 2020.
In July, Vietnam earned 54.2 million USD from shrimp exports to the EU, up 2 percent from a year earlier. The year-on-year growth continued in August, at about 20 percent, and the upward trend is expected to be sustained until the year-end although the pace is unlikely to be fast due to COVID-19 impact, according to the deputy minister.
At the ceremony, Carsten Schittek, head of trade and economic affairs at the EU Delegation to Vietnam, said the shipment of this batch of brackish-water shrimp to the EU affirmed the success of shrimp farming, processing and exporting businesses of Vietnam.
Vietnam’s fishery industry, including the shrimp sector, is highly competitive, he noted, adding that with tariffs slashed from 12 percent to zero percent under the EVFTA, the country’s shrimp sector will become even more successful in gaining a bigger market share in the EU.
For his part, Truong Huu Thong, Chairman and General Director of the Thong Thuan Co. Ltd – the shrimp exporter, said among the largest markets his firm is selling products to, Europe is the most stable one in terms of demand, policies and prices.
When the EVFTA came into force, orders the company received from the EU have risen sharply, he added.
According to Chairman of the Ninh Thuan People’s Committee Luu Xuan Vinh, frozen processed shrimp is one of the key export items of the province, accounting for 43.5 percent of total shipments, and over 95 percent of the local shrimp exports is contributed by the local branch of the Thong Thuan company.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
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(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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