If the domestic shrimp industry takes advantage of preferential tariff and implements rules of origin under the EU-Vietnam Free Trade Agreement (EVFTA), Việt Nam's shrimp exports to the EU will increase from next year, said Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP).
Hoe said, according to the EVFTA signed on June 30, 2019, the tariffs of most raw shrimp, including fresh, frozen and chilled products, imported from Vietnam into the EU will be reduced from the basic rate of 12-20 per cent to zero as soon as the agreement comes into effect, expectedly next year. Meanwhile, import tariffs of processed shrimp will fall to zero after seven years.
With those tariffs, Vietnam has many advantages in exporting its shrimp products to the EU, according to the association. Currently, the EU accounts for about 31 per cent of total world shrimp exports and 22 per cent of Việt Nam's shrimp exports.
To take advantage, the VASEP said that immediate and long-term requirements are to create a certified shrimp supply with competitive prices and build a Vietnamese shrimp brand.
The Vietnam Trade Office in Belgium said Vietnamese export enterprises need to have information on EU standards if they want to enter this market. Shrimps can only be exported to the EU if they are from countries licensed to export to the EU and farmed at registered farms with EU certifications.
The businesses need to comply with EU food labelling regulations to ensure consumers receive the information they need to make decisions when buying food, including product names and lists of ingredients, including additives.
Source: VNS
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