According to the Ministry of Industry and Trade, the UK is currently Vietnam's third largest trading partner in the EU, and after the UKVFTA takes effect, it will bring many benefits to Vietnam. In particular, the potential for growth of Vietnamese goods in the UK market is still very large because currently Vietnamese goods account for less than 1% of the market share in the total import turnover of the UK each year, worth nearly 700 billion USD (in 2019). .
According to UKVFTA's commitment, many Vietnamese products are exempt from import tax without quota or quota, immediately or according to the roadmap, when exported to the UK such as: Coffee, fruit, bags, and coffee. cups, shoes, textiles, seafood...
It is worth mentioning that many Vietnamese products will have a competitive advantage over similar products of many countries that are exported to the UK but have no trade agreements with this country. Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers, said that the UK market currently accounts for over 4% of Vietnam's total seafood export value. With UKVFTA, the import tax on most raw shrimp to the UK will be reduced from 10-20% to 0%, which will create many opportunities for seafood businesses to boost exports to the UK.
According to the latest data from the Ministry of Industry and Trade, in the first three months of 2021 alone, Vietnam's exports to the UK reached nearly $1.6 billion, up 22.1% over the same period last year. It is forecasted that from now until the end of the year, exports to the UK will continue to increase. Mr. Nguyen Canh Cuong, Vietnam Trade Counselor in the UK, said: “UKVFTA not only brings direct benefits but also brings indirect investment benefits to Vietnam. British investors will increase their search for investment opportunities in Vietnam or move their production facilities from elsewhere to Vietnam so that products are tax-free when export back to the UK."
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
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.
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