GENERAL INFORMATION

In Vietnam, the fishery sector plays an important role in the national economy, accounting for about 4-5 percent of Gross Domestic Product (GDP) and about 9-10% of national export revenue.

More than 4 millions of people working in the fishery and the growth in production have attributed to the fish exports. Thanks to strongly increase in many years, Vietnam ranks among the top ten seafood suppliers and its seafood products are exported to 170 markets in the world.

Shrimp, pangasius, tuna, squid and octopus are main seafood products exported by the country. In which, shrimp exports create about US$ 3.5 – 4 billion, make up 46-50% of the total seafood sales of Vietnam. Earnings from pangasius reached at US$ 1.7 – 1.8 billion (25% of the total) and exports from Tuna and Cephalopods are US$ 450 – 550 million for each.

Exports to the U.S, Japan, EU, China and South Korea make up 75% of Vietnam’s seafood sales to the wolrd.

5 advantages for Vietnam seafood exports:

(1) High commitment and participation from Government, Industry and companies for food safety, environment and social responsibility;

(2) Able to supply the big volume and safe quality and stable seafood products;

(3) Meet all the customers’ requirements, incl. the vertical linkage (integration) for each species sector;

(4) Vietnam is one in few countries in the world which has the good and stable labor resource;

(5) Vietnam has Agreements / FTAs with many countries and territories and has advantages both in product quality and im-ex tax.

About 5,000 tariff lines go down to zero under Vietnam-EAEU FTA

09:35 11/01/2016

About 5,000 tariff lines will be cut to zero after the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) took effect on October 5, 2016, in accordance with a government decision and the Vietnam special import list 2016-2018

The tax cuts will be implemented in three phases from now to the end of 2018.

By the end of 2017, import taxes on 4,959 types of goods will have dropped to zero through the FTA between Vietnam and the union.

Products set to enjoy the tariff cuts include materials for production and processing such as footwear, garment-textile, seafood, electronic spare parts and products, agricultural products and steel.

In 2018, 144 more tariff lines will be eliminated, increasing the number of zero-tax lines to 5,103.

The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015, representing the first FTA signed between the EAEU and an external partner.

Source: VNA