Shrimp exports set to capitalise on EVFTA opportunities
- Binh Duong earns 10.4 billion USD exports in 5 months
- VKFTA gives boost to shrimp exports to RoK
- Trade authority to take flexible trade policy to support exports
With GSP tax incentives in place, import tariffs on Vietnamese shrimp to the EU will be slashed in half. This gives domestic shrimp products a huge advantage over other major shrimp exporters such as India and Thailand that do not enjoy such tariffs.
The EVFTA taking effect will see domestic shrimp exports benefit from zero per cent in tariffs under the roadmap, thus creating a window of opportunity and boosting competitiveness for local enterprises.
However, experts have advised domestic businesses to make thorough preparations in order to gain entry into the EU market, which has put in place stringent requirements for exporters.
At present, a number of local businesses located in the southernmost province of Ca Mau have built shrimp farming areas, which follow Aquaculture Stewardship Council (ASC) standards and are capable of developing their own material sources.
Vietnamese shrimp exports to the EU account for up to 21.7 per cent of the country’s total shrimp exports.. Within the EU bloc, the UK, Germany, and the Netherlands are the largest consumers of Vietnamese shrimp.