Online trade exchange to boost aquatic exports to EU market
A virtual trade exchange will be held on April 25 - 26 to provide Vietnamese businesses with the latest information about market trends as well as opportunities to export aquatic products to the European Union, according to the Ministry of Industry and Trade.
The online event is taking place as part of the National Program on Trade Promotion 2022, which is being jointly held by the Vietnam Trade Promotion Agency (Vietrade) in collaboration with various Vietnamese trade offices and embassies in some EU member countries.
The primary aim of the gathering is to assist localities, businesses, and cooperatives that supply local seafood products in seeking partners in the EU market.
Representatives of the Vietnamese Trade Office in EU member countries, importers, and distribution channels are anticipated to introduce the market demand for aquatic products. Meanwhile, Vietnam Association of Seafood Exporters and Producers (VASEP) leaders will provide information about business co-operation opportunities for Vietnamese exporters in the EU – a demanding but lucrative market.
For several years, the EU has represented one of Vietnam’s top five seafood export markets, while Vietnam makes up the second largest seafood supplier in Asia, just behind China. Indeed, the EU's seafood import demand is huge, with turnover reaching over US$50 billion annually.
The enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) in August 1, 2020 has created a wealth of opportunities for Vietnamese seafood businesses to increase their exports to the EU thanks to preferential tariffs set out within the trade pact.
Under the pact, 220 tax lines on aquatic products with a base tax rate of 0% to 22% are set to be slashed to 0% in the three and seven-year roadmaps, helping Vietnamese seafood products enhance their competitiveness compared to similar products imported from other countries.
Last year witnessed local seafood exports to the EU market reach over US$1 billion, an annual rise of 12%. The figure should have been higher if local seafood production activities were not negatively impacted by the COVID-19 pandemic in the third quarter of 2021.
The country’s five largest seafood export markets in the EU include the Netherlands, Germany, Belgium, Italy, and France, accounting for 72% of total export turnover.
Last year saw exports of shellfish to the EU enjoy a surge of 37% to US$87 million, mainly due to clam exports increasing by 42%, raking in US$78 million.