Seafood Exports to Europe Up 10% Since EVFTA – Positive Signs for Vietnam

The Vietnam Association of Seafood Exporters and Producers (VASEP) reports that the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) at the beginning of August has resulted in a positive impact on seafood exports to Europe. According to VASEP, the number of orders for shrimp and squid in the European market since the beginning of August has increased by about 10% compared to the previous month.

Shrimp Exports to EU

Tran Van Linh, Chairman of the Board of Directors of Thuan Phuoc Seafood and Trading Corporation, said his company had exported 3,000 tonnes of shrimp and shrimp products to the EU with a value of about 31 million USD, representing an increase of 8% in volume and 6% in value YoY.

Nguyen Thi Anh, Director of Ngoc Xuan Seafood Corporation, has also reported that EU customers have begun negotiating orders with the corporation again recently, which is a positive signal for businesses to recover after a long delay and contract cancellation.

Growth Prospect for Seafood Exports to the EU

Truong Dinh Hoe, Secretary-General of VASEP, noted that the association expected the EVFTA would help seafood exports to the EU grow by about 20%, but in the current pandemic context, an increase of 10% is still encouraging. However, Hoe said the growth rate could not be fully forecast due to the current situation in Europe, which is still facing the pandemic.

Yellow Card Issue

VASEP also reported that localities are implementing measures to combat illegal fishing and enhancing control and supervision of the installation of monitoring equipment on fishing cruises while imposing strict sanctions for violations of the use of positioning equipment.

Advantages of Vietnam

Vietnam has advantages in producing and exporting agricultural, forestry, and aquatic products, while the EU has a high demand for these items. The import value of agricultural, forestry, and aquatic products of the EU accounts for 8.4% of the region’s total annual import value. Vietnamese businesses can access a vast seafood consumption market with an average consumption of 22.03 kilograms per person, 5.34 kilograms higher than the world average.