Agriculture, forestry and fisheries exports bet88 EU rising under FTA

The export turnover of Vietnamese agriculture, forestry, and fisheries products bet88 Europe increased sharply in 2021, from .7 billion in 2020 bet88 .59 billion; a 51 per cent increase and a major achievement due bet88 the EU-Vietnam Free Trade Agreement (EUVFTA) coming into effect in August 2020.

2021 export turnover of main agricultural products bet88 the EU stood at .45 billion, while the export of forestry and fisheries products totaled more than billion.

Rice is one product where the EUVFTA is being put bet88 good use. Prior bet88 it taking effect, Vietnam’s rice exports bet88 the EU were subject bet88 a 45 per cent tax or even 100 per cent or higher in some countries.

However, under the FTA, rice exports are subject bet88 a 0 per cent tax rate with a quota of 80,000 tons per year, and broken rice will be completely liberalized after five years.

According bet88 the Agency of Foreign Trade at the Ministry of Industry and Trade, Vietnamese enterprises are gradually taking advantage of the incentives in the agreement. In the first eleven months of last year, rice exports bet88 the EU reached some 54,000 tons worth million, up 0.8 per cent in volume and 21.6 per cent in value over the same period of 2020.

Thanks bet88 the EUVFTA, other spearhead products of Vietnam, such as coffee, cashew nuts, rubber, synthetic rubber products, fruit and vegetables, and pepper are also subject bet88 favorable tariffs and thus grew in export turnover and/or volume.