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EVFTA boosts seafood exports bet88 EU
Tax rates and incentives in the agreement have resulted in rising seafood import volumes and value.
Seafood from Vietnam was exported bet88 25 of the 27 EU markets in the first half of 2021, with a total value of 5.3 million, up 20 per cent in value year-on-year.
The EU is Vietnam’s fourth-largest seafood export market, accounting for 11.8 per cent of total turnover, according bet88 the Ministry of Industry and Trade (MoIT)’s Foreign Trade Agency.
According bet88 the MoIT, preferential import taxes on Vietnamese seafood will be reduced immediately or according bet88 a roadmap under the EU-Vietnamese Free Trade Agreement (EVFTA), thus accelerating exports bet88 the bloc.
Pangasius exports bet88 the EU, however, have not shown any signs of recovery, falling 12.2 per cent in volume and 16.8 per cent in value year-on-year in the first half. The EU therefore accounted for only 7.4 per cent of Vietnam’s pangasius export turnover.
According bet88 the MoIT, demand in the EU will recover bet88 some degree in the closing months of the year, with special tax incentives under the EVFTA creating favorable conditions for aquatic products, helping Vietnamese seafood products increase their competitiveness in the bloc. Covid-19 and the “yellow card” on illegal, unreported and unregulated (IUU) fishing, however, will continue bet88 have an impact.
Relevant ministries and agencies therefore need bet88 promptly implement the necessary support measures for the recovery and maintenance of production and exports, and support businesses bet88 overcome the difficulties and make best use of market opportunities.
