EVFTA helps Vietnam’s seafood exports growing well

Seafood exports of Vietnam to the EU grew strongly in the first half of this year thanks to the taking timely advantage of the Europe and Vietnam Free Trade Agreement (EVFTA).

According to the Department of Exports and Imports (under the Ministry of Industry and Trade), seafood exports of Vietnam to the EU market reached US$ 485.3 million in the first half this year, increased 20% in comparison to the same period of 2020. This increase was much higher to the 14.4% rise of seafoodexports to the overall markets.

The result helps the EU market becoming the fourth importing biggest market of Vietnam's seafood, after the US, Japan and China, and now accounts for 11.8% of the total seafood export turnover.

Among the main seafood for export of Vietnam to the EU, it is only the tra fish that still has not seen recovering sign, most of the other products keep the well growing pace.

Shrimp exports to the EU grew strongly in the first half this year, gained US$ 255.7 million, increased 27.5% compared to the same period of 2020. Whitelegshrimp was the absolute leading seafood with the turnover reached US$ 205 million and a rise of 31%.

The EU accounts for over 14% of the total shrimp export turnover of Vietnampresently, is at the third place after the US and Japan.

In the first 6 months of 2021, tuna was the second biggest seafood in term of export turnover to the EU, gained US$ 73.3 million, increased 31.6%. The EU market accounts for 21% of the total tuna export turnover of Vietnam, the second after the US market. Particularly, the export turnover of canned processed tuna reached US$ 35.5 million, increased 116.6% compared to the same period of last year.

Exports of clams, oysters, octopus, squid all saw the growth in the same period.Some processed product lines of squid, octopus, clams and snails all recorded high export growth.

Clam exports to the EU in 6 months reached 33.3 million USD, increased 47.6%; squid exports reached 19.1 million USD, increased 60.5%; octopus exports reached 5.4 million USD, increased 23.2%.

Although snail exports were not high compared to other products, reaching US$179 thousand, they grew strongly with an increase of over 313% over the same period last year.

Surimi exports also increased sharply. Surimi is a product that has a quota of 500 tons levied by 0% annually under the EVFTA commitments. Export of surimi in the first 6 months of the year to the EU reached US$ 3.19 million, increased 38.2% over the same period in 2020.

The main seafood export markets of Vietnam in the EU region all achieved good growth: The Netherlands (accounting for 20.5% of Vietnam's total seafood export turnover to the EU), reached US$ 99 million with an increase of 4.8% over the same period in 2020; Germany (accounting for 19%), reached US$ 92 million withan increase of 19.3%; Italy (accounting for 13%), reached US$ 63 million with an increase of 78.7%; Belgium (accounting for 11.7%), reached US$ 57 million withan increase of 3.3%; France (accounting for 7.8%), reached US$ 37 million, withan increase of 11.8%, etc.

In addition, some markets with small export turnover achieved strong growth, showing export potential: Bulgaria (increased 192.7%), Estonia (increased153.5%), Lithuania (increased 66%). .3%), Sweden (increased 63.1%), etc.

Taking a look at the statistic of seafood export to the EU in the first six months of 2021, the Department of Exports and Imports asserts that the seafood sector has seized the opportunity from EVFTA, especially the especially import tax incentives or tax exemption within quotas immediately after the EVFTA took effect.

Nearly a year after the EVFTA took effect, Vietnam's seafood exports to the EU have been changing significantly as Vietnamese enterprises actively promote the export of seafood products that are eligible for EVFTA incentives, and their partners also prioritize to choose the more competitive price seafood products of Vietnam.