Seafood exports of Vietnam are expected to increase from August 1 when EVFTA takes effect

According to the Vietnam Association of Seafood Exporters and Producers (Vasep), the EU-Vietnam Free Trade Agreement (EVFTA) is a very good opportunity for Vietnam's seafood industry to increase exports and competitiveness. competed on the European market because of the benefits that EVFTA brings.

According to the Vietnam Trade Promotion Agency (Vietnam Ministry of Industry and Trade), EVFTA will immediately eliminate tariffs on 85.6% of tariff lines, equivalent to 70.3% of Vietnam's exports to Europe; eliminating tariffs after 7 years is 99.2% of tariff lines, equivalent to 99.7% of Vietnam's exports to Europe.

Particularly for the fisheries sector, 50% of tariff lines will be eliminated immediately, and the remaining 50% will be eliminated on a schedule of 3-7 years. Canned tuna and fish balls are subject to the tariff quotas of 11,500 tons and 500 tons respectively.

Some items are subject to high tax of 0% such as: Lobster (currently applying import tax at 8-20%), crab stick (currently applying the tax rate of 14.2%), cod (being applied tax rate of 13%), pink shrimp (being applied tax rate of 12%) ...

Items such as squid, oysters, scallops, halibut, sea cucumber, ... currently having import tax rates of 8-11% will also be brought back to 0%, creating favorable conditions for processing enterprises. to export aquatic products.

Vasep also believes that when EVFTA comes into effect, the seafood export picture will be better because in the first 6 months of 2020, seafood export will reach 3.5 billion USD, 10% lower than the same period last year due to the picture. effects of COVID-19 disease.

Phaata 

Phaata.com - The first International Logistics Exchange in Vietnam

READ MORE: