Business

Tuna exports to EU expected to reach US$123 million

SGGP
The Ministry of Agriculture and Rural Development (MARD) on October 10 held a conference on the promotion of tuna production by chains and the prevention of dumping in the European market to strengthen activities against illegal fishing in the tuna industry and promote tuna exports to Europe under the EU-Vietnam Free Trade Agreement (EVFTA) in Khanh Hoa Province.

Processing tuna products for export at Ba Hai Joint Stock Company in Phu Yen Province. (Photo: VNA)

Processing tuna products for export at Ba Hai Joint Stock Company in Phu Yen Province. (Photo: VNA)

The Vietnam Association of Seafood Exporters and Producers (VASEP) said that the EVFTA has become effective from August 1 this year, with 220 seafood items with the base tax rates varying from zero percent to 22 percent. As for frozen tuna fillet, the export tariff will reduce to zero percent under a three-year tariff reduction schedule. It is an opportunity for enterprises to increase market expansion and make use of competitive advantages with other countries.

According to VASEP, in the context that the Covid-19 pandemic remains complicated, Vietnam's seafood exports, including tuna, have not escaped the crisis yet. However, with the EVFTA, it is forecasted that the total export value to the EU in the last three months of this year will increase slightly, or be equivalent to the third quarter of this year with about US$33 million, up 5 percent over the same period last year, sending Vietnam's tuna exports to the EU to reach around $123 million.

By Van Ngoc – Translated by Thanh Nha

Other news