Hanoi (VNA) –Vietnam’s aquatic product exporters are being hit hard by theimpacts of COVID-19, but there are still opportunities for domestic businesses despitethe gloomy outlook, experts have said.
Theyexplained that the new coronavirus epidemic will hinder aquatic product exportsfrom China – the world’s largest supplier with value exceeding 20 billion USDin 2017, thus leading to a global shortage.
Asa result, Vietnamese fishery businesses should take this chance to diversifytheir markets, they suggested.
Moreover,the EU-Vietnam Free Trade Agreement (EVFTA), which was ratified by the EuropeanParliament on February 12, 2020, is expected to facilitate Vietnam’s export ofaquatic products.
Afterthe pact comes into force, taxes imposed on some processed seafood products likeoyster, cuttlefish and octopus will drop from 20 percent to zero.
Thezero percent tariff will also be applied to frozen cuttlefish, octopus, surimi,shrimp and tuna, among others.
Vietnam’sexport of aquatic products to China has dropped significantly since early thisyear. The market’s share in Vietnam’s aquatic export value decreased from 10percent in January 2019 to 8.9 percent in January 2020.
Thevalue of aquatic product shipments to the neighbouring country via land isforecast to contract about 20 percent monthly as long as the epidemic continues.
However,some businesses are optimistic as China is likely to increase its import ofaquatic products after it successfully controls the illness./.
VNA