Illustrative photo (Source: VNA) HCM City (VNA) – Vietnam’s shrimp exports to the EU marketreached 483.6 million USD in the first eight months of this year, a rise of 30percent over the same period last year, making the EU the top market ofVietnamese shrimp, the place which was earlier held by Japan.
According to the Vietnam Association of Seafood Exporters and Producers(VASEP), leading European importers of Vietnamese shrimp were the UK, theNetherlands and Belgium, with growth of 46.5 percent, 47.8 percent and 34.1percent, respectively.
Currently, the major competitors of Vietnam in the EU market are Indiaand Ecuador. While India is reducing shrimp exports to the EU, Ecuador andVietnam are paying greater attention to the market.
Particularly, the free trade agreement between Ecuador and the EU, whichtook effect from January 1, 2017, has offered Ecuador the preferential tax rateof zero percent from 3.6 percent earlier, enhancing the competitiveness of thecountry’s shrimp.
VASEP experts held that along with making full use of the Vietnam-EU FTAthat is expected to become effective in 2018 Vietnamese firms should also meetrequirements of the EU in quarantine, packing, and labeling.
At the same time, domestic enterprises should also improve theircapacity and product quality, while building plans to cope with challenges inthe market. They are also advised to pay more attention to labeling andquarantine.
Currently, the EU currently consumes about 30 percent of shrimp in theworld, with about 6-8 billion USD per year. The market’s shrimp importsincreased to 6.7 billion USD in 2016 from 5.6 billion USD in 2007.-VNA
VNA
