Business

EU tops market for Vietnam’s shrimp exports

The European Union (EU) market was the largest export market of Vietnamese shrimp in the first quarter of this year, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
Shrimps for exports (Photo: VNA)

Hanoi (VNA) - The European Union (EU)market was the largest export market of Vietnamese shrimp in the first quarterof this year, according to Vietnam Association of Seafood Exporters andProducers (VASEP).

In the first quarter, the export value ofshrimp from Vietnam to the EU gained a year-on-year increase of 20.2 percent to742.9 million USD, including 302.4 million USD in March, up 25.8 percentcompared to March 2017.

Therefore, the EU maintained its positionas the largest market for Vietnamese shrimp products, accounting for 18.2 percentof Vietnam’s total shrimp export value in the first quarter.

The association said the EU was consideredas the "most dynamic" market for Vietnamese shrimp in 2017. In 2018,the shrimp export to this market has maintained an upward trend.

Vietnam has gained by exporting shrimp tothe EU, because India, Vietnam’s big competitor in the EU market, has faceddifficulties in exporting shrimp to the EU market as a result of antibioticresidue testing. India has also faced the risk of banning shrimp exports to theEU, reported Cong Thuong newspaper.

In addition, Vietnamese shrimp is moreaffordable than its competitors’ products and has the advantage of gaining theGSP (Generalised System of Preferences) from the EU that Thailand and China donot have.

The Ministry of Industry and Trade said inthe time to come, Vietnam’s shrimp exports to the EU would see more advantages,once the European Union-Vietnam Free Trade Agreement, which is in thepreparation phase, takes effect. As committed, after the agreement comes intoeffect, Vietnamese goods, including shrimp products, will enjoy specialpreferential tariffs.

However, to promote shrimp exports to theEU in the future, experts said enterprises still need to pay special attentionto quality, food safety and origin of raw materials. We are importing shrimpsfrom India for processing, exporting to other markets. Meanwhile, shrimp exportto the EU is under strict control of antibiotic residue. Therefore, Vietnameseshrimp exporters should pay more attention to the source of raw materials whileexporting to the EU.

The association said Vietnam’s shrimp export inthe second quarter is expected to continue to increase due to an adequatesupply of raw materials for processing plants and a stable demand in the worldmarket.-VNA
VNA
#European Union (EU) market #shrimp #Vietnam Association of Seafood Exporters and Producers (VASEP) #market #free trade agreement #FTA #preferential tariffs #vietnamplus #vietnam news agency European Union
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