Vietnamese enterprises should be well-prepared to enhance shipments to the UK, particularly after the UK-Vietnam Free Trade Agreement took effect on December 31, 2020, according to insiders.
Vietnamese tuna appears ideally placed to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA), with shipments rising 0.5 percent year-on-year to 126 million USD during January-November despite COVID-19.
Vietnam sustained an export growth rate of over 5 percent during the last 11 months, helping the trade surplus hit a record that almost doubled the figure in the same period of 2019.
Vietnam’s tuna exports to the Middle East and Africa have seen positive signs since the beginning of the year despite declines in overall seafood exports in the face of COVID-19, First Secretary and Head of the Trade Office at the Vietnamese Embassy in Egypt Nguyen Duy Hung said on October 25.
Vietnam’s shrimp exports are forecast to reach 3.7 billion USD this year, posting an year-on-year increase of 9.8 percent, fuelled by the EU – Vietnam Free Trade Agreement (EVFTA) which facilitated export to the EU markets, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
The COVID-19 pandemic has worsened the shortage of cold storage space in Ho Chi Minh City and surrounding areas as goods pile up as a result of lack of demand.
The slump in fisheries exports eased in September, with revenue reaching 820 million USD, an increase of 0.6 percent year-on-year, according to the Ministry of Agriculture and Rural Development (MARD).
Multiple tra fish companies suffered losses due to falling export prices and lower orders, focusing instead on the domestic market amid the COVID-19 pandemic.
Vietnam’s crab exports were worth 44.5 million USD in the first four months of this year, a 40 percent year-on-year increase, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Diversifying products and adapting quickly to market fluctuations will help create growth momentum and remove difficulties for seafood exports, experts have said.
Prawn and uncooked prawn products for human consumption exported to Australia will have to follow new regulations from the Australian Department of Agriculture, Water and the Environment from July 1, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The US Department of Commerce (DOC) has lowered anti-dumping duties on tra fish (pangasius) products from Vietnam following its official conclusion of its 15th period of review (POR15) from August 1, 2017 to July 31, 2018, according to the Trade Remedies Authorities of Vietnam under the Ministry of Trade and Industry (MoIT).
Vietnam gained shrimp export growth to some key export markets in the first quarter of this year, especially Japan and the US, despite the COVID-19 pandemic.
Vietnam exported nearly 13 million USD worth of tra fish to China in the first half of March, 1 million USD higher than February’s number, a sign of recovery for Vietnamese exports of aquatic products to the neighbouring country.
The COVID-19 pandemic has seriously affected Vietnam's trading activities. By the end of the first quarter of 2020, the nation’s exports increased only by 0.5%.
With Vietnam’s main agro-forestry-fishery export markets after China such as the US and Europe being hit by the new coronavirus-caused acute respiratory disease (COVID-19), Vietnamese exporters are suffering.