Vietnam’s shrimp exports to EU increase sharply

Thursday, 2020-09-10 16:51:46
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Processing shrimp for exports (Photo: VNA)
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NDO – Vietnamese shrimp exports to the European Union (EU) have enjoyed remarkable growth since the EU - Vietnam Free Trade Agreement (EVFTA) officially came into effect on August 1, 2020, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The VASEP reported that in August 2020, shrimp exports to the EU were estimated to have increased by 20% over the same period in 2019.

Compared with other countries, Vietnam has a clear advantage with frozen black tiger shrimp and white leg shrimp exports as black tiger shrimp was reduced from the Generalised System of Preferences (GSP) tariffs at 4.2% to 0% upon the EVFTA coming into force. Meanwhile, frozen white leg shrimp will gradually decline to 0% after 5 years.

The EU is currently Vietnam’s fourth largest shrimp consumer, after the US, Japan and China. The EU market accounts for 13.3% of the total value of Vietnam's shrimp exports.

According to VASEP forecasts, Vietnam's shrimp exports to the EU from now until the end of 2020 will continue to increase despite being negatively affected by the COVID-19 epidemic.