{"id":3789,"date":"2024-07-30T15:04:10","date_gmt":"2024-07-30T08:04:10","guid":{"rendered":"https:\/\/www.aquafisheriesexpo.com\/?p=3789"},"modified":"2024-08-08T15:06:38","modified_gmt":"2024-08-08T08:06:38","slug":"breaking-through-barriers-vietnams-seafood-affirms-its-position-in-the-eu","status":"publish","type":"post","link":"https:\/\/www.aquafisheriesexpo.com\/en\/uncategorized\/breaking-through-barriers-vietnams-seafood-affirms-its-position-in-the-eu\/","title":{"rendered":"Breaking through barriers: Vietnam\u2019s seafood affirms its position in the EU"},"content":{"rendered":"

Vietnam’s seafood industry stands as a pillar of national exports, significantly contributing to national income and improving the lives of its citizens. Among Vietnam’s seafood export markets, the EU is a promising market with high demand and favorable payment terms. However, Vietnam’s seafood exports to the EU face various challenges and obstacles. Businesses are must enhance product quality and comply with stringent food safety regulations. Moreover, companies must avoid illegal, unreported, and unregulated (IUU) fishing practices, and effectively capitalize on the opportunities offered by the Vietnam-EU Free Trade Agreement (EVFTA).<\/p>\n

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EU cracks down on IUU fishing, IUU \u2018yellow card\u2019 remains a barrier<\/strong><\/h2>\n

In 2023, Vietnam’s seafood exports to the EU market significantly declined, reaching over 869.54 million USD, a 28.9% drop compared to 2022. This downturn is primarily attributed to the EU’s stricter regulations on Illegal, Unreported, and Unregulated (IUU) fishing, posing challenges to Vietnam’s seafood export.<\/p>\n

Since receiving an IUU ‘yellow card’ warning from the EU in 2017, Vietnam has been actively addressing the issue by upgrading its fisheries management and traceability systems, while also raising awareness among fishermen about IUU fishing practices. However, many issues remain, making the process of removing the ‘yellow card’ warning challenging.<\/p>\n

Despite the ongoing IUU challenge, seafood exports to the EU market continue to harbor immense growth potential, fueled by the favorable terms of the EU – Vietnam Free Trade Agreement (EVFTA). The agreement offers significant tariff reductions for Vietnam’s seafood products, particularly shrimp.<\/p>\n

Significantly, tariffs on raw shrimp (fresh, chilled, and frozen) imported into the EU will be reduced from the current 12 – 20% to 0% immediately when the agreement takes effect. Import tariffs on processed shrimp will drop to 0% after 7 years from the agreement’s effective date. These substantial tariff reductions present a significant competitive advantage, enabling Vietnam’s seafood products to gain easier access to the EU market.<\/p>\n

Furthermore, the EU market presents a significant opportunity for Vietnam’s seafood exports, driven by strong consumer demand for seafood products. With high average income per capita and growing health consciousness, EU consumers are increasingly seeking out premium and safe seafood offerings. This creates a favorable landscape for Vietnam’s businesses to tap into this lucrative market segment.<\/p>\n

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Immediate actions are required to overcome these pressing challenges<\/strong><\/h2>\n

While the EU – Vietnam Free Trade Agreement (EVFTA) presents immense opportunities for Vietnam’s seafood industry, the path to success in this lucrative market is not without its challenges. Below are some critical issues that need to be addressed:<\/p>\n