Vietnam’s tuna exports to the EU see strong surge thanks to EVFTA
MEKSEA.COM – Currently, Vietnam’s tuna exports to the EU see strong surge thanks to The EU-Vietnam Free Trade Agreement (EVFTA). However, Vietnam’s tuna products are likely to continue facing new difficulties from strict regulations of this agreement.
According to data from the General Department of Vietnam Customs, in the first half of 2021, Vietnam’s tuna exports to the EU market reached 15,870 tons, equivalent to 73.33 million USD, up 39.3% in volume and 31.6 % in value over the same period in 2020.
Besides, according to the Vietnam Import-Export Department, Vietnam’s tuna exports to the EU have achieved many remarkable achievements. After EVFTA took effect on August 1, 2020, the EU eliminated tariffs on fresh and frozen tuna products (except for frozen tuna loins/filets). This has created competitive advantages for Vietnamese tuna products in the potential EU market.
Tariff preferences from EVFTA created positive prospect for Vietnam’s tuna exports to the EU market. (photo: Meksea team)
For frozen tuna loin/fillet products, the EU will eliminate tariffs for Vietnam according to a 3-year roadmap, from the basic tariffs rate of 18%. Steamed tuna loin/fillet products (raw materials for canned tuna production), the EU will eliminate tariffs for Vietnam according to a 7-year roadmap, from the basic tariffs rate of 24%. Particularly for canned and processed tuna products (such as canned, bagged, canned tuna, fish products of the canned tuna family, etc.), the EU will exempt tariffs on 11,500 tons /year.
This has created positive prospect for Vietnam’s tuna exports to the EU market. Especially in the last months of 2021, in the context of EU consumer demand recovering and supply still limited. Therefore, tariff preferences from EVFTA will become an advantage for Vietnamese tuna products to continue exporting to Europe.
However, Vietnamese tuna will still be under great competitive pressure from regulations and technical barriers in this potential market. Some European markets have stricter regulations and criteria for tuna imported into this market. In addition, EU tuna importers always give priority to importing tuna products within the EU even though they have higher prices. This is considered a big challenge in the coming time, when Vietnamese businesses want to increase their tuna market share in the European market.
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Currently, the export volume of Meksea tuna reaches about 120 tons per year with products such as loin, saku, cube, steak, belly, whole tuna, etc We always focus on product quality at all processes from preliminary processing to finished products delivered to our customers are strictly controlled. In the coming time, Meksea will make efforts to expand the tuna export market to the potential European market. We are determined to build and promote the brand name of Vietnam’s key seafood products in the international market. If you are interested, please visit Meksea website to explore our tuna product. |
By Hayati (MekseaTeam)
(hayati@mekseaconnection.com)
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