Aquatic product exporters seek ways to overcome COVID-19 impact
Vietnam’s aquatic product exporters are being hit hard by the impacts of COVID-19, but there are still opportunities for domestic businesses despite the gloomy outlook, experts have said.
Hanoi (VNA) –Vietnam’s aquatic product exporters are being hit hard by theimpacts of COVID-19, but there are still opportunities for domestic businesses despitethe gloomy outlook, experts have said.
Theyexplained that the new coronavirus epidemic will hinder aquatic product exportsfrom China – the world’s largest supplier with value exceeding 20 billion USDin 2017, thus leading to a global shortage.
Asa result, Vietnamese fishery businesses should take this chance to diversifytheir markets, they suggested.
Moreover,the EU-Vietnam Free Trade Agreement (EVFTA), which was ratified by the EuropeanParliament on February 12, 2020, is expected to facilitate Vietnam’s export ofaquatic products.
Afterthe pact comes into force, taxes imposed on some processed seafood products likeoyster, cuttlefish and octopus will drop from 20 percent to zero.
Thezero percent tariff will also be applied to frozen cuttlefish, octopus, surimi,shrimp and tuna, among others.
Vietnam’sexport of aquatic products to China has dropped significantly since early thisyear. The market’s share in Vietnam’s aquatic export value decreased from 10percent in January 2019 to 8.9 percent in January 2020.
Thevalue of aquatic product shipments to the neighbouring country via land isforecast to contract about 20 percent monthly as long as the epidemic continues.
However,some businesses are optimistic as China is likely to increase its import ofaquatic products after it successfully controls the illness./.
The Food Safety and Inspection Service (FSIS) under the US Department of Agriculture (USDA) has recognised Vietnam as a country eligible to export Siluriformes fish (catfish, including tra fish) and fish products to the US.
Vietnam’s aquatic product exports to China rose 19.7 percent year-on-year to reach 1.1 billion USD in the first 11 months of 2019, according to the General Department of Vietnam Customs.
The Food Safety and Inspection Service (FSIS) under the US Department of Agriculture (USDA) has recognised Vietnam as a country eligible to export Siluriformes fish to the US.
Vietnam’s total aquatic product export value in January fell by 12.5 percent year-on-year to 644 million USD due to the impacts of the novel coronavirus epidemic, according to the Vietnam Association and Seafood Exporters and Producers (VASEP).
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Illustrative image (Photo: VNA) 
