Aquatic product exports forecast to reach 9.4 billion USD in 2021
Vietnam’s aquatic product exports are expected to rake in 9.4 billion USD this year, a surge from 8.5 billion USD in 2020, driven by a strong rebound in demand of export markets and the support of free trade agreements, according to the Vietnam Association of Seafood Producers and Exporters (VASEP).
Hanoi (VNA) – Vietnam’s aquatic product exports are expected to rakein 9.4 billion USD this year, a surge from 8.5 billion USD in 2020, driven by astrong rebound in demand of export markets and the support of free tradeagreements, according to the Vietnam Association of Seafood Producers andExporters (VASEP).
Analysts of FPT Securities JSC (FPTS) predicted Vietnam to continue increasingshrimp output in 2021, reaching 730,000 tonnes, up 4 percent year-on-year.
Stable supply will be an advantage for Vietnamese shrimpexporters to expand their market shares in export markets.
The prices of exported shrimps are also forecast to riseslightly by 5 percent to an average of 9.6 USD per kg, according to an FPTSreport.
Meanwhile, experts from BIDV Securities Company said that itis difficult for Vietnam’s shrimp sector to enjoy high export growth in 2021,as the production of competitive countries such as India and Ecuador beginstrong recovery, especially when the two countries’ shrimp prices are 10-15percent lower than that of Vietnam.
However, the shipment of shrimps to the EU, which accountsfor 21 percent of Vietnam’s total shrimp export turnover, is expected to besupported by the EU-Vietnam Free Trade Agreement (EVFTA).
The tariffs imposed on frozen shrimps were slashed to zeropercent immediately after the EVFTA became effective on August 1, 2020, whilethose on processed shrimps will reduce to zero percent from January 1, 2027.
The output of Vietnam’s tra fish is also forecast tomaintain uptrend this year.
FPTS expects that the export will bounce back thanks toincreasing demand of Vietnam’s main importers such as China, the US, and theEU.
Vietnamese businesses’ efforts to focus on value addedprocessed products which meet all requirements on food safety and origintraceability of products will be paid off, with the export value of processedtra fish to surge in 2021./.
The UK-Vietnam Free Trade Agreement (UKVFTA), which became effective on January 1, is expected to create a strong motivation pushing Vietnam forwards on the path of economic development and international integration.
The Minh Phu Seafood Joint Stock Company announced on February 17 that US Customs and Border Protection (CBP) has cancelled a decision issued on October 13, 2020 on the imposition of anti-dumping tariffs on the company’s frozen shrimp products exported to the US.
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The US’s decision not to impose anti-dumping tariffs on frozen shrimp products of the Minh Phu Seafood Joint Stock Company exported to the US is objective and fair, said the Vietnamese Ministry of Industry and Trade (MoIT).
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Shrimp processed for export (Photo: VNA) 
