EU to remove tariffs on Vietnamese tuna once trade deal takes effect
The European Union (EU) will eliminate tariffs on fresh and frozen Vietnamese tuna products, with 11,500 tonnes of canned tuna and 500 tonnes of canned fish balls exempted annually, once a free trade pact the two sides have signed comes into effect possibly in August.
Tunas caught by Vietnamese fishermen (Source: VNA)
HCM City (VNS/VNA) - The EuropeanUnion (EU) will eliminate tariffs on fresh and frozen Vietnamese tuna products,with 11,500 tonnes of canned tuna and 500 tonnes of canned fish balls exemptedannually, once a free trade pact the two sides have signed comes into effectpossibly in August.
Once the EU-Vietnam Free Trade Agreement(EVFTA) takes effect, the bloc will immediately remove tariffs on frozentenderloin and fillet under a three-year roadmap and on steamed tenderloin andfillets under a seven-year roadmap.
The signing of the pact is expected to createan enormous opportunity for the Vietnamese tuna industry to gain access to newmarkets by helping them get tax breaks and thus compete with rival companiesfrom other countries such as Thailand and China.
While neighbouring countries are majorcompetitors for Vietnam and have a large share of the EU market, they have yetto sign any FTAs with the bloc.
According to the Vietnam Association ofSeafood Exporters and Processors (VASEP), the pandemic situation in majorexport markets remains unpredictable.
It called on local businesses to keep a closeeye on the global market to make appropriate adjustments since consumers’incomes are affected and there is a new trend of looking for cheaperalternatives like canned tuna.
Vietnamese tuna products mainly compete withthose from Ecuador, Thailand, Indonesia, and the Philippines.
Since Vietnam is considered to have reachedthe “maturity” level in seafood exports under the Generalised System ofPreferential, a preferential tariff system, on January 1, 2014, itlost preferential treatment.
According to statistics from the GeneralDepartment of Customs, in the first four months Vietnam’s tuna exports to theEU fell by 7.2 percent year-on-year, while canned tuna exports increased by 2.7percent.
The National Assembly ratified the trade pacton June 8.
The EVFTA, considered the “most modern,comprehensive and ambitious agreement ever concluded between the EU and adeveloping country,” will abolish almost all tariffs between the two sidesover the next 10 years./.
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Tunas caught by Vietnamese fishermen (Source: VNA) 
