Tuna exports poised to surge ahead in remaining months of 2020

Thursday, October 15, 2020  11:18

Vietnamese tuna exports to the EU market in the remaining months of the year are projected to soar despite the adverse global impact of the novel coronavirus

VOV.VN - By enjoying numerous advantages brought about by the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), tuna exports during the remainder of the year are projected to record a sharp increase, according to industry insiders.

This comes after numerous tuna shipments have been sent to the EU market over the past two months. Based in the south-central province of Khanh Hoa, Hai Vuong Co., Ltd has officially exported 48 tonnes of tuna products with a value of approximately US$400,000 to Spain.

Since the enforcement of the EVFTA, the firm has accelerated tuna exports to various EU markets, with the export value in August and September reaching a figure of US$16 million, representing a 1.5–fold increase from the average figures seen during the initial months of the year.

Le Huu Hoang, vice chairman of the Khanh Hoa Provincial People's Committee, points out that numerous tariff incentives under the trade pact are anticipated to facilitate greater seafood exports to the fastidious market.

With regard to the export prospects of tuna moving forward, Deputy Minister of Agriculture and Rural Development Phung Duc Tien states that with the EVFTA coming into force, tuna exports to the EU market in August and September have recorded an increase of between 11% and 13%. Indeed, local businesses have made all-out efforts to invest in machinery whilst renovating processing technologies in a bid to improve the overall quality of tuna exports to the demanding market.

Rubén Saornil Mínguez, vice chairman of the Spanish Chamber of Commerce in Vietnam, has said the EVFTA will create additional opportunities for Vietnamese seafood to enter the EU market, noting that local enterprises are now required to meet high standards in terms of quality and origin traceability as a means of enjoying the tariff preferences.

Furthermore, local firms must ensure food safety and hygiene standards are maintained, as well as a higher social and environmental responsibility for seafood exports, Mínguez added.

Moreover, the Spanish trade official also underlined the need to fight illegal, unreported, and unregulated (IUU) fishing following recommendations put forward by the European Commission (EC), while pushing the local tuna supply chain to meet the stringent requirements set by the EU importers.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), with the enforcement of the EVFTA, frozen tuna fillets will enjoy 0% import duties in line with the three-year roadmap while domestic businesses will have opportunities to expand into new markets and fully tapping into the competitive advantages in comparison to other countries.

Vietnamese tuna exports to the fastidious market during the final three months of the year are projected to reach US$123 million, despite the adverse global impact of the novel coronavirus (COVID-19).