EU set to increase seafood imports from Vietnamese market

Saturday, September 18, 2021  10:01

The Vietnamese seafood market share is anticipated to grow due to local seafood exporters taking advantage of the Europe-Vietnam Free Trade Agreement (EVFTA).

VOV.VN - The EU's import demand for seafood is anticipated to increase in volume in the near future compared to the same period from 2020, with the Vietnamese seafood market share set to grow due to local seafood exporters taking advantage of the Europe-Vietnam Free Trade Agreement (EVFTA).

According to the Import-Export Department under the Ministry of Industry and Trade, there are currently 109 markets from outside the EU which supply seafood to the bloc.

Most notably, the nation makes up the eighth largest seafood supplier to the EU in terms of value, accounting for 3.38% in volume and 3.27% in value, reaching a total of 58.9 thousand tonnes worth EUR236.9 million, equivalent to US$279.7 million.

The Import-Export Department also pointed out the criteria for selecting seafood products for consumption within the EU, with priority given to seafood products originating in Europe that have clear information about product origin. In addition, they typically prefer eco-friendly and ease-to-use items.

The trend of EU seafood consumption during the COVID-19 pandemic has seen an increase in fresh, high-value aquatic products with average prices, such as frozen, easy-to-cook, and canned seafood. These items have recorded a sharp increase in demand thanks to their convenience amid the enforcement of social distancing due to COVID-19.

These are prominent factors in the EU's seafood import and consumption trends while the COVID-19 pandemic remains complicated.

The pandemic has yet to fundamentally change the view of seafood consumption and imports in the bloc, but it has made some difference in product value and convenience.

However, the EU's seafood consumption and import trends may change in the near future when the COVID-19 pandemic is fully controlled by mass vaccination.

Simultaneously, the EU's seafood consumption and import trend may gradually return to the way it was before, with the bloc’s seafood imports set to increase, leading to a rise in the market share of Vietnamese seafood.