Vietnamese seafood seizes opportunities from FTA

Processing shrimp for export (Photo: VNA)

The ministry reported that Vietnam’s agro-forestry-aquatic product export turnover hit about 17.15 billion USD in the first four months of 2021, up 24.2 percent year-on-year. Of which, earnings from seafood exports reached 2.39 billion USD, up 6.1 percent.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien attributed the positive results to Vietnam’s sustainable agricultural ecosystem and strict management of biosecurity.

Vietnam has 815 shrimp enterprises, 200 tra fish businesses and 125 other companies operating the fishery sector. Vietnamese aquatic products have been exported to many major markets such as the European Union (EU) and the US. Recently, the US has re-inspected Vietnamese tra fish and the results showed that the product still meets the criteria set by the US.

The country is also exerting efforts to fully tap opportunities to further promote its agro-aquatic product exports to the EU.

If the COVID-19 pandemic is controlled, the ministry will kick start export of aquatic products to the UK within the framework of the UK – Vietnam FTA (UKVFTA), which officially took effect from May 1, and expand exports to the Middle East, and the Republic of Korea (RoK), Tien said.

Vietnam’s aquatic exports are projected to post a year-on-year rise of 10 percent to 2.1 billion USD in the second quarter of 2021.

The country aims to earn 980 million USD and 816 million USD from exporting shrimps and seafood products in the period, up 10 percent and 9.6 percent, respectively.

The growths of shrimp and tra fish exports will depend mainly on market fluctuations, Tien noted, affirming that more positive signals are projected for Vietnam’s shrimp industry because the demand for shrimps in key markets such as the US and the EU continues to increase.

Tien stressed that the global health crisis has caused difficulties for foreign shrimp exporters, while value chains of Vietnam’s “rival" countries are broken, offering great opportunities for Vietnamese exporters.

Vietnam has expanded its shrimp farming area to over 74,000 ha, Tien said, adding that the country is working hard on farming, exploiting and processing in order to improve the value and brand of the sector.

The country has set to rake in 10 billion USD from shrimp exports in 2025, he said.

According to the deputy minister, more measures will be enhanced to promote aquatic product exports in the time to come, including promoting international cooperation and investment for infrastructure development serving the industry./.


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