EU becomes largest importer of Vietnamese shrimp

Processing seafood for export (Photo: VNA)

The European Union (EU) has replaced Japan in becoming the largest importer of Vietnamese shrimp as Vietnam’s shrimp exports to the bloc reached US$ 483.6 million in the first eight months of this year, an annual increase of 30%.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that, as of August 2017, Vietnam’s shrimp exports to UK, Netherlands and Belgium - three major markets in the EU, enjoyed a growth rate of two digits: 46.5%, 47.8% and 34.1%, respectively.

The significant growth is due to the increasing favour of EU customers towards seafood, in addition to the increasing demand of EU importers to serve festivals to be held at the end of the year.

In the EU market, Vietnam’s shrimp exports now have to compete against products from India and Ecuador.

To increase their exports to the EU, the VASEP suggests that Vietnamese businesses grasp the preferential tariff system and rules of origin from the Vietnam-EU Free Trade Agreement (EVFTA), which are expected to come into effect in 2018.

In addition, the businesses must ensure that their products fully comply with EU regulations and commercial requirements for sanitary and phytosanitary measures, as well as the system for classification, labelling and packaging (CLP).

They are also advised to be more active in renovating their operations, increasing their competitiveness and improving their product quality.