EVFTA adds fresh impetus to seafood exports to EU market

Squid and octopus exports to the EU market have continued to enjoy robust growth during the opening months of the year due to the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA), according to data released by the Vietnam Association of Seafood Exporters and Producers (VASEP).

Vietnam's export of squid and octopus during January recorded an increase of 20% to approximately US$44 million compared the same period from last year, with major markets including Australia, Italy, and Portugal, and China, all witnessing robust growth.

Most notably, the Republic of Korea (RoK) remains the largest consumer of Vietnamese squid and octopus, making up roughly 40% of the country’s total export value. Indeed, exports to the Korean market during the opening month of the year saw a rise of 7% to US$18 million against the same period a year previously.

Moving forward, exports of squid and octopus to the RoK market are anticipated to increase over the coming months due to the novel coronavirus (COVID-19) pandemic being gradually brought under control, according to the VASEP.

In other markets, local squid and octopus exports to China in January continued to enjoy impressive growth, recording an annual rise of 224%.

Furthermore, squid and octopus exports to the EU have also seen significant increases, with exports to Portugal and Italy rising sharply by 430% and 34%, respectively.

The VASEP believe that despite the adverse range of impacts caused by the European Commission’s illegal, unreported, and unregulated (IUU) fishing yellow card, along with the COVID-19 pandemic, the EVTA is poised to offer fresh impetus to squid and octopus exports to the EU market in the near future.

Moreover, the export of squid and octopus to markets under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also experienced robust growth, with Japan, Australia, and Malaysia being the biggest buyers in the market bloc