Vietnams tuna exports to EU skyrocket thanks to free trade agreement

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam records a 65 percent year-on-year increase in tuna exports to European countries in July, while there’s a shrink of 17.3 percent in June. The issuance of the Free Trade Agreement between the European Union and Vietnam (EVFTA), which took effect since August 1, has a strong impact on Vietnam's tuna exports to the EU.

Vietnam’s tuna exports volume in July to the EU enjoys a skyrocketing increase and is expected to keep rising thanks to the EVFTA Agreement. (Photo: Thanh Nien)

According to the commitments in the EVFTA Agreement, from August 1, fresh and frozen tuna products imported to Vietnam (except for frozen tuna loin/fillet code HS0304) will be exempt from tariffs. Processed and canned tuna products will be duty-free upon imported to the EU.

Goods imported to the EU will follow the “first come, first serve” rules. Therefore, EU importers have been quick in working with Vietnamese businesses

Statistics of the Customs reveals the export of all four tuna products groups in July witnesses a year-on-year increase. The export of fresh, frozen and dried tuna products (except for frozen tuna meat code HS0304) enjoys a 2,607 percent increase compared to July 2019 - the largest increase among the four. groups. Canned products came in second with an increase of 78 percent.

Germany, Italy, and the Netherlands are the three largest tuna importers of Vietnam. In July, Vietnam's tuna exports to all three markets grew impressively at 119 percent, 200 percent and 210 percent, respectively. Germany and the Netherlands are, in order, the main canned tuna and frozen tuna importers of Vietnam, while Italy is increasing its importing volume of fresh, frozen and dried tuna products from Vietnam.

Given the remarkable growth in markets in July, VASEP said that the preferential tariffs from EVFTA are turning Vietnam-imported tuna products into an attraction in the EU. Besides, the EVFTA Agreement creates a recovery opportunity for the Vietnamese tuna industry while importing procedures are facing difficulties due to the COVID-19 pandemic.