Illustrative image (Source: VNA) HCM City (VNA) – Vietnam’sfishery sector will gain advantages and export opportunities once theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) andthe European Union-Vietnam Free Trade Agreement (EVFTA) take effect, heard aseminar in Ho Chi Minh City on April 20.
Vuong Duc Anh, from the Ministryof Industry and Trade’s Department of Export-Import, said the CPTPP and EVFTAare new-generation trade deals with trade facilitation as a core value viacutting tariffs.
Under the EVFTA, aquaticproducts, excluding canned tuna and fish balls, will enjoy a zero tax for amaximum of seven years. While under the CPTPP, Canada and Peru will cut taxesto zero percent once the deal takes effect. Other countries will offer taxreductions in accordance with roadmaps.
Anh said the signing of the EVFTAand CPTPP will afford Vietnamese fishery firms chances to expand exportmarkets, especially new markets such as Canada, Peru and Mexico, given thatVietnam’s rivals Thailand and China have yet to sign the FTAs with the EuropeanUnion and have yet to join the CPTPP.
Vietnam now ranks second globallyin terms of shrimp exports with a market share of 14 percent, behind India (15percent). India has yet to join the CPTPP while its FTA negotiations with theEU have been stalled.
According to experts, Vietnameseaquatic firms will also have chances to improve technology and product quality,join the regional supply chain and diversify materials supply sources. Inparticular, signing new-generation FTAs also requires the State to reformmechanisms, thereby creating a stable and transparent business environment.
However, domestic enterprisesalso face competition with foreign rivals and stringent regulations on productquality and trace of origin. Therefore, they need to build business plans formedium and long term and renew technologies to join the global value chain forsustainable growth.-VNA
Vuong Duc Anh, from the Ministryof Industry and Trade’s Department of Export-Import, said the CPTPP and EVFTAare new-generation trade deals with trade facilitation as a core value viacutting tariffs.
Under the EVFTA, aquaticproducts, excluding canned tuna and fish balls, will enjoy a zero tax for amaximum of seven years. While under the CPTPP, Canada and Peru will cut taxesto zero percent once the deal takes effect. Other countries will offer taxreductions in accordance with roadmaps.
Anh said the signing of the EVFTAand CPTPP will afford Vietnamese fishery firms chances to expand exportmarkets, especially new markets such as Canada, Peru and Mexico, given thatVietnam’s rivals Thailand and China have yet to sign the FTAs with the EuropeanUnion and have yet to join the CPTPP.
Vietnam now ranks second globallyin terms of shrimp exports with a market share of 14 percent, behind India (15percent). India has yet to join the CPTPP while its FTA negotiations with theEU have been stalled.
According to experts, Vietnameseaquatic firms will also have chances to improve technology and product quality,join the regional supply chain and diversify materials supply sources. Inparticular, signing new-generation FTAs also requires the State to reformmechanisms, thereby creating a stable and transparent business environment.
However, domestic enterprisesalso face competition with foreign rivals and stringent regulations on productquality and trace of origin. Therefore, they need to build business plans formedium and long term and renew technologies to join the global value chain forsustainable growth.-VNA
VNA
