HCM City (VNA) – Economic experts have forecast that Vietnam’s aquatic export to the US, Japan and other Trans-Pacificꦏ Partnership (TP💝P) members will increase after the deal was officially signed on February 4.

The effective free trade agreement with the European Union as well as the TPP will help spur domestic aquatic export to key markets in 2016, said Ngo Van Ich, President of the Vietnam Association of Seafood Exporters and Producers (VASEP). According to Truong Dinh Hoe, VASEP General Secretary, domestic aquatic exporters will be ready to meet the standards of import markets to fully tap potential from the agreement. Even before joining the international free trade agreements, they have long fulfilled the strict standards of import nations, such as the BAP, ASC and MSC CoC standards of the US, he affirmed. With zero tariffs, firms will focus their investment in aquaculture, processing and exporting, thus improving their product value, he said. The deal also contributes to facilitating negotiations with international partners, thanks to the nation’s enhanced reputation as a TPP member country, Hoe added. Deputy Director General of the CADOVIMEX 2 Seafood Import-Export and Processing Joint Stock Company Nguyen Phuoc Buu Huy said his company has applied BAP-met technologies in its production, processing and export line. His company stands ready to meet the strict requirements from importers in the US and Japan, among others, Huy said, suggesting that domestic firms actively expand their markets to ensure stable export. Meanwhile, Director General of the Hung Vuong Joint Stock Company Duong Ngoc Minh stressed the need for the sector to tap the potential from the domestic market. Domestic firms should enhance their product quality to increase their competitiveness in the domestic market, thus ensuring the sustainable development of the sector, Minh said. Other experts from VASEP called on the Ministry of Agriculture and Rural Development (MARD) to review relevant legal framework and devise incentives for the sector to help firms better meet the requirements of the international market. MARD Minister Cao Duc Phat pledged that the ministry will stand side by side with domestic aquatic exporters to overcome challenges exposed from the free trade agreements and the TPP.-VNA