EVFTA to cut by half most of the taxes on Vietnamese seafood exports in the EU
Vietnam exporters of seafood are expecting with interest the development in the EU-Vietnam Free Trade Agreement (EVFTA) negotiations. After being submitted to the European Council, the draft will be sent to be ratified by the European Parliament early in 2019, according to official Vietnamese sources, quoted by Seafood Source magazine.
Once the deal comes into effect, about half of the import taxes on seafood products from Vietnam to E.U. will be removed immediately after the agreement comes into effect, with the remainder eliminated within seven years from the effective date of the pact.
Vietnam will have annual quotas for duty-free imports of 11,500 metric tons (MT) of canned tuna and 500 MT of canned fish balls in the single market. Additional volumes beyond the quotas will be taxed, according to reports from the Directorate of Fisheries of Vietnam and the Vietnamese Finance Ministry’s National Institute for Finance.
Vietnam exported $1.11 billion (€967 million) worth of seafood products to the E.U. in the first nine months of 2018, mainly comprised of shrimp, pangasius, and tuna said the directorate. That total is up 6.2% from the same period last year.
A major change will be felt by shrimp exporters, who are currently taxed by 20% on the European market, leading to an advantage in front of Indian shrimp exporters, the main competitor for Vietnamese products in this market. Vietnam exported USD 648 million (€564.4 million) worth of shrimp exports to the E.U. in the first nine months of 2018, up 11.1% year-on-year.
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