Tuesday, March 19, 2024 10:35:47 AM - Markets open
VN-INDEX 1,240.72 -2.84/-0.23%
HNX-INDEX 236.71 +0.03/+0.01%
UPCOM-INDEX 90.48 +0.16/+0.18%
Pandemic has little impact on Việt Nam’s shrimp exports
Vietnam News - 3/22/2020 12:47:15 PM
 (0 ratings. You must sign in to rate.)
The domestic shrimp industry has not faced a great impact from the novel coronavirus (COVID-19) pandemic because now this industry is under production and Việt Nam will enter its shrimp harvesting crop in August.
 
According to the Việt Nam Association of Seafood Exporters and Producers (VASEP), many large markets have reduced shrimp imports from China due to the COVID-19 outbreak in this country. That has brought an opportunity for Vietnamese shrimp enterprises to increase their exports to those markets.
 
With the current difficulties due to the pandemic, especially in China, VASEP said shrimp production, processing and export enterprises have changed their business plans to expand export markets.
 
Now, the local businesses focus on improving their competitiveness and producing shrimp for export after the pandemic, said VASEP.
 
Hồ Quốc Lực, Chairman of Management Board and General Director of the Sao Ta Food Joint Stock Company, said in the long term, Việt Nam will take a lot of advantages from the EU-Việt Nam Free Trade Agreement (EVFTA) to increase shrimp exports to the EU.
 
The EU is Việt Nam's largest shrimp export market, accounting for 20.5 per cent of the total shrimp export value, the association said. According to the EVFTA, the tariffs of most raw shrimp, including fresh, frozen and chilled products, imported from Việt Nam into the EU will be reduced from the basic rate of 12-20 per cent to zero as soon as the agreement comes into effect, expected this year. Meanwhile, import tariffs on processed shrimp will fall to zero after seven years.
 
The reduction of anti-dumping tariffs in the US market to zero would promote growth in Vietnamese shrimp exports to this market. Now, the US is the second largest export market of Vietnamese shrimp, accounting for 19.4 per cent of total export value, it said.
 
Bùi Bá Sự, Deputy General Director of the Việt Nam-Australia Seafood Corporation, said farmers should rear shrimp at present to meet higher demand after the pandemic.
 
At the same time, the farmers should produce clean shrimp and ensure traceability for their product to enjoy preferential tariffs under the EVFTA and increase exports to Europe, he said.
 
Mai Ngọc Sơn, Director of Quy Nhơn Frozen Joint Stock Company also noted that to take advantage of the EVFTA, local businesses must renew technology and improve product quality.
 
Besides that, the Import-Export Department under the Ministry of Industry and Trade noted that Việt Nam's shrimp industry will continue to face fierce competition in the world market because more countries have produced shrimp so the price will not see strong growth.
 
Importing countries have more strict requirements on quality and food safety and those will also affect Việt Nam's seafood exports, including shrimp.
 
When the EU removes tariffs for Vietnamese exported shrimp to this market, it would set up non-tariff barriers. Of which, the EU has a new regulation on banning the use of Ethoxyquin in all kinds of aquatic feed from March 31, 2020.
 
Local enterprises also need to promote attraction of foreign investment and join regional supply chains so they could take full advantage of the EVFTA, according to the VASEP.
 
Việt Nam has targeted to gain a total export value of $10 billion from seafood exports this year, including $4-4.2 billion from shrimp exports. — VNS
 
Read original article here
Newer News
15/03 Petrol prices decrease slightly in latest adjustment
15/03 HCM City urged to create breakthroughs in foreign investment attraction
15/03 Japan seeks to boost seafood processing collaboration with Việt Nam
15/03 Việt Nam's rice exports to Senegal remain low compared to demand
15/03 Northern power corp’s output up 12.02 per cent
15/03 Controlling shipping line surcharge increases for market stability
14/03 Đà Nẵng tapped to transform into international financial centre
14/03 Vietnamese economy making dynamic shift with robust growth: Hong Kong news site
14/03 Việt Nam's GDP reaches over $430 billion in 2023, fifth most in Southeast Asia
14/03 PM chairs meeting on monetary policies to remove obstacles, promote growth
Older News
18/03 Việt Nam’s garment exports down in two months
15/03 Fruit, vegetable export targets unlikely to be achieved in 2020
14/03 Việt Nam achieves trade surplus of almost $2b in two months
12/03 Tight co-ordination needed to ensure EVFTA benefits
23/02 Digital platforms improve competitiveness
22/02 Telecoms firms turning to digital content
20/02 Boosting structural reform and businesses’ competitiveness vital to grab CPTPP opportunities
13/02 VN’s GDP growth to reach 6.25 percent if COVID-19 outbreak is contained in Q1
08/02 VN acts to improve labour productivity
02/02 VN invests $3.97m abroad in January
 
Newsletter Signup
Top Stories
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Corporate bond market quiet in February
Losses in bank stocks weigh on market sentiment
Market Update
Last updated at 10:35:00 AM
VN-INDEX 1,240.72 -2.84/-0.23%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.