|Vietnam’s tuna exports to EU surge thanks to EVFTA|
|Vietnam’s tuna exports to EU skyrocket thanks to free trade agreement|
|EU to exempt tax on 11,500 tonnes of Vietnamese tuna|
|Illustrative photo: VNA|
This is a rare growth of Vietnam’s tuna exports to Italy, Vietnam Association of Seafood Exporters and Producers (VASEP) said.
Previously, Vietnam’s tuna products exported to Italy could not compete with ones from Ecuador or Solomon as the former were subject to a tax rate of 20.5%. The EU-Vietnam Free Trade Agreement has brought many opportunities for tuna exports. 4800 tons of processed and frozen tuna products will be exempted from tax until the year ends, VNExpress reported.
In addition, due to the complicated development of COVID-19 in Ecuador and Solomon, Italy needs to find an alternative supplier. Vietnam businesses have taken advantage of the opportunities from EVFTA to increase their competitiveness and boost tuna export shipments.
In September, the average FOB (free on board) and CIF (cost, insurance and freight) prices of frozen tuna products exported to Italy fluctuated at 6.6 USD / kg and 4.6 USD / kg respectively.
As many as 12 Vietnamese businesses are exporting tuna to Italy; in which, 4 enterprises including Nha Trang Bay Joint Stock Company, Binh Dinh Fishery Joint Stock Company, Tuna Vietnam Co., Ltd and Dragon Waves Frozen Food Factory Co., Ltd account for more than 91 % of total export value to the Italian market in the first nine months of 2020.
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