Vietnam’s seafood exports to EU predicted to down 20%

Vietnam's seafood exports to the European Union market this year is forecast to decrease by 20 percent compared to last year, reaching only over 1 billion USD.

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According to the Ministry of Agriculture and Rural Development, the elimination of tariffs in the EU-Vietnam Free Trade Agreement (EVFTA) is expected to create a great opportunity for Vietnam’s seafood exports.

From the beginning of August, the number of export orders of seafood has increased by about 10 percent compared to July 2020.

Vietnam’s seafood production value increased by 2.48 percent, while the export turnover reached 692 million USD in the first nine months of this year despite impact caused by the global COVID-19 pandemic.

Of the 805 Vietnamese enterprises exporting seafood to markets across the world, there are 579 enterprises exporting seafood to the EU, accounting for 72 percent.

Vietnam’s seafood products have penetrated deeply and have a firm foothold in the EU, ranking 11th in the market share in the market./.

VNA