Vietnamese seafood exports fall in several traditional markets

Vietnamese seafood exports to Japan, South Korea, the US and European countries are decreasing drastically, according to the Department of Industry and Trade of Ho Chi Minh City. 

The department said seafood export turnover in the first six months of this year touched US$311 million, down 14.8 percent over the same period last year with seafood exports to Japan dropping 10.8 percent, to South Korea losing 13.3 percent, to European countries declining 34.7 percent, and to the US falling 35.1 percent.
Weakened euro and Japanese yen against the US dollar caused Vietnamese seafood in the aforesaid markets to become more expensive and less competitive.
The export price of Pangasius fish, one of Vietnam’s key seafood products, whose price nearly hit bottom, now has continued to plunge further. On the other hand, Vietnamese seafood exporters are facing high anti-dumping tax imposed by the US Department of Commerce on shrimps and Pangasius fish which has also affected seriously to competitiveness of Vietnamese seafood products.
However, in the near future, Vietnamese seafood products, especially shrimps which account 40 percent of seafood exports, will probably climb again in South Korean market when the Vietnam Korean Free Trade Agreement takes effect, added the department.

Accordingly, shrimps will receive tax exemption for 10,000 tons in the first year, and for 15,000 tons for the next five years. Currently, South Korea only gives tax exemption for countries in the ASEAN for 5,000 tons of shrimps under the AKFTA, of which Vietnam is able to make the most of 2,500 tons of shrimps every year. 

By Ai Van – Translated by Thuy Doan

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