The EU will remove tariffs on frozen tenderloins and fillets coded HS030487 under the terms of the three-year roadmap from the basic tax rate of 18% immediately after the agreement comes into force, scheduled for August 1
For the steamed tenderloins and fillets, the EU will eliminate tariffs on those items in accordance to a seven-year roadmap from the basic tax rate of 24%.
Statistics released by the General Department of Vietnam Customs indicate that in the first four months of the year, Vietnam’s tuna exports to the EU fell by 7.2% compared to the same period last year, while canned tuna exports to the bloc saw an annual increase of 2.7%.
The signing of the EVFTA is anticipated to create a range of new opportunities for the Vietnamese tuna industry to expand and gain greater access to new markets, with the trade deal set to help local tuna products enjoy tax incentives in comparison to those from other countries such as Thailand and China.
While these neighbouring countries are major competitors to the nation and hold a large market share within the EU market, they have yet to sign an FTA with the EU.
According to the Vietnam Association of Seafood Exporters and Processors (VASEP), the novel coronavirus in major export markets remains complicated, causing the global tuna market to continue to fluctuate strongly, with demand for canned tuna in foreign markets projected to keep increasing.
The VASEP has therefore advised local businesses to strictly monitor the global market in order to make appropriate adjustments due to people’s income being affected, leading to the new trend of seeking cheaper alternatives, such as canned tuna products.