Pangasius exports to UAE market enjoy upswing
VOV.VN - Vietnam raked in more than US$11 million from pangasius exports to the United Arab Emirates (UAE) in the first five months of the year, up 47% year on year, according to the General Department of Vietnam Customs.
May alone witnessed pangasius exports to this market reach over US$2 million, representing an increase of 40%.
At present, the country is the largest provider of pangasius to this market, accounting for between 40% to 50% of the market share in the UAE.
Key pangasius products to the Middle Eastern country were frozen pangasius fillets and packaged pangasius slices, with turnover surging by 61% and 84% annually to reach US$14 million and US$1.3 million, respectively.
Experts say the UAE emerges as an important trading partner for Vietnam, as it is the largest Arab economy and ranks 17th among 61 most highly competitive economies in the world.
Furthermore, the average seafood consumption per capita in the UAE stands higher than the world average, while the agricultural economic structure accounts for less than 1%.
Most notably, both countries have basically completed negotiations on the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA), which is expected to be signed this year.
The trade pact is expected to contribute to directly exporting goods to the UAE and facilitate market access for Vietnamese goods in the Middle East and other countries in Africa, Latin America, Europe, and Asia.
However, experts pointed out that the Arab state is also one of the most fiercely competitive markets in terms of both price and quality, which poses a significant challenge for Vietnamese firms.
Accordingly, Vietnam must compete directly with a number of countries that have also signed FTAs with the UAE, such as India, Indonesia, Israel, and Turkey as businesses of these countries enjoy competitive advantages in terms of tariff incentives when exporting goods to this market.
