Vietnam emerges as largest supplier of seafood products to Australia
VOV.VN - Vietnam surpassed China to become the largest supplier of seafood products to Australia last year following the enforcement of the Regional Comprehensive Economic Partnership (RCEP).
Nguyen Thu Huong, representative of the Vietnam Trade Office in Australia, said there are bright prospects ahead for seafood exports to Australia as o both countries are members of several free trade agreements, including the RCEP, which is currently the world’s largest free trade deal.
Australian seafood demand has increased significantly over the past three decades, with consumption demand reaching one million tonnes annually. Australia’s population continues to enjoy rapid growth and is expected to reach 40 million people by 2050.
At present, aside from Asian supermarket chains, several Vietnamese seafood products have hit the shelves of the Australian wholesale and retail supermarket system.
To get a firm foothold in Australia, Huong said Vietnamese exporters should pay close attention to a number of issues, including import duties, payment methods, and biosecurity regulations set by the Biosecurity Act 2015 which includes stringent requirements in term of labeling and additives in food products.
Vietnamese firms have been recommended to deal with high costs of logistics and ensure sustainability of aquatic farming, one of the criteria for Australian consumers to select imported products.
Most notably, local enterprises must pay attention to the competitiveness of their products as Australia also imports seafood products from Thailand, China, and Indonesia, in addition to those from Vietnam, Huong warned.
In addition, the businesses are required to accelerate trade promotions as part of efforts to popularize their brands in the Australian market, while at the same time effectively utilising tariff incentives under the RCEP and meeting regulations on sanitary and phytosanitary measures before exporting to the fastidious market.
According to statistics compiled by the General Department of Vietnam Customs, Vietnamese aquatic exports to Australia during the opening four months of the year surged by 53.8% to US$128 million, with shrimp and fish being the main export products.
