In 2019, Vietnam’s shrimp import in foreign markets show that there will be more positive developments in 2020.
In 2019, Vietnam’s shrimp exports to the EU market reached 689.8 million USD. The EU accounts for about 20.5 percent of Vietnam’s shrimp exports. Although the EU still holds the highest position in the top of Vietnam’s shrimp import markets, EU’s shrimp imports this year decreased by 17.7 percent in 2019.
In addition, according to the EVFTA signed on June 2019, the tariffs of imported products from Vietnam into the EU will be reduced from the basic rate of 12-20 percent to zero as soon as the agreement comes into effect. This helps break down the tariffs barriers, boosting trade between the two sides.
Fresh shrimp are ready to export to global market
After the EU market, the US market ranks second in importing Vietnam’s shrimp, accounting for 19.4 percent of Vietnam’s shrimp exports. In 2019, Vietnam earned 653.9 million USD from shrimp exports to the US market, which grows up to 2.5 percent compared to 2018. By the end of 2019, demand for US shrimp imports from Vietnam was more positive thanks to the US tending to reduce imported shrimps from India, Thailand and China.
In August 2019, the US Department of Commerce announced the final results of the 13th administrative review on Vietnam’s anti-dumping duty on shrimp to the US with 31 enterprises enjoying 0% tax rate. This information helps to create more motivation for Vietnamese shrimp exporting enterprises to the US.
Exporting white shrimps to the US
Although Australia doesn’t have a high ranks in importing Vietnam’s shrimp, this country is still considered as a potential importing market of Vietnam’s shrimp, accounting for 3.8 percent of Vietnam’s shrimp exports. In 2019, Vietnam earned nearly 121 million USD from shrimp import to the Australia, increasing up to 12.6 percent over the same period in 2018.
In early 2019, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force for Vietnam. According this CPTPP, Vietnam’s the import tax for most raw shrimp imported into Australia will be reduce to 0%. This creates more opportunities for Vietnam’s shrimp exports and changes improved the aquaculture economy in Vietnam.
The potential for exporting Vietnam’s shrimp in 2020 is enormous. However, if aquaculture companies want to become a partner of buyers from high-end market, they need to invest heavily in modern technology and keep up to date information so that they can meet strict requirements of high-end buyers. In addition, proactively seeking customers and expanding markets at international exhibitions will also help businesses shorten time and reduce costs. Enterprises participating in ILDEX Vietnam for many years have said that international trade exhibitions such as ILDEX Vietnam have become an effective cooperation bridge when businesses have the opportunity to meet many partners from many countries. At the ILDEX Vietnam 2020, participants have the opportunity to meet and exchange with experts in the field of aquaculture from developed countries such as England, France, Singapore, etc.
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