Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnamese shrimp exports to EU surge on back of FTA

Vietnamese shrimp exports to EU surge on back of FTA

Content image - Phnom Penh Post
The export value of Vietnamese shrimp to the EU hit $65.4 million in October, up 42 per cent year-on-year. VIETNAM NEWS AGENCY

Vietnamese shrimp exports to EU surge on back of FTA

Vietnam’s shrimp exports to the EU have recovered since the beginning of the third quarter of this year thanks to the positive impact of the EU-Vietnam Free Trade Agreement (EVFTA), according to the Vietnam Association of Seafood Exporters and Producers (Vasep).

Shrimp exports to the EU in October reached the highest growth since the beginning of this year with a rate of 42 per cent to $65.4 million compared to the same period last year. Of that, the largest markets in the bloc like the Netherlands, Germany and Belgium had two-digit growth rates.

The export value of Vietnamese shrimp rose by 32 per cent to the Netherlands, 53 per cent to Germany and 48 per cent to Belgium from the same period last year.

The EU was the fourth largest export market for Vietnamese shrimp exports in October, accounting for 14 per cent of the total value, after the US, Japan and China.

In the first 10 months of this year, Vietnam’s shrimp export value to this market reached about $436.7 million, up 6.7 per cent from the same period last year.

In the EU market, restaurants and food shops are gradually reopening. Meanwhile, retail or online sales continue to increase and demand for shrimp in the retail market is expected to increase in preparation for the year-end holidays, according to Vasep.

This is a market with good profit so many local enterprises will promote exports to this market in the last months of the year, according to Vasep.

With tax incentives for frozen shrimp in the EVFTA that took effect from August, Vietnam’s shrimp exports to the EU from now until the end of this year are expected to continue growing. The total shrimp exports for this whole year are estimated to surge by 9.8 per cent year-on-year to $3.7 billion.

The US is the leading market for Vietnamese shrimp exports, accounting for 23.5 per cent of the total export value of Vietnamese shrimp, the association said. Although the US has been the global epicentre of Covid-19, Vietnam’s shrimp exports to this market still grew in the first 10 months of this year.

The export value to the US in the period increased by 39 per cent year-on-year to $733.4 million.

In the US market, Vietnamese shrimp has a competitive advantage against rivals such as India, Thailand and China. India, the largest shrimp supplier of the US, is still facing many difficulties due to the Covid-19 pandemic and unfavourable weather, according to Vasep.

The association also reported that in October, Vietnam saw an increase in shrimp exports to most of other markets, excluding Japan and South Korea. Of which, shrimp export value rose by 57 per cent to Australia, 45 per cent to the UK, 21.5 per cent to China and 14 per cent to Canada.

Total export value of Vietnamese shrimp to the global market in October reached $431.7 million, up about 25 per cent against October last year. Total export value reached $3.1 billion in October, up 12.3 per cent over the same period last year.



  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Rare plant fetches high prices from Thai, Chinese

    Many types of plants found in Cambodia are used as traditional herbs to treat various diseases, such as giloy or guduchi (Tinospora cordifolia) or aromatic/sand ginger (Kaempferia galangal) or rough cocklebur (Xanthium Strumartium). There is also a plant called coral, which is rarely grown

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while