Vietnam’s shrimp exports to EU increase sharply

Friday, 11/09/2020 16:53
Vietnamese shrimp exports to the European Union (EU) have enjoyed remarkable growth since the EU - Vietnam Free Trade Agreement (EVFTA) officially came into effect on August 1, 2020, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.

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Processing shrimp for exports (Photo: VNA)

The VASEP reported that in August 2020, shrimp exports to the EU were estimated to have increased by 20% over the same period in 2019.

According to Nhan Dan (People) newspaper, compared with other countries, Vietnam has a clear advantage with frozen black tiger shrimp and white leg shrimp exports as black tiger shrimp was reduced from the Generalised System of Preferences (GSP) tariffs at 4.2% to 0% upon the EVFTA coming into force. Meanwhile, frozen white leg shrimp will gradually decline to 0% after 5 years.

The EU is currently Vietnam’s fourth largest shrimp consumer, after the US, Japan and China. The EU market accounts for 13.3% of the total value of Vietnam's shrimp exports.

According to VASEP forecasts, Vietnam's shrimp exports to the EU from now until the end of 2020 will continue to increase despite being negatively affected by the COVID-19 epidemic.

Vietnam's rapid socio-economic development praised on Russian media

Russia’s news agency Sputnik has just released an article appreciating Vietnam's rapid and strong socio-economic development, clearly noting that even at present, as the world economy suffers the worst crisis since the great recession in the 1930s due to the consequences of the COVID-19 pandemic, the Vietnamese economic growth does not decrease but still grows at 1.81%.

Production at the Tien Hung Garment Joint-Stock Company in Hung Yen province (Photo: VNA)

Meanwhile, the Asian Development Bank (ADB) predicts that by the end of the year, this figure could be 4.1%, the highest among Southeast Asian countries.

According to the Sputnik news agency, one of the driving forces of this admirable growth is the constant influx of foreign direct investment. In the first 8 months of this year, Vietnam attracted nearly USD20 billion, of which the newly registered capital flow increased by 6.6% compared to 2019.

In order to attract foreign investment, Vietnam creates the necessary conditions such as building transport and energy infrastructure, telecommunications, and preparing qualified human resources. According to the latest statistics, among enterprises striving to expand production in Southeast Asia, up to 40% consider Vietnam a suitable place for business development.

According to many experts, apart from the young workforce, the stable political situation, favourable investment law and full infrastructure, another outstanding advantage is that Vietnam borders China, which allows businesses to be able to use Chinese materials. In addition, hardworking Vietnamese labourers’, discipline and high skills help production of hi-tech products. It is not by chance that experts predict that in the coming years, the Vietnamese economy will surpass some of the strong ones in Southeast Asia.

Professor Vladimir Mazyrin from the Lomonosov Moscow State University and a leader of Centre for the Study of Vietnam and ASEAN at the Far Eastern Studies Institute of the Russian Academy of Sciences, agreed with the above optimistic forecast. “Currently, in the ranking of the International Monetary Fund (IMF) on GDP, Vietnam ranks 33rd in terms of purchasing power parity (PPP) and Indonesia ranks 7th, Thailand 20th, Malaysia 26th and the Philippines 27th,” he said. “Thanks to the higher annual GDP growth rate, Vietnam is quickly catching up with more developed countries in the region. The breakthrough in growth rate will be even greater after the COVID-19 pandemic with the wise policies and measures of the country's leaders, especially as Vietnam has coped better with developments and consequences of the pandemic.”

Da Nang re-opens schools from September 14

Da Nang students will be back to school from September 14, following the latest eased social distancing measures announced by the city authorities after the local COVID-19 outbreak was put under control, Nhan Dan (People) newspaper has reported.

An online ceremony held to start a new school year in Da Nang on September 5 (Photo: TTO)

Known as the origin of the second wave of COVID-19 infections in Vietnam in late July, the central coastal tourist destination has now pushed back the epidemic, and the local authorities to gradually ease some of the strict epidemic prevention and control measures.

Accordingly, the new measures have been implemented across the city from 0:00 on September 11, allowing students from secondary and junior high schools, as well as further education centres, to return to school from September 14, while preschools, primary schools, foreign language training facilities, overseas study counselling centres and other extra classes may resume operation from September 21.

Local restaurants, shops and catering service establishments are allowed to resume their operation, but must make a commitment to implementing epidemic prevention and control measures according to regulations.

Da Nang residents are suggested to restrict leaving home if not necessary and must wear face masks at public places, on public vehicles, at offices, schools and hospitals and in business and service establishments.

The city still bans gatherings of over 30 people in public places and outside offices, schools and hospitals.

Binh Dinh Province also removed some strict social distancing measures to allow the resumption of non-essential service establishments such as bars, discos, karaoke parlours, movie theatres and wedding restaurants from 0:00 today.

The province is maintaining six local medical checkpoints at Binh De Pass, Bong Son Station (Hoai Nhon Town), Quy Nhon Bus Station, Quy Nhon Port (Quy Nhon City), Phu Cat Airport (Phu Cat District) and Dieu Tri Station (Tuy Phuoc District), as well as continuing the implementing centralised medical isolation for those arriving/returning from epidemic-hit areas or from Da Nang, while those arriving/returning from Quang Nam Province are not subjected to concentrated quarantine./.

Compiled by BTA

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