EU-Vietnam FTA opens a new chapter for aquaculture investments
Vietnam has made massive investments to reach the EVFTA. Through the brokerage sessions of EURASTiP, the Vietnamese industry showed its willingness to improve its productivity and sustainability through new investments and developments.
The European Union Vietnam Free Trade Agreement (EVFTA) was signed on June 30 in Hanoi, paving the way for its conclusion and increased trade with the EU and Vietnam. The EVFTA is an ambitious pact eliminating almost 99 percent of custom duties between the EU and Vietnam. Thanks to the agreement, 71 percent of duties will be eliminated on Vietnam exports to the EU, including aquaculture products and a 20 percent more is expected in exports in 2020.
In the frame of the new EVFTA, a “honey moon” period for aquaculture in Vietnam is expected as Mathieu Penot, EU delegation to Vietnam, stated at the EURASTiP Brokerage event that was held in Ho Chi Minh City, Vietnam on August 30. EURASTiP aims at launching a European-Asian aquaculture multi-stakeholder platform which will provide a new mechanism to create and reinforce international cooperation on sustainable aquaculture between Europe and Southeast Asia.
Whether through extensive, organic or intensive systems, Vietnam has made massive investments in technology and infrastructure. Ten years ago, the aquaculture industry was composed of small stakeholders but now big companies are the largest world suppliers of species including pangasius.
The country has embraced Western technology and management in order to reach the standards required by the markets more rapidly and sustainably. Through the brokerage sessions the willingness of the Vietnamese industry to improve their productivity and sustainability through new investments and developments was evident. EURASTiP is an important support instrument for the industry in Southeast Asia and Europe. Vietnam demands technology and certifications to export and Europe already have them.
For more information about EURASTiP visit eurastip.eu or @eurastip.