Product origin key to seafood exports to EU

Looking at the growth of Vietnam’s aquaculture in recent years, Bank noted the sector had low export volume but reeled in good revenue, ranking fourth worldwide.

He stated the fact proved that Vietnamese seafood products have high added value, which Vietnamese businesses should consider as their strength and continue to go this way in the future.

Comparing the Chinese and EU markets, Bank said China ’s market requires little conditions but only pays about half the prices that importers from the EU are willing to pay.

Higher prices mean more conditions, he added, saying choosing the more demanding market is likely to pay off in the long term.

Participating experts said to boost exports to the EU, Vietnamese enterprises must pay attention to quality and origin to avoid heavy fines, adding that in case of wild-caught seafood, they need to obtain certification of sustainable practice from the World Wide Fund for Nature (WWF).

Cao Le Quyen, Deputy Head of the Vietnam Institute of Fisheries Economics and Planning, highlighted that EU is among important markets for Vietnam’s seafood in recent years and is projected to continue to hold this position for years to come.

Vietnamese exporters ought to understand clearly the EU’s requirements and policies on food safety, she said.

The EU is now the second biggest importer of Vietnamese seafood, accounting for 18% of the total export revenue earned by the sector. In 2015, Vietnam shipped US$1.2 billion worth of fishery products to the bloc, 46% of which were shrimp.