Vietnam has many advantages to accelerate exports to the African market, in order to diversify export markets.
Local businesses are looking at rosy opportunities to boost exports of agricultural products to the UK since the UK-Vietnam Free Trade Agreement came into effect from the outset of this year, but more is needed to turn the opportunities into concrete benefits.
Since its official establishment in the ASEAN Economic Community, Vietnam has been boosting its exports to the region thanks to the bloc’s trade facilitation, with the country making efforts to lure regional funding, optimising investment in its conditional sectors.
One year after the EU-Vietnam Free Trade Agreement (EVFTA) came into effect, bilateral trade and investment relations have seen positive results despite the obstacles caused by COVID-19.
Seafood exports to the EU in the first half of 2021 have a high growth rate of 20%. However, there are two reasons that are forecast to cause difficulties for seafood exports to the EU.
According to experts, the weakness of Vietnam's economy comes from internal risks, like the speed and level of development investment, infrastructure "bottlenecks" and the outbreak of pandemic in HCM City - the economic locomotive of the country.
Due to the pandemic, the quarantine agency recommends that enterprises check at the port, for large shipments that must be brought to a separate warehouse outside of Ho Chi Minh City, this unit will perform checks online.
Assessing that there is still plenty of room for seafood export development, the Vietnam Association of Seafood Exporters and Producers (VASEP) expects export turnover to reach US$12 billion by 2025.
Talking to the press about increasing logistics costs over the past time, Tran Thanh Hai, Deputy Director of the Import-Export Department (Ministry of Industry and Trade) emphasized that import-export enterprises which have to face many difficulties and are facing many difficulties try to stay productive. If more factors push up the price crisis, some firms will not be able to endure any more.
Nearly four years of being warned by the European Commission (EC) with a "yellow card" for illegal, unreported and unregulated (IUU) fishing activities have resulted in a sharp decrease of Vietnam's seafood exports into the EU. To get the "yellow card" removed, one of the important tasks is to completely stop Vietnamese fishing vessels violating foreign waters.
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