10:35 | 19/06/2020 Trade
The European Union (EU) will eliminate tariffson Vietnamese fresh and frozen tuna products as soon as the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect.
|Canned tuna products will be exempted from duty with a quota of 11,500 tonnes per year|
Specifically, import duty on frozen tuna loin and fillets code HS030487 will be reduced from 18% to 0% across a3-year schedule.
Meanwhile, the EU will cut duty from the basic rate of 24% to 0% on steamed tuna loin and fillets across a 7-year roadmap.
Other types of canned tuna products will be exempted from duty up to a quota of 11,500 tonnes per year.
According to the General Department of Vietnam Customs, Vietnamese tuna exports to the EU in the first four months of 2020 decreased by 7.2% compared to the same period in 2019. However, the export of canned tuna rose by 2.7% over the same period last year.
The signing of the EVFTA is expected to provide lots of opportunities for Vietnam’s tuna industry to expand and gain greater access to wider markets. Under the agreement, Vietnamese tuna will have tax advantages compared to other countries such as Thailand and China,Vietnam’s major competitors in terms of the export of tuna to the EU.