Vietnam expects its tra fish exports to China to increase
At the end of May, China has announced a reduction in import taxes for 221 aquatic products from member states of the World Trade Organisation (WTO).
According to VASEP, from July 1, China reduced import tariffs from 10% to 7% for tra fish fillets and another reduction from 12% to 7% for tariffs on fresh and frozen tra fish.
VASEP says this measure will help lift tra fish exports through official channels instead of cross-border trade, which will exempt goods from a 17% value added tax and import tax.
Furthermore, analysts at VASEP consider that the current trade war between China and the US represents a chance for the Vietnamese fish producers to boost their tra fish exports to these two markets.
Secretary General of VASEP Truong Dinh Hoe said tra fish could be used for hundreds of recipes so the domestic tra fish sector could increase export of added-value products into China.
Also, VASEP statistics showed that tra fish shipments to China have surged by 21-35% annually in the past five years.
The Chinese market imported $174.2 million worth of Vietnamese tra fish between January and May, making it the biggest currency earner among exports to China.
Last year, China became the fourth largest importer of Vietnamese aquatic products with a value of $1.33 billion, accounting for 15% of the total. In the first half of this year, seafood shipments to China and Hong Kong were estimated to exceed $586.4 million, surpassing the EU to become the third largest importer behind the US and Japan.
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