Processing shrimp for export - Illustrative image (Photo: VNA)Hanoi (VNA) – Vietnam has recordedtangible changes in agro-forestry-fishery exports thanks to preferentialtariffs in trade with member countries of the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) after five years the trade pacttook effect.
According to the VietnamAssociation of Seafood Exporters and Producers (VASEP), the country’s export ofagro-forestry-aquatic products to CPTPP member nations has consistently increasedin recent years, hitting 2.9 billion in 2022 from 2.2 billion in 2019.
The CPTPP is thesecond-fastest-growing seafood export market for Vietnam, following China. It accounted for 25% of Vietnam's seafood exports in 2018 and nearly 27% in 2023. Themost robust growth in exports is observed in Canada, Chile, Peru, Singapore,Malaysia, and Australia.
For the Japanese market,Vietnam has boosted its export of various agricultural products in recenttimes, including fruits and vegetables. The Southeast Asian nation has emergedas the 12th largest supplier of fruits and nuts to Japan.
The agreement has also made it easierfor Vietnam's agricultural products to access the Australian market. Notably, Vietnameseshrimp products dominate this market with a share of over 70%, nearlydoubling from the figure recorded before the agreement was inked.
In addition to traditional markets,Chile is also a potential one for Vietnam’s agricultural exports. Accordingto the Ministry of Industry and Trade, products prioritised as exports to Chile include pepper, cashew nuts, tea, coffee, honey, seafood, andwood products.
The UK officially signed an agreementto join the CPTPP in July last year, creating more opportunities for Vietnam'sagricultural sector to diversify its markets and increase its competitiveadvantage.
Insiders said that to effectively capitalise on the opportunities brought by the pact, producers and exporters of agro-forestry-aquatic products need to payspecial attention to standards, consumer trends, and product designs; and improve productionprocesses and comply with labour and environmental standards as outlined in thetrade deal, and meet specific requirements of each market.
Furthermore, concerning LatinAmerican markets such as Mexico, Chile, and Peru, Vietnamese businessescurrently lack information about consumer preferences and demands, so theexport turnover to these markets remains limited.
Vietnamese authorities andtrade offices in these countries should provide more support to businesses intrade promotion activities, they said./.
