Cà Mau in Vietnam facilitates the export of seafood to the UK

The southernmost province of Cà Mau in Vietnam is supporting seafood companies to make good use of the UK-Vietnam Free Trade Agreement (UKVFTA) to encourage exports to the UK in a near future, reported the provincial Department of Industry and Commerce.

The province was focusing on helping local businesses engage in trade promotion activities to find customers and expand and develop their markets in the UK, he said, adding that sufficient attention was being paid to disseminating information about the agreement and the UK market to local companies.

At the same time, the province is supporting businesses in training to maintain basic knowledge and information on international integration, import and export, tax, customs, and trade promotion skills, while allowing companies access preferential loans to improve the efficiency of production and processing for export.

Top priority is also being given to providing companies with technical barriers in trade to limit risks and help them apply advanced quality management systems to meet international standards, technical regulations and regulations in export activities, including those of the British market.

In addition to the support of local authorities, exporting companies must continue to improve their competitiveness, expanding the scale of production, investing in technology, improving the quality of their products and diversifying their designs, while ensuring food safety and compliance with technical standards of exported products, according to the department.

Seafood export is a key industry in the province, accounting for 92% of its total export turnover, according to department deputy director Dương Vũ Nam.

Normally, the locality is considered as the shrimp capital of the country, where shrimp farming occupies approximately 280,000 ha of the total area of ​​existing aquaculture, which exceeds 300,000 ha. Currently, Cà Mau prawns are shipped to more than 90 countries and territories around the world.

The country’s participation in many free trade agreements, such as the UKVFTA, has provided tax incentives to the province’s exporters, especially those of seafood.

Under UKVFTA commitments, 50% of tariffs on seafood imported from Vietnam have been eliminated, while the remaining 50% will be eliminated after two, four or six years.

Seafood export is a key industry of the province, accounting for 92% of its total export turnover

Thanks to tax incentives, the province’s seafood exports to the UK saw a positive increase of 53.3% in 2021. In the first seven months of 2022, its seafood shipments to the market increased significantly by 70% year-on-year.

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The department’s latest report revealed that the province exported $848 million worth of seafood to overseas markets in the seven-month period, which was an increase of 42% from the same period last year or 73% of the annual goal.

Under UKVFTA commitments, 50% of tariffs on seafood imported from Vietnam have been removed

Apart from the UK, its seafood exports to the EU also saw a 45% year-on-year increase to $135 million.

With these good results, the province’s seafood exports are on track to exceed 1.1 billion dollars by the end of this year.

Article republished from the Vietnamese state media VNA as part of an agreement between both parties to share content. Link to original article: https://vietnamnews.vn/economy/1314855/ca-mau-facilitates-seafood-exports-to-the-uk.html