Vietnam begins agricultural exports to EUChristian Fernsby ▼ | September 18, 2020
Vietnam has started exporting its agricultural products to European markets under a trade agreement with the EU.
Fruit Vietnam rice
Under the EU-Vietnam Free Trade Agreement (EVFTA), the bloc will remove tariffs on 86.5% of Vietnam's seafood exports over the next three years, 90.3% in the next five years, and on all seafood exports within seven years.
Vietnamese exporters have taken advantage of the preferential tariffs by increasing seafood shipments by around 10% since early August.
The EU is the largest market for Vietnamese coffee, accounting for 38% of the country’s total exports.
The average annual exports value to the bloc has been around $1.2 billion to $1.4 billion for the past five years.
“Vietnam’s agricultural sector would be one of the beneficiaries from the EVFTA as the reduction in tariffs would boost exports to the European market,” the agriculture ministry said in a statement. ■