Vietnamese tuna exports to Italy skyrocket due to tax incentives
VOV.VN - Vietnam’s tuna exports to Italy in June witnessed a 12-fold rise thanks to preferential tariffs implemented under the EU-Vietnam Free Trade Agreement (EVFTA), according to details given by the General Department of Vietnam Customs.
Statistics indicate that despite experiencing a downward trajectory in January, the country’s tuna exports to the Italian market witnessed continuous three-digit growth rate in the following months.
In line with this, six-month tuna exports to this market surged by 37% to reach US$5.8 million against the same period from last year.
The Vietnam Association of Seafood Exporters and Producers (VASEP) assesses that Italy imported the most canned tuna from the nation, duly accounting for more than 50% of tuna export value to this market.
Along with canned tuna, the country’s frozen tuna meat/loin exports coded HS0304 to this market also surged by 71% against the same period from last year.
Local businesses revealed that the tariff preferences set out under the terms of the EVFTA is one of the main reasons that has made Vietnamese tuna products become attractive to Italian importers, especially amid the current high price of raw tuna.
Experts point out that being the preferential tariff quotas being used up in the second half of the year, it is likely that exports to Italy will start to slow.
Furthermore, if the European Commission’s inspection outcomes of the anti-illegal, undeclared, and unregulated (IUU) fishing next October fail to meet the requirements of removing the yellow card, Vietnamese tuna exports to EU member countries will be negatively affected.
