Vietnam’s seafood exports to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) markets have increased considerably over the past three years since the trade pact came into force, making up one fourth of the country’s total seafood exports annually.

The growth has been especially seen in Latin American nations, says Le Hang, director of communication at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Hang reveals that Vietnam’s aquatic exports to Canada have increased from 2.7% to 3.7% while its seafood market share in Mexico has also soared from 1% to 1.3%.

Canada’s high demand for Vietnamese seafood means their consumers have placed trust in the Vietnamese products, along with other factors such as the country’s economic stability and favorable trade exchange, Hang explains.

Meanwhile, Mexico has also been the third largest importer of Vietnamese pangasius after China and the US.

Mexico is anticipated to become a potential market for Vietnamese seafood in the coming years as the Latin American nation’s currency is relatively stable despite global market fluctuations, she says.

Apart from these advantages, Vietnamese seafood enterprises are advised to make appropriate adjustments to meet stringent requirements set by the trade pact in terms of the rule of origin, labour, environment and sustainable development.

Nguyen Thi Thu Trang, director of the WTO and Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), emphasizes that Vietnam is required to take full advantage of the CPTPP to boost exports as quickly as possible as it is likely face fierce competition from other countries that are speeding up negotiations on free trade agreements ​​with ASEAN or planning to join the CPTPP in the time ahead.

Source: VOV

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