China’s reduced import tax boosts Vietnam’s tra fish export
Friday, July 6,2018AsemconnectVietnam - China’s reduction of import tax on tra fish will help domestic firms boost exports to the country – the largest market for Vietnamese tra fish.
On May 31, the Chinese Ministry of Finance announced an import tax reduction for 221 aquatic products from member states of the World Trade Organisation (WTO). Tariffs on tra fish fillets and fresh and frozen tra fish were cut from 10 percent to 7 percent, and from 12 percent to 7 percent, respectively from July 1.
The move will help lift tra fish exports through official channels instead of cross-border trade, which will exempt goods from a 17 percent value added tax and import tax.
Additionally, the US-China trade war also gives Vietnamese firms a chance to boost tra fish exports to the two markets.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said tra fish could be used for hundreds of recipes so the domestic tra fish sector could increase export of added-value products into China.
VASEP statistics showed that tra fish shipments to China have surged by 21-35 percent annually in the past five years. From January to mid-May, tra fish exports to the neighbouring country reached 174.2 million USD, making it the biggest currency earner among exports to China.
Last year, China became the fourth largest importer of Vietnamese aquatic products with a value of 1.33 billion USD, accounting for 15 percent of the total. In the first half of this year, seafood shipments to China and Hong Kong were estimated to exceed 586.4 million USD, surpassing the EU to become the third largest importer behind the US and Japan.
China is considered an important market of Vietnam but also poses risks if firms fail to pay attention to product quality and trademarks.
The move will help lift tra fish exports through official channels instead of cross-border trade, which will exempt goods from a 17 percent value added tax and import tax.
Additionally, the US-China trade war also gives Vietnamese firms a chance to boost tra fish exports to the two markets.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said tra fish could be used for hundreds of recipes so the domestic tra fish sector could increase export of added-value products into China.
VASEP statistics showed that tra fish shipments to China have surged by 21-35 percent annually in the past five years. From January to mid-May, tra fish exports to the neighbouring country reached 174.2 million USD, making it the biggest currency earner among exports to China.
Last year, China became the fourth largest importer of Vietnamese aquatic products with a value of 1.33 billion USD, accounting for 15 percent of the total. In the first half of this year, seafood shipments to China and Hong Kong were estimated to exceed 586.4 million USD, surpassing the EU to become the third largest importer behind the US and Japan.
China is considered an important market of Vietnam but also poses risks if firms fail to pay attention to product quality and trademarks.
Source: Vietnamplus.vn
Soybean import markets in 6 months of 2023
Exports of animal feed in first 6 months of 2023
DAILY: Vietnamese pepper prices remained unchanged on July 26
DAILY: Vietnamese coffee prices decreased by 600 VDN on July 26
Shrimp exports to many markets increased positively
Leading export items in first half of 2023
Seafood imports reached over 1.27 billion USD in 6 months in 2023
DAILY: Vietnamese pepper prices decreased by 500 VND on July 25
DAILY: Vietnamese coffee prices increased by 1000 VDN on July 25
Reference exchange rate up 7 VND on July 25
Vietnam’s GDP growth rate in first 6 months and forecast for 2023
Ca Mau sets a target for aquaculture production to reach 570,000 tons/year by 2030
Positive signal for shrimp exports to the US
Pangasius exports in June 2023 show encouraging recovery with a narrowing decrease
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...