Since the UKVFTA took effect, shrimp and pangasius currently account for 90% of Vietnam's total seafood export turnover to the UK, of which shrimp accounts for the majority.

The Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) is one of the important trade agreements, opening the door for Vietnamese seafood products to conquer the UK market.

Accordingly, since the Agreement took effect in early 2021, the application of a detailed and proactive information access strategy has created a strong driving force to promote Vietnamese seafood exports to the UK.

Mr. Nguyen Hoai Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), commented that the UKVFTA has brought significant advantages to the Vietnamese seafood industry. In particular, when some key products such as shrimp and pangasius enjoy 0% import tax, the opportunity for Vietnam's key seafood products to access the UK market is much more favorable.

In fact, shrimp and pangasius currently account for 90% of Vietnam's total seafood export turnover to the UK, of which shrimp accounts for the majority. These are impressive figures, showing the strong attraction of these two products in the UK market. Removing tariff barriers not only helps increase competitiveness but also opens up opportunities to significantly expand market share for Vietnamese businesses.

However, to make the most of the incentives from the UKVFTA, Vietnamese seafood enterprises need to be more proactive and ready in preparing raw materials, improving product quality and strengthening supply capacity. Mr. Nguyen Hoai Nam emphasized that updating the latest information on the market, food safety regulations, traceability and social responsibilities is extremely important. The UK market, although it has left the European Union (EU), still maintains high standards of food quality and safety similar to the EU market. This requires Vietnamese enterprises to continue to maintain the production and processing standards that have been achieved over the years.

The VASEP Association has implemented many measures to support businesses, from updating information on regulatory adjustments such as IUU (illegal fishing control) to providing market information on electronic portals. Cooperation with the UK Seafish organization is also a useful channel, helping Vietnamese enterprises to promptly grasp consumer trends as well as orient product development in line with the needs of the UK market.

The VASEP representative also emphasized the importance of adjusting domestic laws and reforming administrative procedures, considering them as sufficient conditions to help Vietnamese enterprises improve their competitiveness. Trade agreements such as the UKVFTA will certainly bring benefits, but to reap maximum benefits, there needs to be accompaniment and support from macro policies of the Government and related ministries.

Sharing the same view, Mr. Vu Viet Thanh from the European - American Market Department (Ministry of Industry and Trade) also gave specific suggestions to better exploit the UK market. He encouraged businesses to thoroughly research the market through transparent information sources such as the UK Government's trade data system and online tools to support information lookup.

To improve competitiveness, seafood businesses need to strictly control the production process, ensure traceability and food hygiene and safety. The application of science and technology in production and deep processing is also an important factor, helping to increase the competitiveness of Vietnamese goods in one of the largest consumer markets in the world.

In addition, businesses need to carefully assess information about partners and foreign businesses before signing contracts. This not only helps minimize risks but also ensures sustainable development for future business activities.

Thus, the UKVFTA has laid a solid foundation for the development of the Vietnamese seafood industry in the UK market. However, to turn opportunities into reality, in addition to the incentives from the agreement, businesses need to have a smart market access strategy and be better prepared for competition in today's global economy.

Source: VASEP