According to a report from the Vietnam Trade Office in Belgium and the EU, presented at the October trade promotion conference with Vietnam’s overseas trade offices, held online by the Ministry of Industry and Trade on October 31, seafood export volumes to the EU in the first eight months of this year fell 32 per cent against the same period last year.

Total seafood trade in the EU market currently stands at around $70 billion, including $40 billion from imports, which were down 7 per cent year-on-year in the first eight months. Among seafood exporters to the EU, Vietnam suffered the worst decline, of 32 per cent, followed by India (20 per cent), the UK (11 per cent), Thailand (9 per cent), and Ecuador (8 per cent).

The falls are attributed to the fact that seafood output in EU countries has recorded an average annual increase of 3 per cent and this trend is forecast to continue in the 2024-2028 period. In addition, seafood exports from China to the EU have risen, posting a year-on-year increase of 3.5 per cent in the first eight months. Meanwhile, prices for seafood products imported by the EU have fallen, with a year-on-year decline of 17 per cent in the first nine months of the year.

The “yellow card” warning on illegal, unreported and unregulated (IUU) fishing, imposed by the European Commission (EC) since 2017 on seafood products exported by Vietnam, though being an obstacle, is not a cause, however, of the reduction in Vietnam’s seafood exports to the EU.

During its fourth inspection trip to Vietnam between October 10 and 18, a delegation from the EC acknowledged Vietnam’s efforts to combat IUU fishing, especially the government and Prime Minister’s political resolve and direction, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

He was quoted by the Vietnam News Agency as saying that the EC inspectors spoke highly of the direction and instructions from the Vietnamese Government, and agreed with the country that the shift to a responsible fisheries industry has seen improvements.

However, the key problem is that implementation results remain modest in monitoring fishing vessels and punishments for violations and fraud, and the inspectors recommended that localities seriously enforce the legal regulations in the Law on Fisheries, especially the rules on the installation of vessel monitoring systems (VMS) and the registration and licensing of vessels, according to the Deputy Minister.

VnEconomy