Vietnam: Businesses welcome the "golden" tuna export opportunity to the UAE

The United Arab Emirates (UAE) and Vietnam have signed a Comprehensive Economic Partnership Agreement (CEPA), set to be implemented, which is expected to boost the UAE's seafood market, particularly tuna, by eliminating the 5% import tax. This agreement, which took over a year to negotiate, has caught the attention of the Vietnamese tuna industry, which has seen its exports to the UAE grow by 139% from 2019 to 2023, despite a slight fluctuation in 2024. The UAE, known for its high seafood consumption and stable economy, imports nearly all of its seafood, making it a lucrative market for Vietnamese tuna producers. The agreement also highlights the necessity for Halal certification, a requirement that Vietnamese exporters have met, enhancing the competitiveness of their products in the UAE market.

Tuna products imported into the United Arab Emirates (UAE) are currently subject to a 5% tax rate. Therefore, businesses expect this market to expand further when the FTA between Vietnam and the UAE takes effect and reduces the import tax on seafood to 0%. During his official visit to the UAE, Prime Minister Pham Minh Chinh and senior UAE leaders witnessed the signing of the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE. According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), the CEPA was signed after just over a year of negotiations. The UAE market is seeing a high demand for premium and high-end seafood, especially shrimp and fish products. Therefore, the Vietnamese tuna industry is expected to grasp more opportunities to increase exports and increase product value thanks to incentives from the CEPA. Ms. Cao Thi Kim Lan, Director of Binh Dinh Seafood Joint Stock Company, one of the large- ...