Great potential to export seafood to New Zealand (26-04-2019)
After the CPTPP takes effect, Vietnam's export turnover, especially seafood export, to New Zealand will increase sharply.
Vietnam seafood export turnover to New Zealand is about US$ 20 million / year, the average growth rate is about 12% / year. Under the CPTPP commitment, New Zealand pledged to abolish 94.6% of tariff lines as soon as the Agreement came into effect, equivalent to 69% of Vietnam's export turnover to this market (about US$ 101 million). In particular, in the 7th year since the implementation of the Agreement, the remaining tariff lines will be gradually removed completely. Despite its strength in aquaculture and capture fisheries with 90% of output for export and only 10% of consumption in the domestic market, New Zealand still imports seafood products with annual turnover is about US$ 100 million. The main imports are aquatic products in warm waters such as fish fillets of all kinds, frozen shrimps, squid and octopus, processed seafood such as dried and fermented fish, fish sauce and other products made from fish and shrimp. However, in New Zealand market, Vietnamese seafood is still limited. According to calculations by the Ministry of Industry and Trade, Vietnam seafood has annual export turnover to New Zealand only about US$ 20 million, accounting for 11-13% of the demand of this market.