Thursday, 21 Mar 2019
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ECONOMY

European Parliament works with Vietnam on illegal fishing

Updated at Tuesday, 08 Jan 2019, 10:56
The Hanoitimes - Seafood is one of Vietnam’s main export staples to the European market.
Vice President of the European Parliament Heidi Hautala has worked with Vietnam's top leaders to review the country's efforts in fighting against illegal, unreported, and unregulated (IUU) fishing.
 
Vietnamese National Assembly Nguyen Thi Kim Ngan meets Vice President of the European Parliament Heidi Hautala. Photo: VTV
Vietnamese National Assembly Nguyen Thi Kim Ngan meets Vice President of the European Parliament Heidi Hautala. Photo: VTV
The vice president met with Chairwoman of the Vietnamese National Assembly Nguyen Thi Kim Ngan and Prime Minister Nguyen Xuan Phuc during her visit on January 7-9. 

The two sides worked on the IUU with an aim to maintain the fruitful trade between Vietnam and the EU as Mrs. Hautala addressed the importance of the transparency in production and the sustainability of production chains.  

 
Vietnamese PM Nguyen Xuan Phuc and Vice President of the European Parliament Heidi Hautala. Photo: Chinhphu
Vietnamese PM Nguyen Xuan Phuc (R) and Vice President of the European Parliament Heidi Hautala. Photo: Chinhphu
Currently, the EU is Vietnam’s fourth largest trade partner behind China, South Korea, and the US but the second largest importer of Vietnam behind the US. In 2017, the two-way trade hit US$50.46 billion, up 11.6% on year. 

Seafood is one of Vietnam’s main export staples to the European market. The EU has imposed a “yellow card” on Vietnamese seafood since October 23, 2017 due to the country’s failure to meet requirements on the IUU prevention. 

The decision does not, at this stage, entail any measures affecting trade. The “yellow card” is considered as a warning and offers the possibility for Vietnam to take measures to rectify the situation within a reasonable timeframe. 

In meeting with Mrs. Hautala, Vietnamese PM and Parliament chairwoman pledged to take drastic measures in fishing. The vice president, meanwhile, said that if significant progress is made, the “yellow card” will be lifted and replaced with a “green card”, representing legal export status.

The IUU is part of issues concerning in the ratification of the EU-Vietnam Free Trade Agreement (EVFTA) which was signed in October 2018. The agreement is expected to raise Vietnam’s GDP by 0.5% annually and the country’s exports to the EU by 30%-40% within 10 years after the validity. 
Linh Pham
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