If the EU issues Vietnam’s seafood industry with a red card under its illegal, unreported, and unregulated (IUU) fishing regulations it could cost Vietnam’s seafood industry half a billion dollars according to ‘industry insiders and policymakers’, Vietnam News is reporting.
Vietnam was issued a yellow card under the the EU’s IUU regulations two-tier system. A yellow card is essentially a warning that reforms need to be made. The second tier is a red card that would essentially see Vietnamese seafood exports to the EU banned.
Why it matters: Foreign firms are very active in Vietnam’s aquaculture sector. A huge volume of fish feed and seed comes from foreign companies. They’re also active in the fish processing sector. As the third biggest importer of Vietnamese seafood last year, if the EU bans Vietnamese seafood imports it could have far reaching implications. The next EU inspection is scheduled for next month.
