Vietnamese frozen tuna loin exported to Mexico are exempt from tax as Vietnam is a part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – CPTPP.
Particularly, according to CPTPP, Vietnamese frozen tuna meat/fillet products coded HS0304 will be reduced in tax in the period of 3 years, from basic taxation of 20% to 0%.
Furthermore, tax of canned processed tuna products coded HS16 will be cut in the period of 16 years, in which the basic taxation will remain at 20% from the first year to the fifth year, then will be completely exempt in 11 years from the sixth year, and products will be free of tax from January 1st in the 16th year. Among exported products, Vietnam is exporting only frozen tuna meat/fillet coded HS0304 to this market.
In previous years, frozen tuna meat/fillet products made in Vietnam have hardly competed with those made in Malta and Ecuador due to various tax levels. Asian countries when exporting these products to Mexico had to pay a high tax of 15%, meanwhile taxations levied on import products with the same kind from Malta, Ecuador and European countries were 0%, 9% and 0% respectively.
Thus, thanks to the CPTPP, as of 2021, Vietnamese frozen tuna meat/fillet coded HS0304 exported to Mexico are exempt from tax to 0%. This creates attraction for Vietnamese products to Mexican tuna importers. Currently, businesses are enhancing tuna exports to this market, including BIDIFISCO, TITHICO, Hai Thanh Seafood.