Seafood at risk of losses in EU

Vietnam’s seafood industry will lose about $480 million a year if it receives a “red card” from the European Commission (EC) for illegal fishing. The industry’s capacity would reduce by at least 30 per cent if the “red card” was imposed for two or three years. Seafood currently contributes about 5 per cent of GDP and employs 4.7 million workers. The EU is Vietnam’s fifth-largest seafood market.