Assessing the impact of factors on Vietnam's key seafood product exports: A case study of the European Union market

This paper aimed to determine the impact of factors on Vietnam’s key seafood product exports to the European Union. A gravity model was employed to analyze the panel data of 27 EU member nations in the partnership with Vietnam during the period of ten years from 2011 to 2020. After study, the findings showed that the key seafood exports of Vietnam to its European partner countries are determined by GDP, the GDP per capita between Vietnam and EU countries, the population of EU countries, the distance, and the real effective exchange rates. Of which, the GDP per capita is the factor with the strongest impact, followed by the GDP of the member countries. The remaining factors also have an impact but with low coefficients (the highest is only 0.86). Based on the obtained results, the article has made two suggestions to further promote the export of these products to the EU market: Dominating and stabilizing a domestic market; Enhancing product quality to make Vietnamese seafood become a common to high-end product in the EU market to take advantage of the free trade agreement between Vietnam and the EU that has just taken effect.