According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam is exempt from import tax on shrimp in the Republic of Korea up to 15,000 tonnes a year under the Vietnam-Korea Free Trade Agreement (VKFTA). Vietnam only ships around 2,500 tonnes.
To utilise the opportunity, VASEP said shrimp exporters need to improve quality and remain abreast of the RoK’s procedures and requirements to overcome technical barriers.
Vietnam’s shrimp export to the RoK recorded positive growth in the first two quarters of 2020. VASEP forecast the sector to reach a growth of 5% in 2020.
In recent years, Vietnam has been the leading shrimp supplier to the RoK, accounting for 52% of that country’s total imports.