RoK emerges as second largest importer of Vietnamese fruit and vegetables

Among the export items, banana brought back US$35.4 million, representing a three-fold rise; mango US$24 million, up 72%; and sesame seed nearly US$30 million, up 62%.

Furthermore, strong export growth was also seen in other products such as dragon fruit, watermelon, shiitake mushroom, durian, and pineapple with the growth rate ranging between 40% and 217%.

In particular, Vietnamese almond exports skyrocketed with a 224-fold rise to reach nearly US$2 million compared to the same period last year.

A representative of the Korean Business Association in Vietnam (KOCHAM) attributed the rise to the rebound in purchasing power of Korean consumers after the COVID-19 pandemic and cheaper prices of Vietnamese fruit.

Hong Sun, chairman of the KOCHAM, emphasised that domestic agricultural production costs have become higher, leading to the RoK’s high import proportion of fruit. Furthermore, Korean consumers have been getting used to eating tropical products such as mangoes, durians, and other items.

According to Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, the RoK’s import turnover from Vietnam during the seven-month period is forecast to reach US$190 million and is likely to increase sharply during the year-end holidays.

Most notably, there remains ample room for local banana exports to the RoK as the size of the Korean market reaches more than US$300 million annually, he noted.

Experts pointed out that to compete with regional peers from Thailand and the Philippines, Vietnamese firms are required to meet stringent requirements on food safety, hygiene, and packaging standards set by Korean importers.

Recently, many supermarket chains from the RoK, namely Lotte and Emart, have worked directly with Vietnamese farmers, cooperatives, and businesses to ensure product quality from the planting to processing stages before then exporting to the RoK market.