Illustrative image (Photo: VNA)
Hanoi (VNA) – The Republic of Korea (RoK) is the fifth largest importer of Vietnamese shrimp product s, accounting for 10.7 percent of the country’s total shrimp export value .
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 15000 tonnes a year under the Vietnam-Korea Free Trade Agreement (VKFTA). Vietnam only ships around 2500 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 percent in 2020.
In recent years, Vietnam has been the leading shrimp supplier to the RoK , accounting for 52 percent of that country’s total imports./.
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