More opportunities arise for Vietnamese seafood exported to RoK

The Republic of Korea (RoK) is now the fourth largest importer of Vietnamese seafood and this status will be boosted further with the Vietnam - RoK Free Trade Agreement (FTA) to be signed in 2015, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Photo for Illustration (Photo: Thai Thien)

Under the FTA, RoK will offer tariff cuts and new export opportunities for Vietnam’s key agro-fishery products including shrimp, fish and fruits, and for industrial products such as garments, textiles, and mechanical products.

RoK is currently the fifth largest consumer of Vietnamese shrimp after the US, Japan, the EU and China. Vietnamese shrimp exported to RoK in 2014 reached US$317.8 million, an increase of 41.3% over 2013, surpassing China to become the largest supplier of shrimp to RoK in 2014.

In addition to shrimp, the exports of cuttlefish and octopus to RoK also posted good results in 2014 with a year-on-year increase of 26.5% — RoK has become one of Vietnam's three most important importers of this type of seafood.

2015 is predicted to be a tough year for Vietnamese shrimp being exported to the US and Japan. Thus, the FTA is expected bring about more export opportunities for Vietnamese seafood, particularly shrimp.

(Source: nhandan.org.vn)