Export value of dried shrimps to South Korea jumps 194 percent

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports to South Korea since the beginning of this year have posted positive growth and expect to increase by about 5 percent compared to last year for the whole year.

South Korea is currently the fifth largest importer of Vietnamese shrimps, accounting for 10.7 percent of the total value of Vietnam's shrimp exports to the world. From the beginning of this year to July 15, Vietnam's shrimp exports to South Korea reached over US$179 million, up 5.8 percent over the same period last year. South Korea imports Vietnamese white-leg shrimps most, which accounts for 83 percent in the structure of shrimp exports from Vietnam. However, the export value of black tiger shrimps increased by more than 24.8 percent, and that of processed tiger shrimps increased by nearly 62 percent. Especially, dried shrimp exports increased the most with 194 percent, among the total processed shrimp products exported to South Korea.

Vietnam receives import tariff exemption on shrimp imported into South Korea with a quota of 10,000 tons per year and 15,000 tons per year by 2020, but currently, only 2,500 tons of shrimps have exported. To take advantage of the incentives that the Vietnam - Korea Free Trade Agreement (VKFTA) offers, the VASEP noted that Vietnamese enterprises need to proactively access information about the VKFTA to choose incentives suitable to the conditions of their enterprises.