Vietnam is South Koreas third largest seafood supplier

Vietnam's seafood imports into South Korea made a strong increase in value in the first ten months of this year, ranking third in this market.

Vietnam is South Korea’s third largest seafood supplier. Photo: TL.

According to the Korean Customs Service, during these ten months of 2021, South Korea's seafood imports increased by 5.9% in both volume and value over the same period in 2020, reaching 1.17 million tons, valued at USD 4.49 billion.

Vietnam's seafood imports into South Korea in the past ten months reached 124.3 thousand tons, worth USD 625.2 million, down 0.8% in volume, but up 4.4% in value in comparison to the same period last year.

Vietnamese seafood currently accounts for 10.7% of South Korea's total imports. Vietnam is the third largest seafood supplier to South Korea after China and Russia at the moment.

The Import-Export Department (Ministry of Industry and Trade) forecasts that South Korea's seafood imports in the remaining months of 2021 and early 2022 will experience a sharp increase periodically. There will be a rise in import demand for high-value aquatic products.

This is an opportunity for Vietnam to soon boost the export of high-priced shrimp products to South Korea in the context that the whole country is entering a period of production recovery adaptive to the “new normal” situation in the fight against Covid-19.