Shrimp sector to benefit from Vietnam-RoK trade deal
Vietnam could export 10,000 tonnes of shrimp products to the
Republic of Korea at zero percent tax thanks to the free trade
agreement (FTA) signed between the two countries in May 2015 and
expected to take effect in 2016.
This is seen as a huge advantage for the Vietnamese shrimp sector since rivals from Thailand, Indonesia, and India still have to pay import tariff at 20 percent when shipping the products to the RoK.
This is seen as a huge advantage for the Vietnamese shrimp sector since rivals from Thailand, Indonesia, and India still have to pay import tariff at 20 percent when shipping the products to the RoK.
Vietnam could export 10,000 tonnes of shrimp products to the
Republic of Korea at zero percent tax thanks to the free trade
agreement (FTA) signed between the two countries in May 2015 and
expected to take effect in 2016.
This is seen as a huge advantage for the Vietnamese shrimp sector since rivals from Thailand, Indonesia, and India still have to pay import tariff at 20 percent when shipping the products to the RoK.
General Secretary of the Vietnam Association of Seafood Producers and Exporters (VASEP) Truong Dinh Hoe said the RoK agreed to give an annual import quota of 10,000 tonnes of Vietnamese shrimp at zero percent tax rate, which will be applied after the bilateral trade pact comes into effect in 2016.
He added that the quota can be raised to 15,000 tonnes in three or four years.
As a member of the Association of Southeast Asian Nations (ASEAN), Vietnam also benefits from the ASEAN-RoK free trade agreement which has enabled the bloc to export 5,000 tonnes of untaxed shrimp to the RoK.
According to the VASEP, the RoK is now the fifth largest shrimp importer of Vietnam after the US, Japan, the European Union and China.
Last year, Vietnamese shrimp made up 44 percent of the market share in the RoK, an annual rise of 41.3 percent, with a total value of 317.8 million USD, surpassing China to be the second largest shrimp supplier to the RoK.
Nevertheless, in the first quarter of 2015, shrimp exports to RoK dropped by 19.5 percent over the same period last year, to 51.33 million USD.
Though the trade deal presents huge opportunities, businesses remain worried about a number of issues such as the role of Government, ministries and sectors in dealing with commitment violations as well as investment capital and technical barriers.-VNA
This is seen as a huge advantage for the Vietnamese shrimp sector since rivals from Thailand, Indonesia, and India still have to pay import tariff at 20 percent when shipping the products to the RoK.
General Secretary of the Vietnam Association of Seafood Producers and Exporters (VASEP) Truong Dinh Hoe said the RoK agreed to give an annual import quota of 10,000 tonnes of Vietnamese shrimp at zero percent tax rate, which will be applied after the bilateral trade pact comes into effect in 2016.
He added that the quota can be raised to 15,000 tonnes in three or four years.
As a member of the Association of Southeast Asian Nations (ASEAN), Vietnam also benefits from the ASEAN-RoK free trade agreement which has enabled the bloc to export 5,000 tonnes of untaxed shrimp to the RoK.
According to the VASEP, the RoK is now the fifth largest shrimp importer of Vietnam after the US, Japan, the European Union and China.
Last year, Vietnamese shrimp made up 44 percent of the market share in the RoK, an annual rise of 41.3 percent, with a total value of 317.8 million USD, surpassing China to be the second largest shrimp supplier to the RoK.
Nevertheless, in the first quarter of 2015, shrimp exports to RoK dropped by 19.5 percent over the same period last year, to 51.33 million USD.
Though the trade deal presents huge opportunities, businesses remain worried about a number of issues such as the role of Government, ministries and sectors in dealing with commitment violations as well as investment capital and technical barriers.-VNA
You should also see
Vietnam’s National Report under 4th UPR cycle announced
The Ministry of Foreign Affairs (MoFA) held an international press conference in Hanoi on April 15 to announce Vietnam's National Report under the United Nations Human Rights Council (UNHRC)’s fourth cycle of the Universal Periodic Review (UPR) mechanism.
See more
Business
Garment & textile sector tries to keep growth momentum
The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries, according to insiders.
Business
Central bank to resume gold bar bidding after 11 years
The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner in accordance with the Prime Minister's direction.
Business
Hai Phong Techfest connects Vietnamese, RoK businesses
The Department of Science and Technology of the northern port city of Hai Phong is organising the International Techfest Connect 5+, a science and technology festival to promote connectivity in the northern coastal region, from April 15-16.
Business
Banks record positive business indicators in Q1 2024
Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.
Business
Brand building for Vietnamese agricultural products needed to boost exports
Vietnam's agricultural development has gained many achievements in recent times, with seven commodities recording annual export turnover of over 3 billion USD, namely wood and wooden products, shrimp, coffee, rice, rubber, vegetables and fruits, and cashew nuts. These products are present in most of the world's major import markets such as the US, the European Union (EU) and Japan.
