The Republic of Korea (RoK) has been considered one of the most potential export markets for Vietnam’s aquatic products, especially after the two countries sign a free trade agreement in May.

Vietnam’s aquatic product exports to the East Asian country have maintained stable growth over the past five years. In 2013, the RoK was the fifth biggest importer of Vietnamese aquatic products, just behind the US, Japan, the European Union (EU) and China, accounting for 7.6 percent of the market share. The nation climbed to fourth position one year later, with 8.6 percent of the market share.

The RoK has been also the biggest importer of Vietnamese seafood such as cuttlefish, octopus and fried fish. In the first five months of 2015, Vietnam’s cuttlefish and octopus exports to the Rok reached 63.7 million USD, up 1.1 percent against the same period last year.

Regarding Vietnam’s opportunities for aquatic product exports to the RoK, the Vietnam Association of Seafood Exporters and Producers (VASEP) said, from early 2016, Vietnamese shrimp exports to the country will enjoy numerous preferential incentives, including tariff eliminations, down from the current 20 percent, with a quota of 10,000 tonnes.

Shrimp exports to the country brought home 317.8 million USD in 2014, a 41.3 percent increase from 2013.
To fully exploit this market, however, VASEP recommends Vietnamese exporters to ensure food hygiene and the quality of aquatic products, especially the requirements of origin.-VNA