Illustrative image (Source: VNA)
 
Hanoi (VNA) – Vietnam’s shrimp exports to the Republic of Korea are likely to rise 30 percent year on year to approximately 500 million USD in 2019, the Vietnam Association of Seafood Exporters and Producers (VASEP) has predicted.

The forecast was attributed to stable demand, high export prices and tariff incentives introduced by the Vietnam-Korea Free Trade Agreement, VASEP said.

According to the association, there were untapped opportunities for Vietnamese enterprises to accelerate their shrimp exports to the lucrative market.

In order to utilise these opportunities, experts have said Vietnamese shrimp exporters need to improve quality of their products and update procedures and requirements in the RoK to overcome technical barriers that hinder shipments.

Last year, Vietnam was the leading shrimp provider for the RoK, accounting for 58 percent of the country’s total shrimp imports, statistics from the International Trade Centre showed.

Vietnam far surpassed other competitors in the Korean market, including Thailand (11.2 percent), Ecuador (10.5 percent) and China (4.8 percent).

The Southeast Asian country exported 386 million USD worth of shrimp to the RoK in 2018, marking a modest increase of 1 percent over 2017, according to the data.

According to VASEP, the RoK was the fifth largest importer of Vietnamese shrimp 2018, making up 11 percent of the Vietnam’s total shrimp export value.-VNA