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.

Vietnam could export 10,000 tonnes of shrimp products to theRepublic of Korea at zero percent tax thanks to the free tradeagreement (FTA) signed between the two countries in May 2015 andexpected to take effect in 2016.

This is seen as ahuge advantage for the Vietnamese shrimp sector since rivals fromThailand, Indonesia, and India still have to pay import tariff at20 percent when shipping the products to the RoK.

General Secretary of the Vietnam Association of Seafood Producers andExporters (VASEP) Truong Dinh Hoe said the RoK agreed to give an annualimport quota of 10,000 tonnes of Vietnamese shrimp at zero percent taxrate, which will be applied after the bilateral trade pact comes intoeffect 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 whichhas enabled the bloc to export 5,000 tonnes of untaxed shrimp to theRoK.

According to the VASEP, the RoK is now thefifth largest shrimp importer of Vietnam after the US, Japan, theEuropean Union and China.

Last year, Vietnameseshrimp made up 44 percent of the market share in the RoK, an annual riseof 41.3 percent, with a total value of 317.8 million USD, surpassingChina to be the second largest shrimp supplier to the RoK.

Nevertheless, in the first quarter of 2015, shrimp exports to RoKdropped by 19.5 percent over the same period last year, to 51.33 millionUSD.

Though the trade deal presents hugeopportunities, businesses remain worried about a number of issues suchas the role of Government, ministries and sectors in dealing withcommitment violations as well as investment capital and technicalbarriers.-VNA

See more

Rice packaging at the factory of Loc Troi Group in An Giang province. (Photo: VNA)

Vietnam expected to export over 7.5 million tonnes of rice in 2025

MARD’s supply and demand report sent to the Ministry of Industry and Trade (MoIT) projects the Mekong Delta will cultivate 3.78 million hectares of rice, yielding more than 23.96 million tonnes. Of this, 15.08 million tonnes of commercial rice, equivalent to 7.54 million tonnes of husked rice, will be available for export.

Representatives from EzyRemit Worldwide and Sacombank-SBR at the meeting on February 17 in Sydney. (Photo: VNA)

Vietnamese, Australian firms promote comprehensive strategic cooperation

EzyRemit Worldwide, one of the leading fintech companies in Australia, and Sacombank-SBR of Vietnam discussed expanding cooperation and enhancing international money transfer and payment services between Vietnam and Australia, thereby providing more values for customers in both countries.

An overview of the meeting (Photo: VNA)

Binh Duong works to remove obstacles facing major FDI firms

Authorities of the southern industrial hub of Binh Duong held a meeting with two major foreign direct investment (FDI) enterprises operating in the province to address challenges facing the firms in production and business operations while encouraging their further expansion.

Real estate investors eye industrial zones with strong transport infrastructure. (Illustrative photo: VNA)

Real estate rises with infrastructure boom

According to Savills Vietnam, a more favourable real estate investment environment is expected in 2025 as cyclical challenges subside and the market continues its recovery.

At the February 14 meeting between Lao Prime Minister Sonexay Siphandone and a delegation of Vietnamese businesses and international enterprises from various countries. (Photo: VNA)

Vietnam strengthens business and investment ties in Laos

Highlighting Laos's vast potential for trade and investment cooperation, Lao Prime Minister Sonexay Siphandone said that Laos is an attractive investment destination, particularly in agriculture, tourism, logistics, and infrastructure development.

Lao government officials and representatives of Vietnamese businesses at the seminar (Photo: VNA)

Vietnamese firms eye investment in Laos

He reaffirmed Laos as a key investment destination for Vietnamese and global firms, highlighting opportunities in agriculture, tourism, logistics, and infrastructure.