Vietnamese shrimp exports to the Republic of Korea (RoK) have been on a positive growth trajectory in recent years, making the country the fifth-largest importer of Vietnamese shrimp products, accounting for 10.7% of the country’s total shrimp export value. However, there is still room for improvement to fully utilize the benefits of the Vietnam-Korea Free Trade Agreement (VKFTA).
Republic of Korea: A Promising Market for Vietnamese Shrimp Exporters
VKFTA provides Vietnam with the opportunity to export up to 15,000 tonnes of shrimp to RoK without import tax. However, Vietnam only ships around 2,500 tonnes, indicating a missed opportunity. To increase shrimp exports to RoK, shrimp exporters need to focus on improving quality, remain informed of the RoK’s procedures and requirements, and overcome technical barriers.
Vietnam-Korea Free Trade Agreement: Opportunities for Shrimp Exporters
Vietnam has been the leading shrimp supplier to RoK in recent years, accounting for 52% of the country’s total imports. However, there are challenges that need to be addressed to sustain and increase the growth of the sector.
Improving Quality: Key to Tapping into RoK Shrimp Market
One of the challenges is the strict regulations in RoK regarding the use of antibiotics in aquaculture. The Korean government is strict on antibiotic residues and limits its presence to 0.01ppm. Shrimp exported to RoK must comply with this regulation to avoid rejection at the port. Therefore, Vietnamese shrimp exporters need to pay close attention to the use of antibiotics in aquaculture and ensure compliance with RoK’s standards.
Positive Growth in Shrimp Export to RoK in 2020
Another challenge is the lack of awareness about the RoK market among Vietnamese shrimp exporters. Vietnamese shrimp exporters must conduct market research and be aware of the RoK’s regulations, requirements, and consumer preferences. This will enable them to adjust the quality and packaging of their products to suit RoK consumers.
Vietnam: Leading Shrimp Supplier to Republic of Korea
The VKFTA presents a great opportunity for Vietnamese shrimp exporters to expand their market share in RoK. To achieve this, they need to overcome the challenges of meeting RoK’s strict regulations and market requirements, and focus on improving the quality of their products. By doing so, they can increase exports and contribute to the growth of the sector.
