Vietnam has become the largest provider of shrimp to South Korea, with a 49 per cent market share.
The result comes one year after the free trade agreement between the two countries became effective.
In the first quarter of this year, Vietnam earned US$61.8 million from shrimp exports to South Korea, up 30.8 per cent year-on-year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s exports are subject to an import tax of just 10 per cent, unlike its competitors such as China, India, and Ecuador.
From April 1, 2018, a major change will affect Vietnamese shrimp exports to South Korea, as frozen shrimp imports will be required to be accompanied by import certificates under adjustments to the import regulations of South Korea’s National Fishery Products Quality Management Service under its Ministry of Ocean Fisheries, to protect the country’s aquatic ecosystem.
Mr. Tran Van Pham, General Director of the Stapimex company in the Mekong Delta’s Soc Trang province, was quoted by the Vietnam News Agency as saying that from April 1, 2018, the testing of seafood samples before exporting to South Korea will be implemented in Vietnam, which means Vietnamese firms will have to pay for the costly process.
To offset the costs, enterprises will lower the buying price of seafood materials, which will affect farmers and the sector as a whole, he said.