Vietnam remains third largest seafood supplier to Republic of Korea last year

Sunday, 05/02/2023 21:45
Vietnam remained the third largest seafood supplier to the Republic of Korea (RoK) last year with the country’s seafood market share as part of the RoK’s total imports reaching 10.2%, VOV reported the statistics released by the Korea Customs Service.
Vietnam remains third largest seafood supplier to Republic of Korea last year (Source: 

Last year witnessed Vietnam spend US$6.47 billion on importing 1,595 million tonnes of seafood from 109 markets, duly representing a rise of 3.9% in volume and 12.7% in value compared to 2021’s figures.

The RoK mainly increased seafood imports from Russia and Vietnam, while reducing seafood imports from markets such as Norway, the United States, and Peru.

 Photo for illustration (Source:

Vietnam was the third largest seafood supplier to RoK last year with 161,900 tonnes worth US$915.8 million, up 3.6% in volume and 15.3% in value compared to 2021.

In the first half of the year, the RoK’s seafood imports are anticipated to continue slowing following the trend in the last quarter of 2022 due to a global economic downturn.

However, the trend of seafood consumption in the RoK has changed in line with reduced spending globally, which will offer opportunities for Vietnamese seafood items to boost the export of seafood products to the market at reasonable prices.

Banks plan to pay cash dividends for first time in three years

Some banks have announced plans to pay cash dividends to shareholders for the first time in three years.

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Accordingly, TPBank is due to pay a cash dividend at a rate of 25% instead of a stock dividend like in previous years. This means that shareholders will receive 2,500 VND (0.11 USD) per owned share.

The payment is expected in the first quarter of 2023. The source is from undistributed profits as of 2021 after disbursing funds according to the audited financial statements.

This is the first bank to consult shareholders on cash dividend payments this year.

 Some banks have announced plans to pay cash dividends to shareholders for the first time in three years. (Photo: VNA) 

TPBank said that accumulated to the end of 2022, the remaining profit and surplus from funds reached more than 13.36 trillion VND. Of which, the undistributed profit until 2021 after distributing to funds was nearly 5.5 trillion VND.

Last year, TPBank also recorded a 30% growth in profit before tax to nearly 7.9 trillion VND, thanks to an increase in fee income and the recovery of customers whose debts were extended during the pandemic, so risk provisions were reduced.

Previously, Vietnam International Commercial Joint Stock Bank (VIB) said that if it is approved by the general meeting of shareholders and approved by the State Bank of Vietnam, it can pay a cash dividend of up to 35% of the charter capital, meaning that shareholders owning one VIB share can receive 3,500 VND in dividends. According to VIB's representative, the payment rate could be higher if irregular revenues were recorded in 2022.

In 2022, VIB recorded a profit before tax of more than 10.58 trillion VND, an increase of 32% over the previous year.

Similarly, Vietnam Prosperity Commercial Joint Stock Bank (VPBank) and Asia Commercial Joint Stock Bank (ACB) also plan to pay cash dividends this year.

Vietnam expects to send 10,000 guest workers to RoK this year

Vietnam’s relevant agencies have stepped up training since mid-2022 in an effort to increase the number of workers sent to the Republic of Korea (RoK).

Vietnamese workers at Incheon airport in the RoK. (Photo: VNA) 

The Korean Ministry of Employment and Labour said the country has plans to employ about 110,000 migrant workers this year to work at its farms and factories, but some businesses believed even more will be needed to keep them running.

Apart from working to raise the number of guest workers under the Employment Permit System (EPS), Vietnam's competent agencies have also discussed with Korean relevant units to loosen conditions, making it easier for shipbuilding workers to enter the RoK.

Vietnam's labour management board in the RoK has also coordinated with the Vietnam EPS Labour Management Office and support centres for guest workers to diversify communication and support activities.

Last year, Vietnam sent nearly 9,000 workers to the RoK under the EPS programme, out of 70,000 set for 16 selected countries.

Head of the EPS Vietnam Office in the RoK Pham Minh Duc said up to 10,000 Vietnamese guest workers are expected to be sent to the RoK this year.

The office will coordinate with the labour management board and the Vietnamese Embassy in the RoK to provide training for the workers, helping them quickly integrate into the host society.

Joint efforts will also be made to popularise the Korean laws among the guest workers, and more measures will be taken to support them, he said.

After the Tet (Lunar New Year) holiday, the Vietnam Centre for Overseas Labour helped to send 138 workers to the RoK, and received dossiers of nearly 6,000 others that satisfy Korean language requirements./.