RoK- potential market for Vietnamese seafood

The Republic of Korea (RoK) is Vietnam’s fourth largest seafood importer, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Since early this year, Vietnam’s seafood exports to the RoK has hit US$300 million, accounting for 8.2 percent of the total export value and presenting an increase of 13.5 percent from a year earlier

Among key items, molluse, shrimp, cuttle-fish, octopus, and tuna are much sought after by Korean customers.

In the first seven months of this year, tuna exports to the RoK market fetched more than US$4.9 million thanks to financial support and information update for Vietnamese seafood businesses within framework of the ASEAN-Korea Free Trade Agreement (AKFTA).

However, experts warn that domestic businesses should grasp market demand and improve the quality of products to raise their competitiveness in the potential market./.