Vietnamese shrimp products account for highest market share in RoK

Sunday, 14/05/2023 09:17
The Republic of Korea (RoK) imports over 100,000 tonnes of shrimp worth between US$800 million and USS$1 billion each year and Vietnamese shrimp products always account for the highest market share at over 50%.
Shrimp processed for export (Photo: 

According to Radio the Voice of Vietnam, shrimp represents a key export seafood product of the nation, with the annual export turnover of this item accounting for 40% to 45% of the total export turnover of the entire seafood industry.

Vietnamese shrimp is currently exported to 100 countries in the world, with the five largest markets including Europe, the United States, Japan, China, and the RoK.

Vietnamese shrimp exports to the RoK reached US$468 million in 2022, up 26% compared to the previous year.

The initial two months of 2023, Vietnamese shrimp exports to the Korean market reached just over US$46 million, a decline of 25% over the same period of 2022.

The Vietnam Association of Seafood Exporters and Producers (VASEP) has requested that the Vietnamese Government and competent agencies propose that the Korean side consider the abolition of quota placed on shrimp imports from Vietnam, or alternatively devise solutions related to the adjustment of the tax rate to 0% for Vietnamese shrimp in the Vietnam – Korea Free Trade Agreement (VKFTA), the same as Peru.

In order to consolidate and improve market share for Vietnamese shrimp, the Vietnam Trade Office in the RoK also recommended that ministries, and localities move to implement trade promotion activities for shrimp products in the Korean market. This includes attending a number of prestigious seafood fairs, as well as organising a broad array of promotional activities, marketing, and tasting products processed from shrimp.

This helps shrimp exporters research and develop new products in order to support logistics costs, along with costs for attending trade promotion activities in RoK./.