Viet Nam’s shrimp exports to South Korea are likely to rise 30 per cent year on year to approximately US$500 million in 2019, the Viet Nam Association of Seafood Exporters and Producers (VASEP) has predicted.

The forecast was attributed to stable demand, high export prices and tariff incentives introduced by the Viet Nam-South Korea Free Trade Agreement, VASEP said.

According to the association, there were untapped opportunities for Vietnamese enterprises to accelerate their shrimp exports to the lucrative market.

In order to utilise these opportunities, experts have said Vietnamese shrimp exporters need to improve quality of their products and update procedures and requirements in South Korea to overcome technical barriers that hinder shipments.

Last year, Viet Nam was the leading shrimp provider for South Korea, accounting for 58 per cent of the country’s total shrimp imports, statistics from the International Trade Centre showed.

Viet Nam far surpassed other competitors in the South Korean market including Thailand (11.2 per cent), Ecuador (10.5 per cent) and China (4.8 per cent).

The Southeast Asian country exported $386 million worth of shrimp to South Korea, marking a modest increase of 1 per cent over 2017, according to the data.

According to VASEP, South Korea was the fifth largest importer of Vietnamese shrimp 2018, making up 11 per cent of the Viet Nam’s total shrimp export value. — VNS