Shrimp exports to RoK expected to reach US$500 million in 2019

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 the RoK to overcome technical barriers that hinder shipments.

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

In 2018, Viet Nam’s shrimp exports to its four main markets declined from the previous year. 

The EU was still the largest market for exported Vietnamese shrimp, accounting for 23.6% of exports with a value of $838.3 million.

White-legged shrimp continued to occupy a key position in the market, accounting for 68.7% of total shrimp exports, while tiger shrimp accounted for 23% and other types of shrimp 8.3%.

By Vien Nhu