Illustrative Image (Source: VNA) In 2016, Vietnam’s shrimp exportsto the RoK increased 13.6 percent compared to 2015. In the first quarter of2017, the RoK’s shrimp imports from Vietnam, Thailand and Ecuador rose 5.3percent, 24.7 percent and 4.1 percent respectively.
The RoK is the fifth largestmarket for Vietnamese shrimp after Japan, the EU, the US and China. In 2014,Vietnam surpassed China to become the number one shrimp supplier in the RoK.
After a fall of 12.2 percent in January2017, Vietnam’s shrimp exports to the RoK grew 72 percent in February and 52percent in March. In the first quarter of this year, Vietnam earned 61.8million USD from the exports, up 30.8 percent over the same period last year.
According to the VietnamAssociation of Seafood Exporters and Producers, Vietnam enjoys low import tax at10 percent compared to other competitors such as China, India and Ecuador.
From April 1, 2018, a big changewill affect Vietnamese shrimp exports to the RoK, as frozen shrimp imports willbe required to show import certificates under adjustments in import regulationsof the National Fishery Products Quality Management Service under the Ministryof Ocean Fisheries to protect the country’s aquatic ecosystem.
According to Tran Van Pham,General Director of the Stapimex company in Soc Trang, from April 1, 2018, testingof seafood samples before exporting to the RoK will be implemented in Vietnam, whichmeans Vietnamese firms will have to pay for the costly process.
To deal with the costs,enterprises will lower the price of seafood material, which will affect farmersand the whole sector, he added.-VNA
VNA
