In the first 2 months of 2023, Vietnam's shrimp exports to South Korea reached more than 46 million USD, down 25% compared to the same period in 2022. Shrimp exports to South Korea in the first months of this year followed a general downward trend as the world economy fell into recession, inflation increased, purchasing power decreased.
In 2022, South Korea is a market with stable shrimp consumption demand. Moreover, the advantage of close distance, and a quite moderate inflation rate have helped to boost Vietnam's shrimp exports to South Korea to reach $468 million, up 26% compared to 2021.
In 5 years (2018-2022), Vietnam's shrimp exports to South Korea grew steadily from 386 million USD in 2018 to 468 million USD in 2022, up 21%. In particular, whiteleg shrimp products exported to Korea have grown sharply and continuously from 2019 up to now.
The FTA between Vietnam and South Korea, which was effective since 2015, has facilitated trade and import tariffs for Vietnamese shrimp products. However, according to detailed information from VASEP member enterprises, Vietnamese shrimp products imported into Korea are being subject to quota regulations.
The South Korea Government request auctions to buy shrimp import quotas from Vietnam at the price of 14-16% of the import value.
Outside the quota, the import tax rate is 20%. Thus, importing Vietnamese shrimp into Korea will be charged tax rates of 14-20%. This is a big disadvantage, causing lower competitiveness of Vietnamese shrimp in this market.
Meanwhile, Peru and Korea also have FTA, according to that, the tax of 20% is reduced under the 5-year roadmap from August 2011. Now the tax rate for Peru shrimp has reached 0%, so its shrimp products exported to the Korean market do not have quotas and taxes.
Every year, South Korea imports over 100,000 tons of shrimp with a value of $800 million - $1 billion (ITC data). In which, Vietnamese shrimp always occupies the highest market share of over 50%. The volume of shrimp exported to South Korea by Vietnam has been more than 50,000 tons, which is 3-4 times higher than the quota amount (15,000 tons with 0% import tax).
From 2018-2022, shrimp exports from Peru to South Korea increased 10 times. Particularly in 2022, shrimp imports to South Korea from Peru recorded a strong growth of 176% compared to 2021.
In order to improve the competitiveness of Vietnamese shrimp in the Korean market, VASEP has sent an Official Letter to the Minister of Industry and Trade, proposing the Government, the Ministry of Industry and Trade, and the Ministry of Foreign Affairs to review and proposed to the Korean side to consider abolishing shrimp import quotas from Vietnam and to adjust the tax rate to 0% for Vietnamese shrimp in VKFTA.
Compiled by Thuy Linh
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
(seafood.vasep.com.vn) Sao Ta Food Joint Stock Company (FIMEX VN) has just announced that in March 2024, finished shrimp output reached 2,000 tons and finished shrimp consumption reached 1,693 tons, an increase of 74%, and 42% over the same period in 2023, respectively.
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