VKFTA was signed on May 5, 2015 and officially took effect from December 20, 2015. Compared with the ASEAN-Korea FTA (AKFTA), in VKFTA, Vietnam and South Korea offer more incentives to each other in goods, services and investment sectors. However, VKFTA does not replace AKFTA. Currently, both FTAs are valid and businesses can choose the FTA which is more beneficial.
According to South Korea's commitment in VKFTA, shrimp products exports from Vietnam to Korea from 20% tax rate will be reduced to 0% immediately after the Agreement comes into effect, including shrimp products HS code 0306161090, 0306169090, 0306171090 , 0306179090, 0306261000, 0306271000, 1605219000 (frozen cold-water shrimp peeled, shell on cold-water shrimp, other shrimp and prawn shrimps that have been peeled, shrimp and other prawn shrimps not peeled, live/ fresh/chilled cold-water shrimp, live/ fresh/ chilled shrimp and other prawn shrimp, shrimp and shrimp prawn are not airtight canned). The quota of duty-free shrimp from Vietnam to the Korean market reached 10,000 tons in the first year VKFTA took effect. Meanwhile, Thailand, Indonesia and Malaysia were only granted 5,000 tons of quotas. This opportunity helps Vietnamese shrimp easily compete and dominate the Korean market.
According to the commitment in the next 5 years from the effective date of VKFTA, Korea will raise Vietnam's shrimp export quotas to this market to 15,000 tons (an increase of 10% each year) and maintain the level of 15,000 tons from the 7th year onwards.
The mechanism of tariff quotas under VKFTA is applied in parallel with Korea's conventional tariff rate quotas (Harmonized System of Korea - HSK). Therefore, products subject to tariff quotas under VKFTA can still use tariff quotas under HSK when it expired under VKFTA.
From 2008 to 2013, Vietnam shrimp exports to Korea ranged from US$85 million to US$225 million. After VKFTA came into effect, from 2016 to 2018, Vietnam shrimp exports to Korea climbed from US$285 million to US$386 million. Although the increase was not much, it is clear that Vietnamese shrimp has maintained a stable position in the Korean market.
Vietnam is the largest supplier of shrimp to South Korea accounting for an overwhelming 50.5% market share while other competitors such as Thailand accounting for 9.6%, Ecuador at 13.5% and China at 5.2%. In the Korean market, Vietnam must to compete on price with China, India and Ecuador.
In the first four months in 2019, Vietnam shrimp exports to Korea reached US$94.6 million, down 20.6% compared to the same period in 2018. Shrimp exports to South Korea fell in the early months of this year in the context of the general decline in shrimp exports to major markets and the impact of declining in world shrimp prices.
There are many incentives from VKFTA. However, taking advantage of incentives have not been highly effective. Specifically, Vietnam is exempted from shrimp imports into South Korea with a quota of 10,000 tons/year, it will raise to 15,000 tons/year by 2020. However, currently Vietnam only use of 2,500 tons/year.
In order to improve the preferential utilization rate that VKFTA brings, Vietnamese enterprises need to raise the awareness of taking initiative in accessing information on VKFTA to select incentives suitable to the conditions of the enterprises while changing technology, development orientation of product in line with the needs of importer.
(seafood.vasep.com.vn) Vietnam’s tilapia industry is maintaining strong growth momentum, with significant room for further expansion in the coming years. In 2025, total tilapia production reached approximately 420,000 tonnes, up 33% from 2024 and 2.2 times higher than in 2015. During 2015–2025, production grew at an average annual rate of around 8.4%. As production and exports continue to expand, food safety control is receiving increasing attention to ensure product quality, meet the increasingly stringent requirements of international markets, and provide a foundation for the sustainable development of Vietnam’s tilapia industry.
(seafood.vasep.com.vn) On the afternoon of August 19, 2026, as part of the Vietnam International Seafood Exhibition – Vietfish 2026, the Hosted Buyer Program continued with the seminar “Vietnam Seafood Outlook 2026–2027: A Strategic Sourcing Destination,” followed by 1-to-1 B2B meetings between international buyers and Vietnamese seafood businesses.
(seafood.vasep.com.vn) Speaking at the Opening Ceremony of VIETFISH 2026 on August 19 at the Saigon Exhibition and Convention Center (SECC), U.S. Consul General Melissa Brown highlighted the important role of the exhibition in connecting Vietnam’s growing seafood industry with buyers, suppliers, and partners from the United States and around the world.
(vasep.com.vn) Tomorrow, August 19, 2026, the Vietnam International Seafood Exhibition – Vietfish 2026 will officially open at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City. Taking place over three days, from August 19–21, Vietfish 2026 promises to provide a dynamic platform for business networking, trend updates, product experiences and comprehensive cooperation across the domestic and international seafood community.
(vasep.com.vn) The global tilapia market continues to grow, creating significant opportunities for countries with strengths in aquaculture, processing, and exports. Against this backdrop, Vietnam’s tilapia industry is gradually developing toward higher quality, greater product diversification, and broader market reach. At Vietfish 2026, the Vietnam Association of Seafood Exporters and Producers (VASEP), together with the VASEP Tilapia Producers and Exporters Club, will host a joint booth to promote the image and potential of Vietnamese tilapia to domestic and international buyers.
(seafood.vasep.com.vn) Vietnam’s seafood exports are heading towards $12 billion this year, potentially the highest level on record. Yet one of the country’s export strengths is facing a growing list of challenges.
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(seafood.vasep.com.vn) Vietfish 2026, the Vietnam International Seafood Exhibition, will officially take place from 19–21 August 2026 in Ho Chi Minh City. As Vietnam’s largest annual seafood trade event, organized by the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietfish 2026 will once again bring together leading seafood companies, industry experts, and international partners from across the global seafood value chain.
(seafood.vasep.com.vn) Vietnam’s seafood exports reached USD 1.1 billion in July 2026, up 4.8% compared to the same period in 2025. Cumulative exports in the first seven months of the year totaled nearly USD 6.86 billion, an increase of 11.5% year-on-year. Exceeding the USD 1 billion mark in July further reinforces the prospect that Vietnam’s seafood exports could surpass USD 12 billion in 2026. However, the July figures also send a clear signal that the most favorable growth period may have passed: overall export growth slowed to just 4.8%, pangasius exports fell 6.1%, tuna exports were virtually flat, while exports to the EU, South Korea, and the Middle East all recorded double-digit declines.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition (Vietfish 2026), the seminar "Global Seafood Market and the Future Workforce: Trends, Opportunities, and Sustainable Development Pathways for Vietnam's Seafood Industry" will take place from 2:00 p.m. to 4:15 p.m. on August 19, 2026, at Convention Room B, Level 2, SECC, Ho Chi Minh City. This is the first of five specialized seminars at Vietfish 2026, focusing on key issues that are shaping the long-term development of Vietnam's seafood industry.
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