Vietnam's shrimp exports to South Korea have grown quite well since the beginning of the year with continuous positive growth rates from January to September. However, in October the export value decreased slightly by 1% as enterprises are facing many difficulties such as high global inflation, reduced orders, and lack of production capital.
Vietnam's shrimp exports to South Korea in 2022 are more positive than in 2021 thanks to the advantage of geographical location. Like the Japanese market, South Korea is the preferred export market for enterprises in the context of high freight rates, record inflation and falling demand in the US and EU markets.
Vietnamese shrimp still dominates the South Korea market
Besides, Vietnamese shrimp exported to Korea enjoy preferential treatment under the Vietnam - Korea Free Trade Agreement (VKFTA) with a duty-free quota of 15,000 tons per year. According to the World Trade Center (ITC), in the first 10 months of 2022, South Korea's shrimp imports reached more than US$819 million, up 19% over the same period in 2021. In the Korean market, Vietnam accounted for the highest market share of 45% while other suppliers such as China, Thailand, and Ecuador accounted for 7.9%, 7.7% and 6.4% respectively.
|
South Korea shrimp imports, Jan-Oct 2022 (Million USD, Source: ITC) |
|||
|
Source |
Jan-Oct 2021 |
Jan-Oct 2022 |
Change (%) |
|
Total import |
688,983 |
819,396 |
18.9 |
|
Vietnam |
295,492 |
368,866 |
24.8 |
|
Canada |
81,765 |
102,799 |
25.7 |
|
China |
54,835 |
65,062 |
18.7 |
|
Thailand |
81,921 |
63,735 |
-22.2 |
|
Ecuador |
62,672 |
52,490 |
-16.2 |
|
Malaysia |
32,001 |
34,577 |
8.0 |
|
India |
11,164 |
18,171 |
62.8 |
|
Peru |
20,200 |
52,380 |
159.3 |
As of October this year, Vietnam and China increased shrimp exports to South Korea by 25% and 19% respectively while the two main competitors of Vietnamese shrimp, Thailand and Ecuador, reduced shrimp exports to this market by 22 % and 16% over the same period in 2021.
Thai shrimp production this year faces many difficulties. Moreover, the price of Thai shrimp in the Korean market is less competitive than other competitors. Ecuador only focuses on exporting strongly to China, the US doesn’t focus much on exporting to Korea.
South Korea's economic growth in the coming time is forecasted better due to the easing of geopolitical tensions and the easing of China's zero-covid policy. China is currently South Korea's strategic trading partner. Trade relations between the two countries are on the rise along with trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Free Trade Agreement (FTA) between the two countries. Therefore, this will also be a good signal for Vietnam to increase shrimp exports to this market.
Compiled by Thuy Linh
(seafood.vasep.com.vn) By the end of 2025, Vietnam’s seafood industry had left a strong mark with export turnover reaching nearly $11.3 billion, up 12.4% year-on-year. This robust performance reflects not only a rebound in global consumption demand but also the agile adaptation of domestic firms in navigating increasingly stringent trade barriers.
(seafood.vasep.com.vn) According to the 2025 review and 2026 outlook conference held by the Directorate of Fisheries and Fisheries Surveillance on the afternoon of January 7, Vietnam’s seafood sector has set a total production target of over 10 million tons in 2026, representing a 0.6% increase year-on-year. Of this total, capture fisheries are projected at around 3.75 million tons (down 2.1%), while aquaculture output is expected to reach 6.25 million tonnes (up 2.2%) compared with 2025.
(seafood.vasep.com.vn) Sao Ta Food JSC (Fimex, Ticker: FMC) has announced its 2025 business results, reporting revenue of over $300 million (approximately 7.8 trillion VND), representing a 19.8% increase year-on-year; projected profit is expected to reach approximately 420 billion VND.
(seafood.vasep.com.vn) Vietnam’s fisheries sector concluded 2025 with landmark achievements: export turnover reached a record high, despite heightened volatility in global trade and increasingly stringent barriers from major markets, most notably the United States. Amid a mix of opportunities and challenges, the fisheries sector also witnessed important policy shifts. Together, these developments form a multifaceted picture of an industry proactively adapting and restructuring toward a trajectory of sustainable development.
(seafoos.vasep.com.vn) According to the Department of Agriculture and Environment of Vinh Long, the province’s shrimp farming area reached 69,800 hectares in 2025, including 7,500 hectares under high-tech farming models, 18,820 tons of black tiger shrimp and 293,000 tons of whiteleg shrimp.
(seafood.vasep.com.vn) Building on a robust growth momentum in 2025, Nghe An province has set a strategic goal to reach a total fisheries output of 270,000 tons by 2026, reinforcing its position as a key hub for aquaculture and exploitation.
(seafood.vasep.com.vn) Can Tho City statistics indicate that in 2025, following the merger of three former administrative entities - Can Tho, Hau Giang and Soc Trang - fisheries output in 2025 increased by 6.23% compared with 2024 with aquaculture production nearly 9.1 times higher than capture fisheries.
(seafood.vasep.com.vn) According to the Ca Mau Department of Agriculture and Rural Development, Ca Mau province has achieved significant, comprehensive and substantive progress in combating IUU fishing in 2025, successfully fulfilling all tasks directed by the central government and strengthening fisheries governance. These efforts have established a solid foundation for the nationwide effort to lift the EC’s "yellow card" warning.
(seafood.vasep.com.vn) Ca Mau has exceeded its 2025 production targets, reaching nearly 595,000 tons of shrimp. This milestone reinforces the province’s position as Vietnam’s leading shrimp producer and a bright spot in the country’s seafood sector.
(seafood.vasep.com.vn) According to Vietnam Customs data, cumulative shrimp exports from the beginning of the year through November reached $4.3 billion, up 21% year-on-year, continuing to serve as the primary growth driver of the entire seafood sector. In November alone, export turnover amounted to $393 million, up 14%.
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