(vasep.com.vn) In 2009, seafood production reached 4.87 million MT nationwide. This figure increased by nearly 40% to 6.8 million MT in 2014. The industry creates over 4.5 million jobs. Exporting markets have been expanded. Vietnamese seafood products are destined to 164 markets. The industry gave the country nearly US$ 8 billion in 2014, listing Vietnam in the top 5 fisheries producers and exporters.
Free Trade Agreements (FTA) between Vietnam and South Korea and Eurasian Economic Union (including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) opened up new horizons for Vietnamese businesses, especially in seafood sector.
South Korea has been a major investor and an important trade partner for Vietnam for years. This country is the 5th biggest exporter and the 3rd largest importer of Vietnam in 2014. After the US, EU and Japan, South Korea is Vietnam's 4th biggest seafood market. It is one of the world's biggest seafood consumption markets with annual imports reaching around US$ 4 billion; demand for this item has continued its upward trend. Seafood consumption per capita is over 54kg/person. Along with China and Russia, Vietnam is listed in top 3 seafood exporters to South Korea. On average, seafood exports to this market rise by 19% per year, highest growth among Vietnam's exporting markets.
With FTA signed, more opportunities for exports and investment cooperations will be available, along with more process and value-added production. Previously, many seafood products exported to South Korea were taxed at 10-30%.When the FTA takes effect, tax will be reduced in more than 5 years and each year, 10,000 MT of shrimp will be tax free.