GENERAL INFORMATION

In Vietnam, the fishery sector plays an important role in the national economy, accounting for about 4-5 percent of Gross Domestic Product (GDP) and about 9-10% of national export revenue.

More than 4 millions of people working in the fishery and the growth in production have attributed to the fish exports. Thanks to strongly increase in many years, Vietnam ranks among the top ten seafood suppliers and its seafood products are exported to 170 markets in the world.

Shrimp, pangasius, tuna, squid and octopus are main seafood products exported by the country. In which, shrimp exports create about US$ 3.5 – 4 billion, make up 46-50% of the total seafood sales of Vietnam. Earnings from pangasius reached at US$ 1.7 – 1.8 billion (25% of the total) and exports from Tuna and Cephalopods are US$ 450 – 550 million for each.

Exports to the U.S, Japan, EU, China and South Korea make up 75% of Vietnam’s seafood sales to the wolrd.

5 advantages for Vietnam seafood exports:

(1) High commitment and participation from Government, Industry and companies for food safety, environment and social responsibility;

(2) Able to supply the big volume and safe quality and stable seafood products;

(3) Meet all the customers’ requirements, incl. the vertical linkage (integration) for each species sector;

(4) Vietnam is one in few countries in the world which has the good and stable labor resource;

(5) Vietnam has Agreements / FTAs with many countries and territories and has advantages both in product quality and im-ex tax.

Vietnam – South Korea to sign FTA at end of 2014

13:01 09/13/2014

In the latest conference held in South Korea with Central Economic Commission of Vietnam, Mr. Yoon Sang Jik, Minister of Trade and Commerce, Industry and Energy of South Korea, announced to finish negotiating and to sign Free Trade Agreement (FTA) with Vietnam at the end of year.

Mr. Yoon Sang Jik said that recently, Vietnam is the most attractive market for South Korean enterprises to invest. In the future, when FTA is signed, a mass of Korean enterprises will invest in Vietnam. Small and medium Korean enterprises are planning to find out about Vietnam market’s potentiality.

Besides sections which South Korea's enterprises have invested in Vietnam, Korean corporations and companies expect to speed up cooperating in fields such as agriculture, forestry and aquiculture.

(Source SGGP)