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.

Vietnamese products to be tax exempt in South Korea

14:57 05/14/2015

(vasep.com.vn) Free Trade Agreement between Vietnam and South Korea, known as VKFTA was signed in the morning of 5th May.

The trade deal will bring tons of opportunities for Vietnamese companies when their shrimp export to South Korea is free from tax. This is considered as a significant competitive advantage for Vietnamese exporters. It is confirmed by the South Korea that each year, 10,000 MT of Vietnamese shrimp will be tax exempt, against the current quota of 2,500 MT/year. In the next 5 years, this will be graudually raised to 15,000 MT/year.

Agriculture, forestry, fisheries products from Vietnam will get benefit from this FTA. Vietnam is remarkably the first partner that South Korea opens market for highly sensitive products such as garlic, ginger or honey, whose tax rates can be 241-420%.