Vietnam’s shrimp exports face technical barriers in Korea

Vietnamese shrimp exporters need to improve quality of their products, and update procedures and requirements in the Republic of Korea (RoK) to overcome technical barriers that hinder the shipments, experts have said.
vietnams shrimp exports face technical barriers in korea

Shrimp processed for export (Photo: VNA)

Although the Vietnam-Korea Free Trade Agreement (VKFTA), which took effect from December 2015, has brought about positive changes in the Vietnamese shrimp exports to the market, the East Asian country’s rigid management of food quality poses a new challenge to the Vietnamese product.

From March 2017, steamed shrimps from Vietnam must undergo a compulsory heating mode before achieving a health certificate to enter the Korean market. Many Vietnamese seafood exporters fail to meet the requirement, and even when the products receive additional heating, they may be refused by the importers due to their unsound appearance.

Also, the RoK’s demanding requirement will result in the increase in the firms’ production costs, which will later make Vietnamese shrimp lose its competitive edge in the market.

To deal with this issue, the National Agro-Forestry-Fisheries Quality Assurance Department, the Vietnam Association of Seafood Exporters and Producers (VASEP), and seafood companies are working to assure the Korean importers that additional heating in a shorter time still ensure food safety and hygiene.

VASEP has said that the RoK is the 12th largest shrimp importer in the world, and Vietnamese shrimp exports to the country have enjoyed robust growth, with export revenue on a constant rise.

The RoK ranks 5th among shrimp importers of Vietnam, accounting for 11.6 percent of the Southeast Asian country’s total shrimp shipments. In the first half of this year, the nation sold US$190.4 million worth of shrimp products to the RoK, a year-on-year surge of 24%.

Thanks to the VKFTA and the ASEAN-Korea free trade agreement, Vietnamese shrimps receive more favourable taxes than those from China, India, Ecuador, and Thailand. Thus, Korea has been billed as a potential market for Vietnamese shrimps in the context that shipments to other major markets are facing tough seas.

Actually, free trade agreements have brought great opportunities for the involved parties involved, particularly preferences in import taxes. However, the importers have elevated technical barriers to protect consumers’ health and sustainable development.

Like the VKFTA, once the EU-Vietnam Free Trade Agreement (EVFTA) comes into force, shrimp exports will experience both opportunities and challenges in the coming time.

Source: VNA

Related News

Bright spots at the beginning of the year

Bright spots at the beginning of the year

VCN - Production and business activities of enterprises have been vibrant since the first days of the year, thanks to which, many economic indicators in the first 2 months of 2024 are positive and positive. This is the fulcrum of trust and motivation for businesses to continue to develop.
Vietnam experiences a trade surplus of over US$11 billion in two months

Vietnam experiences a trade surplus of over US$11 billion in two months

VCN - The trade turnover between Vietnam and China reach over US$27 billion only in two months
A lot of room for growth in the potential for Vietnam - Rok financial cooperation

A lot of room for growth in the potential for Vietnam - Rok financial cooperation

VCN - During the business trip program to the Republic of Korea (RoK), the delegation of the Ministry of Finance led by Minister Ho Duc Phoc had a working session with the RoK’s Deputy Prime Minister and Minister of Economy and Finance on March 8, at the Government Complex Seoul.
The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference

The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference

On March 7, in Seoul Capital, South Korea, the State Securities Commission (SSC) organized a financial investment promotion conference with the theme "Vietnam - Investment destination". Minister of Finance Ho Duc Phoc attended and chaired the Conference.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version