The Republic of Korea (RoK) is importing more shrimps from Vietnam, and has become the fifth biggest importer of Vietnam’s shrimps with 10.7% of market share.

Despite the impact of the COVID-19 pandemic, Vietnam’s export of shrimps to the RoK had reached US$179 million as of July 15, a year-on-year rise of 5.8%.

Dried shrimp and processed giant tiger prawn reported the highest growth rates, with 194% and 62%, respectively.

Vietnam’s shrimp is exempted from import tariffs to the RoK with a quota of 15,000 tonnes a year. However, at present, Vietnam is shipping just 2,500 tonnes of shrimps to the Eastern Asian country.

Domestic exporters are advised to raise their awareness of the Vietnam-RoK Free Trade Agreement to take advantage of its incentives.