Warm-water shrimp is one of Vietnam’s major exports to the RoK

Nguyen Hoai Nam, Deputy Secretary-General of VASEP, stated that 2024 was a relatively successful year for the fisheries sector, with seafood exports returning to the race, reaching US$10 billion in value. This achievement is attributed to significant efforts of local authorities, businesses, and farmers. Vietnamese seafood is currently exported to 170 countries and territories worldwide.

According to VASEP, with the global economy recovering, strong demand in major markets, and a strategic focus on value-added products, the export value of the Vietnamese fisheries sector is expected to reach approximately US$11 billion in 2025. Specifically, shrimp is projected to continue topping the list of seafood exports, with the value potentially exceeding US$4 billion, driven by advancements in farming technology and market expansion strategies.

VASEP also stated that the RoK is a very important market for Vietnam’s warm-water shrimp. However, under the Vietnam-RoK Free Trade Agreement, the RoK grants a 15,000-tonne quota for Vietnam’s warm-water shrimp to enjoy a zero-percent tax rate, with any additional volume subject to high-tariff bidding. “Currently, Vietnamese businesses export 4-5 times the quota limit,” said Nguyen Hoai Nam.

He also expressed the need for relevant authorities to negotiate the removal of quotas to help the fisheries sector maintain and expand the market share of shrimp exports, in particular, and seafood exports, in general, to the RoK.

In addition, to boost the export of Vietnamese seafood, Nguyen Hoai Nam suggested that Vietnam’s diplomatic missions abroad support businesses and VASEP in organizing a Vietnam Seafood Day in ASEAN. This model has been successfully organized by Thailand and the RoK. “We hope that Vietnam’s diplomatic missions abroad, as well as domestic authorities, will cooperate with and support the association in organizing this event,” Nguyen Hoai Nam said.