Vietnam was the third largest provider of seafood products to the Republic of Korea (RoK) in the opening 10 months of the year, according to the Korean Customs Service.
More stories at Vietnam Insider’s homepage.
The country exported a total of 124,300 tonnes of aquatic products worth US$625.2 million throughout the reviewed period, a drop of 0.8% in volume and an increase of 4.4% in value against the same period last year.
Currently, Vietnamese seafood accounts for 10.7% of the RoK’s total imports, making Vietnam the third largest seafood supplier to this market, behind only China and Russia.
The RoK’s seafood imports during the remaining months of the year and into early 2022 are anticipated to skyrocket, with its import demand for high-value aquatic products picking up, according to the Import-Export Department under the Ministry of Industry and Trade.
This will offer an opportunity for Vietnamese firms to boost the export of high-priced shrimp products to the RoK in the near future.
The RoK’s seafood imports during the reviewed period increased by 5.9% year on year in both volume and value to 1.17 million tonnes worth US$4.49 billion.