The forecast was attributed to stable demand, high export prices and tariff incentives introduced by the Vietnam-Korea Free Trade Agreement, VASEP said.

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Whiteleg shrimp continues to make up most of Vietnam’s exported shrimp products.

According to the association, there were untapped opportunities for Vietnamese enterprises to accelerate their shrimp exports to the lucrative market.

In order to utilize these opportunities, experts have said Vietnamese shrimp exporters need to improve quality of their products and update procedures and requirements in the RoK to overcome technical barriers that hinder shipments.

Last year, Vietnam was the leading shrimp provider for the RoK, accounting for 58 percent of the country’s total shrimp imports, statistics from the International Trade Center showed.

Vietnam far surpassed other competitors in the Korean market, including Thailand (11.2 percent), Ecuador (10.5 percent) and China (4.8 percent).

The Southeast Asian country exported USD 386 million worth of shrimp to the RoK in 2018, marking a modest increase of 1 percent over 2017, according to the data.

According to VASEP, the RoK was the fifth largest importer of Vietnamese shrimp 2018, making up 11 percent of the Vietnam’s total shrimp export value.

Source: VNA