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Viet Nam Becomes Top Five Seafood Producer, Exporter

Sustainability Economics +3 more

VIET NAM - Seafood production in Viet Nam reached 6.8 million tonnes in 2014.

This figure is up by nearly 40 per cent since 2009, and the industry supports over 4.5 million jobs.

Viet Nam's export markets have also expanded, with Vietnamese seafood products now sent to 164 markets. The seafood industry there made nearly $8 billion in 2014, listing Viet Nam in the top five fisheries producers and exporters.

Free Trade Agreements (FTA) between Viet Nam, South Korea and the Eurasian Economic Union (including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) have opened up new horizons for Vietnamese businesses, especially in the seafood sector.

South Korea has been a major investor and an important trade partner for Vietnam for years. This country is the fifth biggest exporter and the third largest importer of Viet Nam in 2014.

After the US, EU and Japan, South Korea is Viet Nam's fourth biggest seafood market. It is one of the world's biggest seafood consumption markets with annual imports reaching around $4 billion, and demand has continued its upward trend there.

Seafood consumption per capita is over 54 kg per person. Along with China and Russia, Viet Nam is listed in top three seafood exporters to South Korea.

On average, seafood exports to this market rise by 19 per cent per year, representing the highest growth among Viet Nam's exporting markets.

With the FTAs signed, more opportunities for exports and investment co-operations will be available, along with more process and value-added production.

Previously, many seafood products exported to South Korea were taxed at 10-30 per cent. When the FTA takes effect, tax will be reduced in more than five years and each year, 10,000 MT of shrimp will be tax free.