Vietnamese Shrimp to Make Use of Tax Free Deal with South Korea

11 May 2015, at 1:00am

VIET NAM - A new Free Trade Agreement between Viet Nam and South Korea, which will bring big opportunities to the shrimp sector, has now been signed.

The trade deal, known as VKFTA, will bring tons of opportunities for Vietnamese shrimp companies as their exports to South Korea will be tax free.

This is considered as a significant competitive advantage for Vietnamese exporters, reports VASEP.

South Korea confirmed that each year, 10,000 MT of Vietnamese shrimp will be tax free, against the current quota of 2,500 MT/year. In the next five years, this will be gradually raised to 15,000 MT/year.

Agriculture, forestry and fisheries products from Viet Nam will all benefit from this FTA.