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

Crustaceans Sustainability Economics +5 more

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.

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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.