Vietnam has become the largest supplier of all kinds of shrimp to the Republic of Korea during the past 10 months, with turnover reaching US$295.38 million, down 20% against the same period from last year, according to the International Trade Center.

Statistics indicate that the RoK imported all kinds of shrimp worth US$640.2 million in the reviewed period, down 21.9% against the same period from last year.

Although exports of all kinds of shrimp to the RoK decreased, Vietnam has maintained its position as the largest supplier of all kinds of shrimp to this market with a proportion making up 46.1% in the reviewed period, higher than the figure of 45% recorded in the same period last year.

With regard to imported shrimp types, the RoK moved to increase imports of freshwater shrimp and shrimp coded HS 030695.

A report compiled by Future Market Insights Inc revealed that shrimp demand in the RoK is predicted to grow by an average of 8.9% annually over the next decade, thereby opening up a wealth of opportunities for Vietnamese shrimp in this market.

According to details given by the Vietnam Trade Office in the RoK, Vietnamese businesses are required to fully meet requirements relating to food hygiene and safety and quarantine procedures, as well as environmental factors set by Korean importers to make further inroads into the lucrative market in the future.

VOV