VASEP Urges Removal of Vietnamese Shrimp Import Quotas in South Korea

The Vietnam Association of Seafood Exporters and Producers (VASEP) urges the abolition of quotas on Vietnamese shrimp imports into South Korea. Under the current Viet Nam-Korea Free Trade Agreement (VKFTA), these quotas hinder Vietnam's competitiveness against countries like Peru. Despite a 62% increase in Vietnamese seafood exports to South Korea from 2015 to 2023, tariffs and quotas restrain growth.

VASEP highlights that the current 15 thousand-ton annual quota for Vietnamese shrimp is insufficient, leading to significant out-of-quota tariffs of 20%. This limits market competitiveness and prompts importers to favor alternatives like Peruvian shrimp, which enjoy a 0% tariff.

Given the risk of Vietnamese shrimp losing market share and increasing Peruvian shrimp imports into South Korea, VASEP calls for the removal of quota restrictions under VKFTA. This proposal aligns with VKFTA's provision for tariff elimination and offers a practical solution to bolster Vietnam's presence in the South Korean market. With South Korea facing economic challenges and striving to mitigate rising food prices, support for this proposal is likely, fostering mutually beneficial trade relations.