Vietnamese ginger was mass-produced and affordable. Is the increasing spicy taste threatening domestic products in South Korea?

Whole Ginger

Vegetables

Published Dec 13, 2023

Tridge summary

The Korea-Vietnam Free Trade Agreement will celebrate its 10th anniversary in 2024, leading to the elimination of tariffs on dried ginger and garlic from Vietnam, which raises concerns for domestic growers. Vietnam expects to increase its ginger and garlic exports to Korea starting next year, utilizing zero tariffs as a stepping stone. Vietnamese ginger is half the price of domestically produced ginger, and its importation without tariffs is likely to encroach on the domestic edible ginger market in Korea.

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Original content

As 2024 marks the 10th anniversary of the Korea-Vietnam Free Trade Agreement (FTA) coming into effect, tariffs on dried ginger and garlic from Vietnam will be abolished, raising concerns among domestic growers. Vietnam is a country that exports $1.4 billion worth of spices to the world annually and is expected to increase its ginger and garlic exports to Korea starting next year, using zero tariffs as a stepping stone. ◆10 years of Korea-Vietnam FTA, elimination of tariffs on dried ginger, garlic, etc. = According to the Ministry of Trade, Industry and Energy, the Korea-Vietnam FTA, which came into effect in December 2015, will celebrate its 10th anniversary next year. The explanation is that since it is one year from the year the agreement entered into force, the tenth year will apply in 2024. Accordingly, from January 1 next year, import tariffs on all 48 items of concession type Y-10 (10-year abolition) are scheduled to be abolished. The Korea-Vietnam FTA is the 15th FTA ...

Source: Nongmin