Vietnamese squid and octopus are favored in South Korea (11-06-2019)
The increasing demand for clean and healthy seafood such as squid and octopus of Korean people is bringing great opportunities for Vietnamese businesses.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), South Korea is still the largest importer of squid and octopus of Vietnam. South Korea is the market with the highest growth rate among the 5 markets importing squid and octopus of Vietnam. In the first 3 months of 2019, export of squid and octopus to this market increased nearly 35% to US$ 61.5 million.
Stable demand consumption and tariff advantages from the Vietnam - Korea Free Trade Agreement (VKFTA) have helped maintain stable export growth of Vietnamese squid and octopus to this market. Of the above two items exported to Korea, octopus is the main export product with the proportion of 77.6%, the rest is squid. Among them, dried / fermented / frozen octopuses are the most imported products by Korea; followed by products such as dried / grilled squid, fresh squid and frozen squid. Currently, Vietnam is enjoying a 0% export tax rate for exporting fresh / live and frozen octopus products to South Korea.
Koreans have high demand for Cephalopod, especially dried products. The import of squid and octopus of Korea in recent years tends to increase due to high demand for clean and healthy food sources. According to the International Trade Center (ITC), in the first quarter of 2019, South Korea imported squid and octopus from 8 different sources. China is the largest source of these products with 57.4% market share, followed by Peru with 26.8% and Vietnam at the third position with 11.6% market share.