This is thanks to the free trade agreement between the two countries that took effect last December, according to the Korea Fishery Trade Association. Under the FTA, Korea has committed to clear taxes for 10,000 metric tonnes of Vietnamese shrimp in the first year and 15,000 metric tonnes in the next five years. Vietnam earned US$580 million from seafood exports to South Korea last year, with revenue from shrimp accounting for $250 million. Vietnam was Korea’s largest supplier of shrimp in 2015. The Korean association also encouraged Vietnamese businesses to join the Busan International Seafood and Fisheries Expo 2016, the largest international seafood trade exhibition in Korea.
