Vietnam’s squid and octopus get popular in South Korea
MEKSEA.COM – Vietnam’s octopus has gradually got popular in the South Korean market. It’s predicted that Vietnam’s squid and octopus exports to Korea more and more increase in the coming time.
Thanks to 0% tax incentives from KVFTA (Vietnam-Korea Free Trade Agreement (VKFTA), Vietnam’s squid and octopus exports significantly increase. According to the Korea International Trade Association (kita.org), Vietnam is the largest supplier of frozen octopus to the Korean market, accounting for 43% of the market share. In 2021, frozen octopus products account for 78% of total export value.
Vietnam’s squid and octopus exports in the fourth quarter of 2021 reached 82.1 million USD, up 20% over year on year. Moreover, entire 2021, Vietnam’s seafood exports to this market reached 147.9 million USD, an increase of about 7% compared to 2020. In which, the main export products are frozen cut octopus, frozen whole octopus, frozen cut octopus, frozen processed octopus, etc.
In 2022, Vietnam’s squid and octopus products will continue to be recorded positive signs in the potential Korean market. In January 2022, Vietnam’s squid and octopus exports to the potential Korean market over 28 million USD, up 18% year on year.
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By Hayati (Meksea Team)
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