RoK seafood firms seek opportunities in Vietnam

Korean seafood companies hoping to find Vietnamese partners at a B2B meeting in HCM City on July 24 , 2018 - Source: VNA

The RoK firms said they are looking to export raw and processed seafood to Vietnam and import raw seafood from the Southeast Asian nation for processing.

Bae Byeong-Cheol, chief representative of K-fish, said: “RoK seafood is plentiful in terms of variety, and because of the difference in climate and location, the RoK can supply a great deal of high-quality products unavailable in Vietnam”.

“We are striving to help more Vietnamese enjoy RoK seafood,” he added.

Consumers in both countries have shown their favour and would like to try more of each other’s seafood products, he said.

Le Thi Nguyet of the Van Kim Commercial Joint Stock Company said RoK seafood products are very safe and of very high quality, but are usually more expensive than products from Southeast Asian countries, which could deter many Vietnamese from consuming them.

Bae said several RoK companies are facing difficulties in exporting raw seafood to Vietnam because of the lengthy customs and other formalities involved, and would like to see the process streamlined.

Vietnamese seafood exports to the RoK reached US$390.7 million in the first six months of this year, accounting for 9.8 percent of the total seafood export turnover of the country, the General Department of Vietnam Customs reported.

In recent years, K-Fish Trade Support Center has regularly organised events to promote exchange and trade links between the two countries’ enterprises, making it easy for RoK firms to introduce traditional processed products to Vietnamese consumers.

The two countries aim to lift their two-way trade to US$100 billion by 2020.

The RoK is now the biggest foreign investor in Vietnam, and also one of its most important trade partners.