Free trade agreements have opened up new markets for Vietnamese enterprises, especially those in the seafood sector.
The Vietnam Industry and Trade Information Center (VITIC) under the Ministry of Industry and Trade (MoIT) announced that seafood production in Vietnam stood at 6.8 million tons for 2014, an increase of nearly 40 per cent since 2009, while the industry employs 4.5 million people.
Vietnam's export markets have also expanded, with seafood products now sent to 164 countries. The seafood industry made nearly $8 billion last year, putting the country in the Top 5 seafood producers and exporters in the world.
Free trade agreements (FTA) between Vietnam, South Korea and the Eurasian Economic Union (including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) have opened up new horizons for Vietnamese businesses, especially in the seafood sector.
Among these, South Korea has been a major investor and an important trade partner of Vietnam for many years. This country was the fifth largest exporter and the third largest importer of Vietnam in 2014.
After the US, the EU and Japan, South Korea is Vietnam's fourth largest seafood market and one of the world's biggest seafood consumption markets, with annual imports reaching around $4 billion, and demand continues upwards.
According to the VITIC, on average, seafood exports to South Korea rise by 19 per cent each year, representing the highest growth among Vietnam's export markets.
With FTAs having been signed there are even greater opportunities for exports and investment cooperation will also open up, along with more processing and value-added production.