December 18, 2006

South Korea to waive import tax on 10,000 tonnes of Vietnam seafood

South Korea is offering duty-free import quotas to about 10,000 tonnes of Vietnamese products from January next year as part of the ASEAN - RoK Free Trade Area Agreement.

7,300 tonnes of the shipment is shrimp, and the rest include frozen cuttlefish and other products.

The tax waiver represents a good opportunity for Vietnamese businesses to boost seafood exports to the country, fisheries officials said.

Fisheries not under the quota regime, would be considered under most-favored-nation (MFN) status to receive a preferential tax rate.

The Korean National Fisheries Products Quality Inspection Service has allowed 13 more Vietnamese seafood processors to export their products to South Korea, bringing the total number of qualified firms to 298.