Hanoi (VNS/VNA) – The Republic of Korea (RoK) was the largestexport market for Vietnamese squid and octopus last year, accounting for 40 percentof the total value, according to the Vietnam Association of Seafood Exportersand Producers (VASEP).

In 2018, the export value of squid and octopus to the RoK increased by 23.7 percentto 269.8 million USD.

It recorded the highest growth rate in the top seven largest import markets forVietnamese squid and octopus. Consistent demand for consumption and advantagesin tariffs from the Vietnam-Korea Free Trade Agreement (VKFTA) helped maintainsteady export growth.

Vietnam gained a year-on-year increase of 8.3 percent to 672.3 million USD lastyear from exports of squid and octopus, according to the association.

The export value of those products to Japan and ASEAN last year increased by 4percent and 15 percent respectively compared to 2017.

Meanwhile, the EU, the third largest export market for squid and octopus,accounting for 12.4 percent of the total, had a drop of 21.7 percentyear-on-year in export value to 83 million USD. The reduction was due to the European Commission (EC) imposing a yellow cardwarning on Vietnamese seafood for failing to make progress in fighting illegal,unreported and unregulated (IUU) fishing.

Exports to three main markets in the EU - Italy, Spain and France - fellby 30 percent, 8.3 percent and 1.2 percent year-on-year, respectively.

Without the yellow card warning, Vietnam achieveda growth rate of over 50 percent year-on-year for squid and octopus exports tothe EU market in 2017, according to the association.

In 2018, Vietnam mainly exported live/fresh/frozen squid and octopus products,accounting for 67 percent of the export volume, while processed productsaccounted for 33 percent.

This year, the export value of squid and octopus is expected to be similar to2018. The fisheries industry, including squid and octopus, would implementsolutions to remove the yellow card to create a good psychology for importers,the association said.

VASEP General Secretary Truong Dinh Hoe said this year the fisheries industrywould have a great opportunity to increase exports because global consumptionof seafood was likely to increase.

By 2020, consumption was forecast to increase to 98.6 million tonnes indeveloping countries and 29.2 million tonnes in developed countries, whilesupply was estimated to reach only 78.6 million tonnes, according to Hoe. Thiswas a great opportunity for Vietnam if its products met global qualitystandards.

In addition, when FTAs took effect, local businesses would benefit from theremoval of tariff barriers.

"We forecast that this year, the fisheries industry’s total export valuewill reach around 10 billion USD, growing 10-15 percent year-on-year," Hoesaid.

To achieve this goal, Hoe said the industry would focus on developing exportsto important markets such as the EU, US, Japan and the Republic of Korea andcontrol seafood quality to increase product value.-VNS/VNA