Vietnamese octopus and squid get popular in South Korea

According to the statistics of the General Department of Vietnam Customs, octopus was among Vietnam's major export products to the South Korean market in 2021 in which frozen octopus accounted for 78% of Vietnam's total export value.

With a tax incentive of 0%, the export of Vietnamese fresh and frozen octopus to South Korea has increased constantly. On the contrary, the export of dried and grilled/ fresh and frozen squid to this market has decreased by 23% and 7% respectively.

Export turnovers of the products in two categories including processed octopus and dried, salted, fresh and frozen octopus have increase by 3% and 13% respectively. The processed squid category has seen the strongest increase at 52%.

Vietnam ranked second in supplying squid and octopus to South Korea after China. Frozen octopus was the most imported seafood by South Korea, making up 39% of the total import value of squid and octopus products of this market.

According to Korea International Trade Association (KITA), Vietnam was the biggest supplier of frozen octopus of South Korea, making up 43% of the market share. China ranked second, accounting for 41% of the market share.

Vietnam and China were the two largest suppliers of frozen octopus of South Korea, overwhelming other markets. In 2021, South Korea increased imports of frozen octopus from the two suppliers in which the import from China was higher than that from Vietnam.

Frozen squid (Code HS 030743) was the second most imported seafood by South Korea with China being the largest supplier making up for 38% of the market share. Vietnam ranked third with 16% of the market share. In 2021, South Korea reduced imports from China while increasing imports from Vietnam.

Vietnamese enterprises expected to see an increase of frozen squid exports to South Korea in 2022.

According to Vietnam Association of Vietnam Association of Seafood Exporters and Producers, Vietnam's exports of squid and octopus to South Korea rebounded in the fourth quarter of the year 2021 reaching US$82 million, up 20% compared to same period of the year 2021. In general, the export reached US$247.9% in 2021, an increase of nearly 7% compared to 2020.