Founded in 1962, the National Federation of Fisheries Cooperatives (SUHYUP) stands as a cornerstone institution for South Korea’s fisheries sector. Operating under the Ministry of Oceans and Fisheries, SUHYUP plays a dual role as both a central cooperative organization for fisheries and a financial institution, offering comprehensive support to fishermen across the Republic of Korea.
Core Business
SUHYUP’s core mandate is to support the socioeconomic welfare of Korea’s fishing communities. It operates through a three-tiered structure:
- National Federation Headquarters (Seoul)
- Regional Cooperative Unions
- Individual Fishing Villages’ Cooperatives
The organization manages operations that span:
- Seafood production and processing
- Distribution and sales
- Supply of fishing gear and fuel
- Aquaculture feed development
- Fisheries policy advocacy
- Specialized banking services for fishermen
Product and Service Offerings
SUHYUP’s diverse offerings are categorized into the following:
Seafood Products
- Fresh and frozen marine products including Mackerel, Pollack, and Squid
- Branded seafood under “Badaaechan”
Aquaculture Support
- Development and distribution of high-efficiency fish feed
- Technical support for fish farming communities
Distribution Services
- Operates major wholesale markets and logistics networks
- Maintains online and home shopping platforms to improve accessibility
Financial Services
- Over 300 branch offices nationwide
- Services include loans, deposits, insurance, and foreign exchange
- Specialized programs for small-scale fishermen and coastal communities
Fishing Equipment and Fuel Supply
- Provides tax-exempt fuel supplies, engines, ropes, and nets
Specialization and Core USP
SUHYUP's unique hybrid structure of cooperative plus financial institution sets it apart. Its government-backed mandate, combined with deep-rooted local integration, enables it to cater directly to the real needs of fishing communities while maintaining operational scale and credibility.
Its end-to-end seafood value chain, from fishing to finance, allows SUHYUP to deliver:
- Stable seafood pricing through direct distribution
- Increased income for fishermen via fair trade models
- Nationwide reach with local impact
Financial Performance
As of recent available data:
- Total Assets (2023): Over USD 60 billion
- Net Profit (2023): Approx. USD 230 million
- Total number of employees: Over 5,500
- Operates over 1,100 branches, including affiliated cooperatives
Shipment and Export Records
While SUHYUP primarily focuses on domestic markets, its products—particularly “Badaaechan” branded seafood—are exported to:
- Japan
- United States
- China
- Vietnam
According to export tracking platforms like Volza and TradeMo, SUHYUP and its member cooperatives have participated in hundreds of shipments annually, particularly of frozen squid and mackerel. Estimated shipment value over the past 2 years is over USD 150 million.
Target Market
SUHYUP targets:
- Domestic consumers seeking quality seafood
- Institutional buyers and hospitality sector
- Overseas importers in East Asia and North America
- Fish farmers and aquaculture cooperatives
- Korean fishermen seeking financial and technical assistance
Capabilities
- Owns and operates fisheries processing plants
- Advanced cold chain logistics infrastructure
- In-house research and development for fish feed and aquaculture technology
- Well-distributed retail and wholesale channels
Certifications and Compliance
- HACCP-certified processing units
- Compliant with KFDA and MOF food safety guidelines
- Audited annually by Korea’s Financial Supervisory Service
Customer Testimonials
While direct testimonials are institutionally managed, customer feedback across various forums and partner sites highlights:
- Trust in quality and freshness of products
- Reliable delivery and service consistency
- Strong support for cooperative-based value system
Major Achievements
- Pioneered Korea’s first tax-exempt fuel system for fisheries
- Expanded into digital fisheries retail with Suhyup Mall
- Consistently ranked among top cooperative institutions in Asia
- Facilitated post-disaster recovery programs for fishing communities (notably after typhoons and tsunamis)
- Collaborated with FAO and international organizations for sustainable fisheries development
SUHYUP continues to evolve as a model cooperative institution, combining traditional maritime culture with modern innovation to drive sustainable fisheries for Korea and beyond.
