VN-RoK’s trade promotion can reach new heights
Friday, March 23,2018AsemconnectVietnam - Opportunities to strengthen trade ties between Viet Nam and the Republic of Korea (RoK) rose during a variety of partnership programmes held on March 22, during President Moon Jae-in’s state visit.
The Ministry of Industry and Trade (MoIT) organised a Viet Nam-RoK business programme in hope of enhancing bilateral trade activities and cooperation between the two country’s enterprises, via exchanges of information and investment promotion.
Do Kim Lang, deputy head of the MoIT’s Trade Promotion Agency, said since the 2015 Viet Nam-RoK Free Trade Agreement (VKFTA), the RoK has established itself as Viet Nam’s third largest trading partner, just behind China and the US.
In 2017, total bilateral trade turnover had reached US$61.5 billion, up 41 per cent year on year, he added.
Economic, trade and investment relations between Viet Nam and RoK have been constantly developing, with the latter now an important strategic partner and leading investor for the former.
Notably, in the field of agriculture, Lang’s department has focused on supporting Vietnamese enterprises to export to the Korean market, through commercial transaction programmes and exhibitions such as March 22’s event.
“I hope trade promotion programmes such as this will help firms from both countries understand each other better, in order to seek reliable partners and effective cooperation,” said Lang.
According to Bui Viet Truong, Third Secretary of Office for Trade Affairs under the Vietnamese Embassy in the RoK , the RoK spends an average of $33 billion annually on agricultural and aquatic imports.
This means Vietnamese firms can push for seafood and fruits exports to this market, beyond traditional goods such as shrimp, catfish, coconut or pineapple.
However, he warned when Vietnamese enterprises export products to the RoK, they must pay attention not only to quantity but also quality and packaging, especially with the RoK’s strict quarantine regulations.
Speaking to the Vietnam News Agency, Nguyen Minh Duong, director of Minh Duong One Member Co Ltd, said that his company has been distributed dried agricultural products in Viet Nam via modern distribution channels such as Big C or Vingroup, but he hoped to expand business to other markets such as China and the RoK in relatively large volumes.
The MoIT on March 22 oversaw a direct introduction of two large RoK retailers and distributors, K-holdings and Coupang Group, to a number of local agricultural producers.
Accordingly, the two RoK firms are in need of imports such as spices, sauces, rice products, processed seafood, dried meat cuts and fruits.
Both corporations’ purpose is to search for qualified Vietnamese agricultural products to introduce to the RoK’s market.
Coupang Group is considered Korea’s number one leading online shopping business, who also hopes to sell at least 1,800 Vietnamese products on their website by 2019, while K-holdings is a leading enterprise in the field of procurement and distribution of agricultural and food products.
Another promotion programme on March 22 was the Vietnam Silicon Valley Accelerator’s Global Demo Day, in collaboration with Korea’s Born2Global Centre, focusing on matching venture capitalists to potential startups between both countries.
Source: VNS
Vietnam showing better-than-average growth: Indian expert
Vietnam works hard to boost exports to Chinese market
DAILY: Vietnamese pepper prices remained unchanged on March 24
Reference exchange rate down 15 VND
DAILY: Vietnamese coffee prices rose by 300 VND on March 24
Stock market violations to face stricter sanctions
Wood industry strives to regain growth momentum
Vietnam's exports to several ASEAN markets rebounded
Export turnover to the US in 2 months of 2023 reached 13 billion USD
DAILY: Vietnamese pepper prices remained unchanged on March 23
DAILY: Vietnamese coffee prices fell by 300 VND on March 23
Singaporean site highlights Vietnam’s potential for fintech growth
Vietnamese coffee finds ways to gain foothold in RoK market
Dragon fruit export turnover reaches 47 million USD
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...