Made-in-Korea products pour into Vietnam
The Vietnamese retail market is still attractive to businesses from the Republic of Korea (RoK), heard a recent workshop in Hanoi.
Illustrative image (Source: VNA)General Director of the Korea Trade-Investment Promotion Agency Park Chulho said the free trade agreement (FTA) between Vietnam and the RoK took effect in 2015 with several tax lines removed.
The FTA between ASEAN and the RoK has also opened up opportunities for the business community, especially Vietnam and the RoK, to realise the two-way trade target of 70 billion USD by 2020, he added.
He cited more than 170,000 Korean people and 5,500 enterprises living and operating in Vietnam, and the RoK is also the third biggest trade partner of Vietnam, after the US and China.
Hong Sun, Secretary General of the Korea Chamber of Commerce and Industry, said Vietnam imported 22.4 billion USD worth of goods from the RoK.
Foreign investors are attracted to the Vietnamese market as they see the country’s potential and rising goods consumption.
Ko Sang Goo, president of the RoK’s K&K trading company, revealed its strategy of bringing Korean products to Vietnam in the coming years.
He said 67 Korean companies will sell products subject to tax reductions under the Vietnam – RoK FTA in the Southeast Asian market at the end of 2016.
This is considered a big campaign to make inroads into one of the largest markets in the region, he added.
Korean lawyer Choi Jiung said that with current policies, there are plenty opportunities for overseas businesses to penetrate Vietnam.
He urged the two sides to optimise the Vietnam – RoK free trade pact for mutual benefits.
Since September 2016, a series of Korean convenience stores opened in Vietnam, a number expected to hit 200 in the next five years.
E-Mart, Korea’s No.1 discount store, signed an agreement to inject 4 trillion VND (17.6 billion USD) into Ho Chi Minh City to build a large-scale retail network.-VNA
You should also see
Vietnam becomes biggest rice supplier for Singapore
Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
See more
Business
Measures sought to boost Vietnam - Russia digital economic cooperation
The Vietnamese Embassy in Russia organised a seminar on April 19 on prospects for Vietnam-Russia digital economic cooperation, attracting over 100 delegates representing ministries, sectors, research institutes, and business associations of the two countries.
Business
Cooling equipment market heats up
Many electronics supermarkets in Hanoi have launched summer promotion programmes, reducing prices for cooling equipment such as air conditioners and fans, as the weather in the north of Vietnam has just begun to be hot and sunny.
Business
Lam Dong strives to develop tea industry towards sustainable development
The Central Highlands province of Lam Dong aims to develop its tea industry to 2030 towards sustainable development by improving efficiency and fostering links between tea production, processing, and consumption. The province is also striving to replace aging tea plantations with high-quality tea varieties to enhance productivity.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
