Illustrative photo (Source: myseoulsearching.com)

Seoul (VNA) – The Korea Trade-Investment Promotion Agency (Kotra) classifies Vietnam as one of four strategic export markets, the Korea JoongAng Daily reported on February 25.

As such, the agency will focus on connecting its producers with consumers in those four markets, namely Vietnam, China, Iran and Brazil in the first half of 2016.

Vietnam and China have joined a range of free trade agreements (FTAs); Iran has seen sanctions lifted; Brazil is the host of the upcoming Summer Olympics. These factors, among others, contributed to making the four markets appealing to Korean investors.

Kotra stresses the role of local small and medium-sized businesses in effectively entering the four potential markets and securing success.

Speaking at a press conference on February 24, Kotra CEO Kim Jae-hong stated his agency’s representative offices in these markets will support the initiative.

Last year, Vietnam was the third largest importer of the Republic of Korea. Kotra said it would aid local companies to capitalise on the FTA signed between the RoK and Vietnam, which now enters the second year.-VNA