Vietnam, RoK boost cooperation in food processing
Nearly 100 businesses from the Republic of Korea (RoK) were brought together at a workshop in Seoul on June 1 to explore cooperation opportunities in food processing and beverages in Vietnam.
Vietrade and the post-FTA business support agency under the RoK’s Ministry of Trade, Industry and Energy signed a Memorandum of Understanding on trade promotion (Photo: VNA)The event was jointly organised by the Vietnam Ministry of Planning and Investment, and the Ministry of Industry and Trade of Vietnam, and the ASEAN-Korea Centre (AKC).
Vice Secretary General of AKC Kim Ki-hong said the workshop is one of the main activities of the centre this year to support ASEAN member countries, including Vietnam, to seek and promote collaboration opportunities in food processing.
Vice Ambassador to the RoK Tran Anh Vu highlighted the growing relations between the two countries, especially in economy. The RoK has always been one of the top investors in Vietnam with two-way trade thriving over the past few years.
The workshop offers a good chance for RoK investors to study the food and beverages market in Vietnam, while Vietnamese firms could optimise opportunities from the Vietnam-RoK free trade agreement (FTA) to gradually make inroads into that market.
Deputy Director of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade Ta Hoang Linh said the Vietnam-RoK FTA has opened up a new development era bilateral economic relations.
The two sides have bolstered cooperation and established specialised groups to support businesses in making the best use of the deal’s incentives across many fields, including food processing, he said.
He added that Korean enterprises could use the rich materials in Vietnam and RoK’s technology to invest in food processing in Vietnam, and access other markets with which the Southeast Asian country has signed FTA agreements.
Additionally, the support industry for food processing in Vietnam is growing strongly, creating golden opportunities for Korean businesses to explore, he noted.
During the workshop, Vietrade and the post-FTA business support agency under the RoK’s Ministry of Trade, Industry and Energy signed a Memorandum of Understanding (MoU) on trade promotion to support businesses from both countries in implementing the Vietnam-RoK FTA.
The MoU will enable the two sides to enhance trade cooperation activities and set up information exchange channels, while seeking opportunities and supporting each other in trade and investment promotion.-VNA
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