Vietnam, RoK firms eye stronger trade connection

Illustrative image. (Photo: qdnd.vn)

Hosted by the Korea Trade-Investment Promotion Agency (KOTRA) in Ha Noi, the five-day event starting from March 21 sees the participation of 58 suppliers from Daegu, Jeonju, Incheon, Gyeongbuk of the RoK and 76 Vietnamese businesses.

According to head of KOTRA Hanoi Tran Thi Hai Yen, business delegations from the RoK locally every year maintain trade connections with Viet Nam.

High-quality products of the RoK firms introduced at the event include food-beverage, supplement foods, cosmetics and beauty equipment, mother and baby products, and household items.

Businesses of the two countries focus their discussions on issues related transport samples from the RoK to Vietnam for testing, requirements for quality certification of Korean and international standards, and conditions to become a distributor.

Some potential agreements are hoped to be discussed in more detail in the near future.

After the program, enterprises of both sides will continue to receive support from KOTRA Hanoi in negotiations, thus towards signing and performing export-import contracts.

Yen said Vietnamese firms have intended to import from the RoK market, adding that the two countries’ businesses are very active in finding ways to support each other.

Since the COVID-19 outbreak started in early 2020, KOTRA Hanoi has changed all face-to-face trade events between the two sides’ businesses to online events in order to ensure uninterrupted commercial activities.

Last year, nearly 900 Korean firms bought Vietnamese goods via 1,910 online trade exchange programmes. Many Vietnamese companies also quickly partnered with Korean suppliers to import commodities.

Experts said Vietnam is still a promising market for Korean exporters. In particular, Vietnam has implemented a roadmap to reduce import tariff from the RoK under the Korea – Vietnam free trade agreement with convenient administrative procedures.

Viet Nam’s economic growth along with stable politics, and good performance in COVID-19 control have helped create a firm belief for Korean businesses to continue eyeing the Vietnamese market, they said.