Korean small and midsize corporations achieved results by signing export contracts worth 120 billion won with local buyers in Vietnam to coincide with President Lee Jae-myung's state visit to Vietnam.
On the 23rd (local time), the Korea Trade-Investment Promotion Agency (KOTRA) hosted the Korea-Vietnam Business Partnership at the National Convention Center in Hanoi, Vietnam. At the export consultation session held that morning, 100 Korean small and midsize corporations participated. Korean corporations signed a total of 24 export contracts with Vietnamese buyers worth $82.09 million.
More than 90% of the export contracts were for Korean Wave consumer goods such as baby formula, health supplements, and cosmetics. Exports also included bathroom ceiling materials, medical beds, and construction machinery.
KOTRA ran the export consultation session and the K-lifestyle showcase simultaneously. The showcase featured three themes: ▲ domestic major distribution network win-win cooperation hall ▲ specialized trading company win-win cooperation hall ▲ local major distribution network hall.
At the win-win cooperation halls, major domestic retailers such as Lotte Shopping and Shinsegae and specialized trading companies partnered to exhibit products with 26 small and midsize corporations, seeking joint entry into the local market. At the market-entry support counseling booth, participating Korean corporations were also offered opportunities to consult directly with experts in each field on using free trade agreements (FTA; Free Trade Agreement), certifications, and settlement of trade payments.
KOTRA President Kang Kyung-sung said, "We will do our best to support Korean small and midsize corporations so they can further enter Vietnam, which serves as a global production base and an attractive, high-growth consumer market."
Meanwhile, trade between Korea and Vietnam totaled $94.5 billion last year. The number of Korean corporations operating locally in Vietnam has surpassed 10,000. Vietnam, along with China and the United States, has remained one of Korea's top three trading partners for four consecutive years. According to the Foreign Investment Agency (FIA), as of the end of Mar., Korea's cumulative investment in Vietnam stood at $98.9 billion. Korea is the No. 1 investor in Vietnam.