Within the framework of the State visit of South Korean President Yoon Suk Yeol to Vietnam (June 22-24), the Korea Trade-Investment Promotion Agency (KOTRA) organized the Korea-Vietnam Partnership Fair at the National Convention Center in Hanoi.
South Korean President Yoon Suk Yeol visited the Korea-Vietnam trade exchange in person
Over 120 representative enterprises from South Korea showcased a rich array of high-quality products and services, including: Cosmetics; food & beverages; consumer goods and household appliances; pharmaceuticals; medical supplies; electronics and telecommunications; energy and environmental equipment systems and solutions; smart agriculture; industrial machinery, supplies, and construction equipment; defense and security; and education and training.
Furthermore, more than 600 direct 1-on-1 business matching meetings took place successfully between Korean supplier enterprises and Vietnamese buyers. The companies signed Memoranda of Understanding (MOUs) and negotiated detailed purchasing terms in preparation for upcoming import contracts.
Notably, advanced global technologies were on display, such as the 'Spot' guide robot, autonomous vehicles, satellite scale models, future aviation products, smart IoT devices, and hydrogen fuel cell vehicles, presented by major Korean conglomerates including Hyundai Auto, Samsung, LG, LS, Hanwha, SK, Lotte, HD Hyundai, and Hyosung, drawing substantial interest from the Vietnamese business community.
Shortly after arriving in Hanoi, South Korean President Yoon Suk Yeol personally visited the Korea-Vietnam trade exhibition. President Yoon Suk Yeol listened to insights shared by business leaders from both nations to further bolster bilateral trade cooperation in the years ahead.
Speaking with reporters at the event, Mr. Ill Geun Lee, representative of SMS Bio (South Korea), noted that his company entered Vietnam 7 years ago and established a branch office in 2022 to facilitate introducing red pine needle extract products to Vietnamese consumers.
Commending the Vietnamese market, Mr. Ill Geun Lee expressed confidence that business opportunities in Vietnam continue to expand for Korean enterprises. "Vietnam's business climate is steadily improving, especially favorable administrative procedures that have facilitated foreign firms, enabling SMS Bio to secure marketing authorization for our products in Vietnam," Mr. Ill Geun Lee shared.
Also at the event, Mrs. Vu Thi Thu - Director of Faso Vietnam Co., Ltd., stated that with over 10 years of experience importing and distributing Korean goods in Vietnam, Faso Vietnam currently distributes over 1,000 product codes spanning consumer items, food, and beverages directly imported from Korea, with business performance flourishing smoothly.
To achieve success and identify reputable Korean suppliers, Mrs. Vu Thi Thu highlighted that KOTRA plays an active, pivotal role in trade promotion. "Business exchange events like the Korea - Vietnam Partnership Fair continue to deliver prime opportunities for the business communities of both nations, especially in the post-Covid-19 era," Mrs. Thu affirmed.
Vietnamese and South Korean enterprises engaging in trade discussions at the Korea-Vietnam Partnership Fair
South Korea currently stands as Vietnam's 3rd largest trading partner (following China and the US), 3rd largest export market (following the US and China), and 2nd largest import source (following China).
In 2022, according to the Ministry of Industry and Trade, two-way bilateral trade reached nearly USD 87 billion, up approximately USD 9 billion compared to USD 78.1 billion in 2021. Of which, Vietnam's exports to South Korea reached USD 24.2 billion, an increase of 10.2%, dominated by key competitive categories such as agro-aquatic products and manufacturing/processing industries.
Conversely, statistics from the Ministry of Trade, Industry and Energy of Korea (MOTIE) published on January 4, 2023 indicated that with a trade surplus of USD 34.26 billion in 2022, Vietnam became South Korea's largest trade surplus partner on an annualized basis for the first time.
Building on flourishing bilateral cooperation, especially following Covid-19, with growing demand among Vietnamese companies for Korean goods as well as expanding interest from Korean firms in the Vietnamese market, Mrs. Tran Thi Hai Yen - Chief Representative of KOTRA Hanoi emphasized that KOTRA's core mission is to continuously support and accelerate economic progress for both Korea and Vietnam.
Regarding activities in 2023, Mrs. Tran Thi Hai Yen shared that KOTRA Hanoi will organize 100 trade matchmaking events across both in-person and virtual formats, further strengthening commercial partnerships between Vietnamese and Korean businesses.
Source: Industry & Trade Newspaper
