Executives of Korean and Vietnamese firms exchange information at the Gyeongsangbuk-do Expo Plaza event held at Lotte Legend in HCM City on December 2. — VNS Photo
Executives from 27 companies based in South Korea’s Gyeongsangbuk-do Province met with their counterparts in HCM City on December 2 to explore business opportunities.
The visitors’ firms are in sectors like cosmetics, food, glass and agricultural produce like rice, fruits and juices.
Speaking at the Gyeongsangbuk-do Expo Plaza event, Tran Ngoc Liem, deputy director of the Viet Nam Chamber of Commerce and Industry’s HCM City chapter, said trade between Viet Nam and Korea has developed strongly in recent years, especially since the Viet Nam-Korea Free Trade Agreement took effect last year.
Vietnamese firms have capitalised on the agreement to boost exports to Korea by 30 per cent this year, while imports from the market increased by 10 per cent, he said.
The FTA has also contributed to boosting investments by Korean firms in Viet Nam, he said.
The event, part of the Korea - Viet Nam Trade and Culture Exchange Festival being held in HCM City, is expected to further promote bilateral trade, he said.
Woo Byeongeun, deputy minister for political affairs of Gyeongsangbuk-do, said the event is expected to offer a huge opportunity for expanding exports of the province’s various agricultural products.
On the other hand, many Vietnamese products that are of good quality and reasonably priced would also get an opportunity to enter the Korean market, he said.
Seo Yeol Hwan, a Gyeongsangbuk-do official who addressed a press conference in HCM City on Wednesday, said Vietnamese fruits have also increased their market share in Korea.
“I hope that HCM City firms will export more tropical fruits to Korea and Gyeonsangbuk-do Province in particular.”
Viet Nam is playing an increasingly important role in Asia, he said, adding that many Korean firms are interested in the country.
The festival, held from November 30 to December 3, includes several activities, including a Korea-Viet Nam family reunion, an exhibition of Vietnamese and Korean products, a buyers meeting, business tours to Korean firms in Viet Nam and cultural performances.
In future, more activities would be organised to promote trading and cultural ties between two countries, Woo said. — VNS