The Korean Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) held a Korean consumption goods festival in HCM City on November 25. — Photo tradepro.vn
The Korean Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) held a Korean consumption goods festival in HCM City on November 25.
The event aims to boost trade and promote high-quality products of 50 South Korean enterprises. Products displayed at the event include cosmetics, food and household appliances. Business-to-business exchange between the two sides also took place throughout the festival.
E-Mart, the largest distributor of South Korea introduced Korean products, which are sold at E-Mart Viet Nam at their booth. The distributor will also meet Vietnamese enterprises wishing to export products to South Korea through its distribution channel.
According to Kim Jae Hong, KOTRA chairman, as a trade promotion bridge between Korea and Viet Nam, KOTRA expects to introduce Korean high-quality products with directly to Vietnamese consumers.
KOTRA also expects the event to promote trade between the two countries thanks to positive effects from the Viet Nam - Korea Free Trade Agreement, which took effect from the end of last year, he added.
On this occasion, KOTRA also signed a Memorandum of Understanding (MoU) between the agency in HCM City with LAZADA Viet Nam, CJ IMC Viet Nam.
VN consumer market key for growth in Korean exports
South Korea must work to boost shipments of consumer goods to Viet Nam to maintain the growth of its exports to the world’s third-largest destination for South Korean goods, Korea Herald newspaper said on Thursday.
The report from the Korea International Trade Association noted Viet Nam’s own exports were expected to shrink following the election of Donald Trump as the next US president, suggesting South Korea’s exports of industrial parts and materials to Viet Nam may dwindle in turn.
"While Viet Nam’s economic growth in 2017 is expected to fall short of a 6 percent increase as earlier predicted due to the outcome of the US election, the Vietnamese government’s policy to expand local consumption is expected to provide a new opportunity to South Korean firms," the report said.
It added Viet Nam’s consumer spending was expected to spike 11.5 per cent on-year to $117.4 billion next year. — VNS