VIETNAM EXPO 2018

Potential business opportunities between Vietnamese and Korean companies

Vietnam Expo 2018, themed “Vietnam Expo---Strengthening regional and international economic connectivity”, continues to be one of the largest trade promotion events in the industry and trade sector.

Expressing the spirit of “cooperation and cohesion”, the expo is the mainstream of global economic trends.

Over the years, Vietnam Expo has done a good job of promoting trade among neighbouring countries in the region and constantly aspiring to expand to the great powers through organising annually, increasing the number of businesses, strong brand presence, demonstration of new technologies, connection activities, consultancy and useful seminars.

Vietnam Expo 2018 will take place from April 11-14 at the Hà Nội International Exhibition Centre, 91, Trần Hưng Đạo Street, Hoàn Kiếm District, Hà Nội. It is expected to attract over 500 booths from 450 enterprises in 23 countries, including Egypt, Cambodia, Cuba, Taiwan, Republic of Korea, Hong Kong, Laos, Russia, Mongolia, Nepal, Japan, Singapore, Thailand and China. The national pavilions include Russia, Cuba, Republic of Korea, Nepal, China and Việt Nam.

In the past 25 years, Việt Nam-Korea trade has made great strides from just US$500 million in the first few years to $60 billion today, 120 times higher than in 1992. It is expected that this figure will increase to $70 billion in 2018 and $100 billion by 2020. The average rate of Korean capital flow into Việt Nam reached $8 billion in the first 11 months of 2017. These numbers show the growing level of economic cooperation between the two countries.

Vietnam Expo 2018 will mark the 20-year anniversary of Korea’s participation in the national pavilion, which will also see the participation of some 132 enterprises present at 150 booths. Trade promotion organisations, such as Korea Trade Investment Promotion Agency, Gyeonggido Business and Science Accelerator, Seongnam Industry Promotion Agency, Gyeongbuk Economic Promotion Agency and Korea Design Centre, have been and continue to be reliable partners.

The wave of investment from Korea to Việt Nam is popular in the fields of supporting industries, automobiles, electronics, textiles, leather and footwear. Besides, a chain of retail services and restaurants has also created the Korean mark for the majority of young consumers. Some of the major brands in the Korean retail industry, such as GS25, K-mart, K-market, Lotte, Circle K, Emart and FamilyMart, have been present in Việt Nam with standard business processes and consumer approaching methods.

The strong products of Korea at the Vietnam Expo include cosmetics, software technology, electronics, houseware, maternity and baby items and nutritional and pre-packaged food. However, the main attraction is in the criteria for quality, level of safety for users, environmental friendliness, design and price, which are fully utilised and innovated every year. Through the Vietnam Expo, importers and retail supply chains can meet face-to-face and experience new products first-hand.

The Việt Nam-Korea Design Centre, collaborated by the Việt Nam Trade Promotion Agency under the Ministry of Industry and Trade and Korea Institute of Design Promotion under Korea’s Ministry of Trade, Industry and Energy, have been actively contributing to advisory services, enhancing design capacity, researching market needs and developing ideas for Vietnamese enterprises. This year’s booth is designed to be innovative and impressive and will showcase the products of seven typical companies, including VinaTea Kim Anh Joint Stock Company, Việt Nam Cinnamon Production and Export Joint Stock Company, Kona Company Limited as well as four Korean Enterprises (C&D, Mojitok, Designbusan Company Limited and Megazone).

The bilateral trade agreement between Việt Nam and Korea (VKFTA) is the driving force for Vietnamese enterprises to take advantage of the tariff reduction policy while exporting agricultural and aquatic products, such as rice, oats, tea, cashew nuts and seeds, fish, pangasius, shrimp and octopus.

Vietnam Expo 2018 will see the participation of enterprises from 20 provinces and cities in the country, including Hà Nội, Hải Phòng, HCM City, Nam Định, Đắk Lắk, Đồng Tháp, Khánh Hòa, Phú Thọ, Yên Bái, Hải Dương, Bình Dương, Lào Cai, Ninh Bình, Bình Thuận, Bắc Ninh, Bắc Giang, Thanh Hóa, Quảng Nam and Quảng Ngãi.

Another 11 trade and investment promotion centres from Hà Nội, Hải Phòng, Quảng Nam, Bắc Giang, Nam Định, Ninh Bình, Yên Bái, Lào Cai, Bình Thuận, Thanh Hóa and Đồng Tháp will also participate.

Exporting enterprises of each region will have the opportunity to approach Korean enterprises in particular and international customers in general with a new level in terms of product quality and design.

“Nuts and walnuts are not only produced by Việt Nam; Thailand is also a producer and has exported very well to Korea. So, there is pressure on Bảo Minh to continue to change in order to export more competitive products, in terms of quality, taste and product design,” said Lê Minh Khoa, sales director of Bảo Minh Company.

Accordingly, the import tax of many agricultural and aquatic products has decreased, thanks to VKFTA. This will stimulate Korean enterprises to select and increase the purchase of goods from Việt Nam.

A series of connecting and trade promotion activities at the expo is expected to contribute a small part to enhance the economic cooperation between Korea and Việt Nam, as mentioned recently by the South Korean President in Hà Nội.

The expo’s organiser has continuously built close relations with Vietnamese and international trade promotion agencies over the past 27 years to introduce information and organise a delegation of traders to visit and trade at the fair. All details about the event will be continuously updated on the official website www.vietnamexpo.com.vn and fan page VietnamExpo2018.

The expo will be open from 9am to 6pm and is expected to draw some 20,000 domestic and international visitors.