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Vietnam products interest Korean market

Mon, 08 Dec 2014. Last updated Sun, 03 May 2015 20:44

In a recent trade conference between Vietnam and Korea, many Korean firms expressed their desire to cooperate with Vietnam businesses in more fields. Especially, Korea takes special interest in Vietnam products including agriculture and fishery products.

Accordingly, Korean enterprises want to make business cooperation with Vietnam in both import and export. On the import side, Korean businesses desires to import metal (aluminum, copper), chemicals (inorganic, organic), plastics, rubber, coal; pharmaceuticals, functional foods, herbs, health care products; fisheries such as shrimp, fish, and so on. Especially, Korean enterprises are quite interest in Vietnamese foods. In details, Korea wants to import raw foods, dairy products, wheat, cooking oils, processed foods, organic foods, alcoholic beverages, wheat flour, canned meat, soybeans, coffee, black pepper, white sugar, etc. In terms of export, Korean enterprises wish to export generators, compressors, energy-saving system; semiconductors; lubricants; food, health care products, and so forth.

Vietnam shrimp export

Speaking at the conference, Chairman of Korean Importers Association (KOIMA) Tae Yong Shinn said that KOIMA has over 8,000 member businesses cooperating with Vietnam enterprises before. Mr. Shinn stated: "Korean businesses want to make extensive cooperation in diverse fields with Vietnam enterprises. This time, Korean firms come to Hanoi to explore Vietnam market, assess the potentials, and establish trade relations with Vietnam businesses." Also at the conference, Deputy Minister of Vietnam industry and Trade Do Hai Thang highly appreciated Vietnam - Korea trade cooperation between in recent years. Specifically, in the first ten months in 2014, Korea invested in Vietnam 415 new projects.

Buon Me Thuat Coffee

Currently, Korean investors has invested in 11/18 fields in Vietnam national economy. In the early ten months of this year, almost Korean projects focused in the fields of manufacturing and processing industries, which accounted for 85.1% the total registered capital in Vietnam. Besides, real estates and hotels and restaurants also took the relative proportion. According to Mr. Do Hai Thang, until October 2014, Korea has 4,020 investment projects in Vietnam with the total registered capital of 33.4 billion USD. Vietnam- Korean trade relations are currently governed by many trade agreements. In the next times, when Free Trade Agreements (FTA) between Vietnam and Korean is signed, it is expected that there are many new breakthroughs in the strategic relations between two countries.

According to Deputy Director of Asia Pacific market Le Hai An, 2015 is an important year for Vietnam to join Asian Economic Community (AEC) and start 5-year development plan. Mr. Hai said that this was a very wonderful opportunity for Korean enterprises investing in Vietnam. Vietnam has many advantages for exports with important commodities such as rice, coffee, pepper, etc. that Korean enterprises take interest.

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