17:09 | 15/07/2015 Trade
(VEN) - An exhibition presenting outstanding Vietnamese brands took place at the South Saigon Lotte Mart, District 7, Ho Chi Minh City from June 24-28.
The exhibition was organized by the Industry and Trade Review in association with the Lotte Mart Trade Center Company Ltd, Small and Medium Enterprises Development Support Center 2, and the Ho Chi Minh City Center for Trade and Investment Promotion. Participants included 54 businesses from sectors such as food, textiles and garments, and handicrafts.
Industry and Trade Review Editor-in-Chief Nguyen Huu Quy said with the aim to help businesses take advantage of the Korea-Vietnam Free Trade Agreement (KVFTA), the exhibition was held to create favorable conditions for businesses of the two countries to promote trade and investment through effective communications. Businesses participating in the exhibition had a chance to meet and discuss trading opportunities with Korean importers which supplied goods for Lotte Mart.
Consul General of the Republic of Korea (RoK) in Ho Chi Minh City Park Noh Wan said that the exhibition offered Korean and Vietnamese manufacturers and importers a good chance to tighten relations, opening opportunities for products of the two countries to enter each other’s markets.
According to Lotte Mart Vietnam General Director Hong Won Sik, the exhibition was held not only to sell products of Vietnamese origin but also to present outstanding Vietnamese brands and open export opportunities to the RoK for Vietnamese businesses. “We have a plan to present outstanding Vietnamese brands through over 100 Lotte Mart stores in the RoK,” he said.
Ho Chi Minh City Investment and Trade Promotion Center Deputy Director Ho Xuan Lam said that over the last two decades, trade between Vietnam and the RoK had grown by 44 times, bilateral investment had increased by 250 times, the exchange of human resources had grown by 80 times, and that Vietnam was the largest recipient of Korean official development assistance (ODA). He believes the KVFTA will open a lot of bilateral investment and trade opportunities. Korean businesses will make the most of these opportunities to increase investment in Vietnam, and Vietnamese businesses will promote exports to the RoK, especially the export of agricultural, forestry and seafood products.
In conjunction with the exhibition, a workshop was held at Lotte Legend Hotel Saigon, Ho Chi Minh City, to create a business connection between Vietnam and the RoK. This activity was aimed at helping managers, associations, and businesses realize the opportunities as well as challenges that would face them in the process of implementing the KVFTA. The workshop also helped Vietnamese businesses learn about the demand of the Korean market as well as Korean regulations on the quality of products.
Workshop participants attended the signing ceremony for an agreement on the management over the Vietnam-Korea Trade and Investment Connection Program (VK Connect). A cooperation agreement was also signed between VK Connect founders and the Korea Chamber of Commerce and Industry in Vietnam (Kocham).
The RoK is the third largest trading partner for Vietnam and the largest direct investor in the country. It is also one of the largest ODA providers for Vietnam (about US$21 billion). Last year, Vietnam exported to the RoK US$7.11 billion worth of goods and imported US$21.74 billion worth of Korean products.