RoK businesses seek opportunities in Vietnamese market

Illustrative image (Photo: KP International Market)

Seoul - The Economic and Science Promotion Agency of Gyeonggi-do province of the Republic of Korea (RoK) announced on June 5 that it has completed a pilot project to support businesses from northern provinces and cities in connecting with Vietnam.

With the goal of promoting exports and supporting small potential businesses in seeking partners in Vietnam, Gyeonggi-do coordinated with agencies from Goyang, Namyangju, and Paju cities to establish a market pioneer group, which provided a total of 114 consultancy sessions and promoted the signing of contracts worth nearly 4.4 million USD.

It collaborated with the Global Business Centre (GBC) in Ho Chi Minh City to implement a plan for supporting businesses in conducting promotion activities in the Vietnamese market focusing on the economic hubs of Hanoi and HCM City.

Gyeonggi-do provided comprehensive assistance, including pre-scouting for buyers, arranging direct consultancy sessions, covering overseas marketing expenses, and operating a local consulting centre, among others.

During this promotion campaign, Saeang Co., Ltd., based in Namyangju city, which specialises in beauty products made from herbal ingredients, conducted eight business-matching sessions with partners in HCM City and Hanoi. The firm inked a three-year agreement with a Vietnamese partner to develop products for hair loss treatment, and an export contract worth 450,000 USD.

To achieve effective trade promotion, Gyeonggi-do supported businesses in contacting partners in Vietnam to carry out additional procedures following negotiations, and provided indirect marketing services through video consultancy.

According to director of the agency Kang Seong-cheon, the Korean province will continue to send market development groups and provide marketing support to help local small- and medium-sized enterprises make inroads into the Vietnamese market.

Hoa Binh woos RoK businesses A seminar took place in the north eastern province of Hoa Binh on September 10 to introduce its potential, advantages and incentives to businesses of the Republic of Korea (RoK).

Vietnam, RoK businesses boost cooperation in tourism, economic recovery The Vietnam-Korea Business and Investment Association (VKBIA) and Yongpyung Resort Group signed a Memorandum of Understanding (MoU) in Gangwon, the Republic of Korea on January 20 to boost cooperation between the Vietnamese and Korean businesses in tourism promotion and economic recovery post pandemic.