Potential business opportunities for Vietnamese and Korean enterprises
Potential business opportunities for Vietnamese and Korean enterprises
Vietnam Expo 2018, themed “Enhancing regional and global economic links,” continues to be the largest trade promotion event of the Ministry of Industry and Trade (MoIT).
Over the years, Vietnam Expo has done a good job of promoting trade among neighbouring countries in the region and has been constantly expanding to reach an ever-increasing line-up of attending countries, increasing the number of enterprises which have well-known brands, and demonstrating new technologies, as well as connecting enterprises.
The 28th Vietnam International Trade Fair (Vietnam Expo 2018) themed “Vietnam Expo—Enhancing regional and global economic links,” will take place on April 11-14 at Hanoi International Exhibition Centre (ICE).
There will be 500 booths and 450 enterprises from 20 provinces and cities from across Vietnam and 23 countries and territories. The national pavilions include Russia, Cuba, Korea, Nepal, China, and Vietnam.
Over the past 25 years, Vietnamese-Korean trade has grown from just $500 million in 1992 to approximately $60 billion at the end of last year. The figure is expected to reach $70 billion by this year and $100 billion by 2020.
Vietnam Expo 2018 will mark the 20th year that Korea opens its national pavilion with around 132 enterprises. MoIT’s partners organising the event include the Korean Trade-Investment Promotion Agency (KOTRA), GBSA, SeongNam Industry Promotion Agency (SNIP), Gyeongbuk Economic Promotion Agency (GEPA), and Korea Design Center.
Korean investment in Vietnam has been increasing sharply, especially in the segments of hi-technolgoy, garment, and leather. Besides, Korean retailers are forging ahead, with brands like GS25, K-mart, Lotte, and Circle K. These brands have attracted a large number of young customers due to their customer approach and good utilities.
The Korean pavilion at Vietnam Expo 2018 will showcase some of the country's key strengths, including cosmetics, electronics, mothers and baby products, supplements, and food. These products have lured in many consumers due to their good quality, safety, and environmental friendliness.
At the Vietnam Expo, exporters and retailers can directly meet and discuss as well as have a good look at new products while approaching the consumers.
The Vietnam-Korea Design Centre pavilion will be hosted by Vietnam Trade Promotion Department (VIETRADE), MoIT, the Korean Department of Energy.
All of the booths this year will be designed to be more innovative and impressive in order to show off the products of the two countries' seven best enterprises.
The Vietnam-Korea Free Trade Agreement (VKFTA) will provide great tariff reductions on agricultural and aquatic products and are a great motivation to increase cross-border partnerships and trade.
Vietnam Expo 2018 will be a great opportunity to boost trade between Korean and Vietnamese enterprises with a "new mindset" on quality and design.
“Vietnam is not the only one that has macca and walnuts. Thailand also produces and exports these items to Korea in great amounts. There is huge pressure on Bao Minh to carry on changing and ensure its products remain competitive in quality, taste, and design,” said Le Minh Khoa, business director of Bao Minh Company.
In addition, the tariff reductions on agricultural and aquatic imports provided by VKFTA will certainly increase the consumption of Vietnamese products in Korea.
The annual Vietnam Expo has been mentioned by the Korean President at his latest visit to Vietnam. He affirmed that the expo has contributed to improving Korean-Vietnamese economic relations.
Over the past 27 years, Vietnam Expo has become a prestigious event for Vietnamese and Korean enterprises, especially those seeking investment opportunities.
The Trade Fair will be open from 9:00-16:00, April 11-14, 2018 at Hanoi International Exhibition Centre (I.C.E), at 91 Tran Hung Dao Street, Hoan Kiem district, Hanoi, and expects to welcome about 20,000 local and international visitors.
