Korean, Vietnamese businesses build trade link

Korean, Vietnamese businesses build trade link

A representative KOTRA Đà Nẵng said local company New Glopath would import Korean health functional foods serving the Vietnamese market under the deal, marking the first presence of Rexpharm in Việt Nam market.

An agreement signing ceremony between South Korea’s Rexpharm Corporation and local New Glopath in Đà Nẵng City. The two partners agree to develop health care and high-quality nutritional products in Việt Nam market. Photo courtesy of KOTRA Đà Nẵng

South Korea’s Rexpharm Corporation and local New Glopath have agreed a co-operation deal in the development for health care and high-quality nutritional products in Việt Nam.

The South Korea’s Trade-Investment Promotion Agency (KOTRA)’s Đà Nẵng Office said the business agreement was a result of trade promotion introducing promising Korean small-medium-sized enterprises' products to Vietnamese buyers.

A representative KOTRA Đà Nẵng said local company New Glopath would import Korean health functional foods serving the Vietnamese market under the deal, marking the first presence of Rexpharm in Việt Nam market.

The agreement would open up many new business linkage opportunities for both Vietnamese and Korean enterprises and promote Korea-Việt Nam trade relations for sustainable development and market expansion for high-quality products that suit Vietnamese consumer preferences, KOTRA added.

According to KOTRA, Korean Rexpharm has a long history of operations in manufacturing high-quality nutritional products in South Korea, equipped with modern facilities meeting strict international standards such as HACCP, GMP, full FDA recognition from the US, and other food safety certifications.

Founded and led by Dr. Park Young-Soon, President of Rexpharm, the company has developed based on the foundation of the Onnuri Pharmacy chain – Korea's first comprehensive health care pharmacy model, providing a diverse range from pharmaceuticals and nutritional supplements to daily health care products.

Korean investors have poured US$1.33 billion in 345 projects in the central city, making it one of the top four largest FDI investments in Đà Nẵng, according to the city’s investment promotion agency.

Last month, the KP Aerospace Việt Nam company from Korea first exported ranked wing tip of Boeing 787 aircraft from its Đà Nẵng Hi-Tech Park-based factory.

Investment from Korea to central Việt Nam has high potential as 250 Korean businesses have poured funds in the region, according to the South Korean Consulate General office.

Việt Nam and Korea have set a target of reaching US$150 billion in bilateral trade turnover in 2030, and Đà Nẵng has been seen as the most favourite destination for Korean visitors.

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