K-Expo Vietnam 2022 is underway on October 18 at the Hanoi-based JW Marriott Hotel to facilitate trade connections for South Korean and Vietnamese firms. 

South Korean and Vietnamese firms participate in the expo. Photo: The Hanoi Times

K-Expo, South Korea's first pan-government project, has been launched this year to expand the foreign advances of the nation's SMEs and promote South Korean culture abroad through the significant economic ripple effects of Hallyu on consumer goods.

The event attracted the participation of 120 businesses from Vietnam, the Philippines, Cambodia, and Laos, and 50 South Korean exporters of fresh agricultural products, functional foods (ginseng, red ginseng, processed rice) and seafood (conifers, abalone, sea salt).

Within the K-EXPO Vietnam 2022, many special Korean foods are on display, such as ginseng and golden halibut, Park Min Cheol, Director of Korea Agro-Fisheries & Food Trade Corporation (aT) for ASEAN, told The Hanoi Times.

At this expo, he hoped that new cooperation would be formed among Korea, Vietnam and other Southeast Asian countries.

Director of the aT's Food Export Ki No Sun said: "It is a good chance for Vietnamese consumers, who are at the center of Southeast Asia's distribution and consumption trends, to experience our products. We will continue to do our best to expand the export of agricultural and aquatic products in Southeast Asia, including Vietnam."

The expo includes business matching sessions and seminars on trends in the Vietnamese food market, strategies for approaching the high-end food market and improving export efficiency.

Besides, another event to boost foreign sales and promote consumer goods and services will take place from October 27-28 at the Hanoi International Exhibition and Convention Center.

The South Korean Ministry of Culture, Sports and Tourism jointly organized the event with other government organizations to support the joint overseas advance of Hallyu content and related industries. 

Enhancing South Korean investment in Vietnam

South Korea has maintained its position as the largest foreign investor in Vietnam, with more than 9,000 Korean companies operating in various fields such as manufacturing, energy, culture, education and tourism, Vice Chairman of the Korean Chamber of Business in Vietnam (KOCHAM) Bae Yong Geun said at a workshop held by Vietnam News Agency on October 18 in Hanoi.

According to the KOCHAM, Vietnam has an attractive investment ecosystem with many factors, such as a strategic location in the region, a large labor force, and an open investment environment with many newly signed trade agreements.

With the current macroeconomic stability, South Korean businesses are very interested in the Vietnamese market and want to turn Vietnam into a large-scale production base.

He suggested that Vietnam should improve its policy on investment licensing to promote South Korean capital flows. Particularly, it is necessary to develop the supply of human resources and critical infrastructure in the southern provinces.

Statistics from the Vietnamese Ministry of Planning and Investment (MPI) showed that South Korea ranked second among 97 countries and territories investing in Vietnam, with registered investment capital of US$3.8 billion and 290 projects from January-September.

Director of the MPI’s Foreign Investment Agency Do Nhat Hoang underlined South Korea and Vietnam could bring bilateral trade turnover and total accumulated investment capital to $100 billion in the upcoming one to two years.