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Home / Economy / Trade - Service
Local businesses seek ways to penetrate Korean food market
12:57, 2014/10/30
​Vietnam takes the lead in the world in rice export. It ranks ninth in exporting high quality seafood, vegetables and tropical fruit, said the Republic of Korea’s Consul General Oh Jae Hack at a seminar in HCM City on October 29.
However, the Consul General emphasised that the export value remains low as a complete supply chain is not established yet.
 
He said first of all, the two nations should strengthen trade exchange in order to add value to Vietnam’s export items and help it further penetrate the RoK’s market,. Meanwhile, trade promotion agencies and associations should find practical solutions to help the business community cooperate to introducing high quality Vietnamese farm produce while taking full advantage of the RoK’s processing technology.
In the first ten months of the year, two-way trade turnover reached some US$23.3 billion. Especially, the RoK now tops foreign investors in Vietnam with a total investment capitalisation of US$2.5 billion in the reviewed period.
According to Ms Bui Thi Thanh An, deputy director of the Vietnam Trade Promotion Agency (Vietrade), local businesses should exert greater efforts to fully tap the potential market and enhance their capacity to meet the strict requirements of product quality.
In addition, the business community of both nations should always be prepared to seize opportunities of the Vietnam-RoK Free Trade Agreement (FTA) expected to be signed late this year and will give fresh impetus to the development of bilateral trade and investment.
During the seminar, several RoK businesses expressed hope to seek Vietnamese partners to further introduce Vietnamese products to the RoK market. 
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