The companies operate in sectors like cosmetics; food; beverages; and agricultural produce such as rice, fruits, and ginseng.
Speaking at the Vietnam-RoK B2B Meeting, Hoang Van Anh of the Vietnam Chamber of Commerce and Industry, said the RoK is Vietnam’s third largest trading partner and Vietnam is the RoK’s fourth largest.
Their trade was worth over US$45 billion in the first nine months of this year, with Vietnam carrying a deficit.
The two have similar agricultural produce, but Vietnamese firms need to learn from their RoK counterparts to improve their production, Anh said.
“Vietnamese companies should promote technical cooperation with Korean firms in processing farm produce or can work with RoK companies at the event to promote export of their products to Korea.”
Kim Heung Soo, chairman of the RoK Chamber of Commerce and Industry in the south and centre of Vietnam, agreed with Anh, saying Korean firms should not only think of exporting their products to Vietnam but also consider importing Vietnamese products.
Vietnam has an abundant supply of farm produce, including many high-value specialities at cheap prices, he said.
Kim Chang Yil, a representative of Yeongju city businesses, said the RoK has many types of farm produce and processed specialities like red ginseng, ginseng, and fruit juices.
These are of high quality and safe and popular in many countries, he said.
With its rapid economic development and rising incomes, Vietnam has increasing demand for higher quality products, which the Koreans can offer.
The event, part of the RoK-Vietnam Trade and Culture Exchange Festival being held in HCM City, is expected to further promote bilateral trade, Son In Rak, CEO of Yeoungnam daily newspaper, one of the organisers of the event, said.
The festival, being held from November 30 to December 4, includes activities like a multi-cultural family reunion, an exhibition of Vietnamese and Korean products, a buyers meeting, art performances and a gala dinner.
The event is hosted by Gyeongsangbuk-do Province and Glocal Kim together with the newspaper in collaboration with the VCCI.
