South Korean President attends Korea - Vietnam Partnership Fair

During his official visit to Vietnam, South Korean President Yoon Suk Yeol attended the Korea - Vietnam Partnership Fair held by the Korea Trade - Investment Promotion Agency (KOTRA) on June 22 in Hanoi and aiming to promote South Korean businesses and facilitate bilateral trade.

Held in conjunction with President Yoon’s State visit, the Fair encompassed various components designed to enhance economic cooperation between the two countries. It included a K-Industry Showcase, a trade consultation program, a “grand challenge” event, and a K-Food Festival, all aimed at fostering business cooperation and cultural exchange.

The K-Industry Showcase introduced nine large companies that are household names in Vietnam and five small and medium-sized enterprises (SMEs) that are breaking into the local market, according to the presidential office.

These companies include Samsung, LG, Hanwha, SK, Lotte, Hyundai, and Hyosung.

On show were Hyundai’s Ioniq 5 electric vehicle, Hanwha’s Nuri rocket launch, LG’s Omnipod autonomous driving vehicle, and the Okxe platform, which sells used motorbikes in Vietnam.

President Yoon commenced his visit by touring the K-Industry Showcase, where he personally experienced a wide range of products from both large and small South Korean companies. He encouraged participants in a “grand challenge”, held to discover young entrepreneurs in the ASEAN region who wish to start a business in South Korea, emphasizing the specialized innovation of the young generation through international solidarity.

The President also visited a trade consultation session and encouraged participating South Korean and Vietnamese enterprises. He also spoke with representatives of businesses.

At the K-Food Festival, he tasted “Kimchi Banh Mi”, a South Korean take on Vietnam’s baguette sandwich, stuffed with stir-fried kimchi, and chatted with young Vietnamese and invited them to enjoy a variety of Korean street food.

Engaging with the young Vietnamese, President Yoon expressed his desire for them to develop a greater affinity for Korean food. He recognized the borderless nature of creativity and innovation, emphasizing that the world is rapidly evolving into a single global market. He reiterated the importance of cooperation and the exchange of ideas, resources, and talented individuals to overcome shared global challenges.

The Fair saw the participation of 120 South Korean businesses and more than 300 Vietnamese businesses. More than 600 direct trades took place between South Korean suppliers and Vietnamese buyers. Businesses signed MoUs and exchanged details of purchase agreements to prepare for upcoming import contracts.

Ms. Tran Thi Hai Yen, Chief Representative of KOTRA Hanoi, said South Korean businesses participating at the Fair came from a range of industries, such as cosmetics, food, functional food, beverages, pharmaceuticals, medical equipment, electronics - household appliances, kitchen utensils, cultural services, and information and communications technology.

“Many South Korean enterprises are pursuing the development of smart agricultural farms and green agriculture,” she added. “With 100 million people, a rapidly growing middle class, and demand for increasingly high-quality products, South Korean businesses consider Vietnam a market of potential and are actively seeking opportunities for cooperation with Vietnamese businesses.”

Mr. Ill Geun Lee from SMS Bio said the company came to Vietnam seven years ago and in 2022 established a branch office to facilitate the introduction of products extracted from Red Pine Essential Oil to Vietnamese consumers.

Mr. Lee believes that this is a potential business opportunity in Vietnam and appreciates that the country has increasingly improved administrative procedures to help foreign businesses, with SMS Bio having received a license to bring its products to Vietnam.

As a business with ten years of experience in importing and distributing South Korean goods in Vietnam, Ms. Vu Thi Thu, Director of the Faso Vietnam Co., Ltd., said South Korean products are becoming more and more popular in Vietnam. Faso has imported nearly 1,000 product codes and distributed them through distributors and supermarkets nationwide.

The South Korean Government closely supports South Korean businesses in finding partners, opening up many trade opportunities and promoting to bring products of the two countries into each other’s markets.

According to Ms. Thu, compared with Asian countries in general, South Korean products hold more advantages for development in Vietnam, and the South Korean Government has introduced preferential tax policies to spur the growth of Vietnam - South Korea trade.