Huge opportunities for Vietnam farm produce to penetrate RoK

The farm produce sector is expected to be a major beneficiary from the free trade agreement recently signed between Vietnam and the Republic of Korea (RoK), as heard a workshop held in Ho Chi Minh city on May 13th.
May 14, 2015 | 16:24

Ki Bong Moon, a representative from the ASEAN-Korea Centre (AKC), said the RoK’s imports of farm produce have increased 21 times over the past 14 years, especially vegetable and fruits.

Vietnam now has extensive opportunities to promote exports of its agricultural commodities to the RoK as well as seek investment to develop the domestic food industry, he suggested, saying Korean consumers prefer high-quality and safe products imported from Southeast Asian countries.

Representatives from the RoK’s E Mart Group and Lotte Mart said the companies plan to promote Vietnamese farm produce including vegetables, fruits and seafood to their home market.

Huge opportunities for Vietnam farm produce to penetrate RoK

Photo for illustration. (Source: VNA)

Trade between Vietnam and the RoK reached USD40 billion last year, doubling the figure from 2012. In March 2015, bilateral trade hit USD8.6 billion or an annual rise of 16 percent, which is forecast to surge thanks to the trade pact.

Though there are huge opportunities for Vietnamese agricultural producers to boost exports to the RoK, experts noted that businesses should proactively update the list of goods allowed to enter the market while thoroughly studying the demand of the target consumers and designing effective marketing strategies.

Vietnamese businesses have also been advised to select goods that are suited to the taste of Korean consumers along with improving the packaging and quality of the products.

The workshop was held by the Trade Promotion Agency under the Ministry of Industry and Trade, the Korea Trade Promotion Corporation and the AKC./.


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