Made-in-Vietnam goods are more competitive than those of other Asian countries in South Korea thanks to the effective implementation of the Vietnam-South Korea and ASEAN-South Korea free trade agreements.

Made-in-Vietnam good Week in South Korea

Apart from making use of preferential tariffs, Vietnamese businesses are aware of the significance of studying the market and investing in designs to create high-quality products.

Notably, Vietnam’s southern economic hub of Ho Chi Minh City has many opportunities to expand its presence in the South Korea.

According to the municipal Department of Industry and Trade, the South Korea is the fifth biggest importer of the city, making up nearly five percent of its total export turnover.

Made-in-Vietnam good Week in South Korea

HCM City mainly exports garment-textile, footwear, electronic products and spare parts, computers, wood and timber products.

In the first ten months of 2017, the city exported 29.15 billion USD worth of goods through the country’s border gates, a year-on-year rise of 13.3 percent.

Deputy Director of the department Nguyen Huynh Trang said Vietnam has signed 12 free trade agreements, including 10 effective ones.

To promote exports to the RoK, Vietnamese firms should address shortcomings in packaging and papers declaration and map out a proper strategy to increase competitiveness in the market, she suggested.

VNFHanoitimes