KOTRA Holds Meeting to Support Korean Food Companies Entering Vietnam Market

'Food Industry Policy Meeting' Held in Hanoi, Vietnam

The Korea Trade-Investment Promotion Agency (KOTRA) will hold the '2023 Food Industry Policy Meeting' on the 13th in Hanoi, Vietnam. This meeting is held to support the establishment of communication channels between Vietnamese government officials in charge of food industry policies and companies from both countries, aiming to activate trade and investment. It also aims to listen to Vietnam's industrial development strategies and policy directions and to propose various difficulties faced by domestic food companies to the Vietnamese government.

KOTRA will conduct this meeting together with the Vietnam Trade Promotion Agency. It is hosted by the Vietnam Korea Desk, jointly established within the Trade Promotion Agency by KOTRA and the Vietnam Trade Promotion Agency in 2020. For Korean companies wishing to enter the Vietnamese market, the event will be held offline locally as well as online. Officials from the Vietnamese Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, Food and Drug Administration, Customs, and food companies from both Korea and Vietnam will attend the event.

Korea and Vietnam marked the 30th anniversary of diplomatic relations last year. Trade between the two countries has increased 161 times over 30 years since 1992, and last year's trade volume reached a record high of $87.7 billion. Korea is currently the top investor in Vietnam with over 9,300 projects and $79.2 billion invested. In the agricultural and fishery food sector, Korea has expanded agricultural sector openness under the Korea-ASEAN and Korea-Vietnam FTAs, with Vietnam emerging as one of Korea's top four importers of agricultural, forestry, and fishery products.

Lee Jong-seop, Head of KOTRA's Southeast Asia and Oceania Regional Headquarters, said, “Now that Korea-Vietnam trade has reached an all-time high, it is the perfect time for our small and medium-sized food companies to actively enter the Vietnamese market,” adding, "Through this meeting, we hope to explore collaboration possibilities between food companies of both countries and quickly resolve difficulties faced by our companies operating locally.”

This content was produced with the assistance of AI translation services.