Korean and Vietnamese SMEs and Mid-Sized Companies Achieve Export Results with Contracts Worth KRW 120 Billion

At the "Korea-Vietnam Business Partnership" hosted by KOTRA

100 SMEs and mid-sized companies participate in export exchanges

A total of 24 contracts with Vietnam; Korean consumer goods account for 90%

At the "Korea-Vietnam Business Partnership" held in conjunction with President Lee Jaemyung's state visit to Vietnam, a total of 100 small and medium-sized enterprises (SMEs) from both countries achieved export contracts worth USD 82.09 million (KRW 121.5 billion).

The Korea Trade-Investment Promotion Agency (KOTRA) hosted the "Korea-Vietnam Business Partnership" at the National Convention Center in Hanoi, Vietnam, on the 23rd (local time) to coincide with President Lee Jaemyung's state visit. At this event, which was attended by 100 Korean SMEs and mid-sized companies, export contracts totaling USD 82.09 million were signed.

Last year, trade volume between Korea and Vietnam reached USD 94.5 billion, making Vietnam one of Korea's top three trading partners for four consecutive years, alongside China and the United States. The number of Korean companies operating in Vietnam has surpassed 10,000, marking a significant deepening of bilateral economic cooperation. According to the Foreign Investment Agency (FIA) of Vietnam, as of the end of March this year, Korea’s cumulative investment in Vietnam amounted to USD 98.9 billion, making Korea the largest investor in the country. Meanwhile, Vietnam, with a population of 100 million, has seen its middle-class proportion grow from 10% to 40% over the past 20 years, leading to a surge in purchasing power and qualitative changes in its consumer market.

KOTRA held the "Korea-Vietnam Business Partnership" at the National Convention Center in Hanoi, Vietnam, on the 23rd (local time), where Korean companies and Vietnamese buyers are engaged in business consultations. KOTRA.

The export consultation event, which started in the morning, featured 100 Korean companies from future strategic industries such as artificial intelligence (AI) and semiconductors, e-mobility, energy and environment, medical and bio, and Korean consumer goods. On the Vietnamese side, 280 buyers from across the country, including Hanoi, Ho Chi Minh City, and Da Nang, participated as partners. A buyer from the food sector commented, "This large-scale event provided a valuable opportunity to meet many excellent Korean companies," and added, "We have high expectations for future results."

The vigorous business consultations resulted in large-scale on-site export achievements. Korean companies signed a total of 24 export contracts with Vietnamese buyers, amounting to USD 82.09 million. In terms of contract value, the Korean consumer goods sector accounted for over 90% of the total, leading the results. Company A, a Korean producer of powdered milk and other dairy products, signed an export contract worth USD 35 million with a Vietnamese distributor. Company B, a health functional food manufacturer, signed export contracts totaling USD 14.02 million with three Vietnamese buyers. Additionally, export contracts were signed for a wide range of items including processed foods, cosmetics, bathroom ceiling materials, medical beds, and construction machinery.

KOTRA also held the "K-Lifestyle Showcase" at the event. To diversify models for Korean consumer goods companies to enter the Vietnamese market, the showcase was organized around three themes: a win-win cooperation zone with large domestic distribution networks, a win-win cooperation zone with specialized trading companies, and a local large distribution network zone.

Korea Trade-Investment Promotion Agency (KOTRA) held the "Korea-Vietnam Business Partnership" event on the 23rd at the National Convention Center in Hanoi, Vietnam. Our companies signed a total of 24 export contracts worth 82.09 million USD with Vietnamese buyers. (From left) Yongchul Park, Chairman of Garimi, Junggwan Kim, Minister of Trade, Industry and Energy, Vu Thi Nhung, CEO of KBIC. KOTRA.

In the win-win cooperation zone, major Korean distributors such as Lotte Homeshopping and Shinsegae, as well as specialized trading companies, showcased products together with 26 partnering SMEs and mid-sized companies, seeking opportunities to enter the local market together. Notably, a live commerce session conducted by Lotte Homeshopping and influencers attracted 52,000 online viewers, demonstrating a strong response. In the local large distribution network zone, K-Market—a leading local K-consumer goods distribution channel supplying Vietnam’s representative warehouse-type store Mega Market—participated and offered sampling opportunities for Korean products.

At the support desk for entry challenges, participating Korean companies were able to directly consult with experts in various fields such as FTA utilization, certification, and trade settlement. In particular, KOTRA, in collaboration with private companies like VISA, introduced a trade settlement card payment platform that allows credit card payments of up to USD 1.5 million per transaction and provides a repayment period of up to 50 days, drawing significant interest from businesspeople in both countries.

Kang Kyungseong, President of KOTRA, said, "At a time when our companies are facing difficulties due to uncertainties in the Middle East, achieving the largest-ever results at an economic cooperation event with Vietnam, our third-largest trading partner, is highly significant. We will make every effort to support Korean SMEs and mid-sized companies to further expand into Vietnam, which serves as both a global production base and an attractive high-growth consumer market."

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