Yujeong-yeol Gan, KOTRA President in Vietnam... Future Industry Forum and Supply Chain Council Held

by Park Sunmi

Published 27 Apr.2022 14:21(KST)

Future Industry Forum, Supply Chain Council, and Trade Office Directors Meeting Held in Vietnam

KOTRA promoted the Future Industry Partnership Forum, the Global Supply Chain Council, and the Southeast Asia-Oceania Trade and Investment Strategy Meeting over three days starting from the 26th. Yoo Jung-yeol, President of KOTRA, is delivering the opening address at the "Korea-Vietnam Future Industry Win-Win Cooperation Forum."

[Asia Economy Reporter Park Sun-mi] "With the resumption of previously halted overseas activities, we will accelerate effective overseas expansion of our companies and secure stable supply chains, focusing on Vietnam as well as Southeast Asia and Oceania."

KOTRA organized a forum in Hanoi, Vietnam to explore ways to strengthen economic cooperation between the two countries. On the 27th, KOTRA announced that it is holding the Future Industry Partnership Forum, the Global Supply Chain Council, and the Southeast Asia and Oceania Trade Office Heads Meeting over a three-day schedule in Vietnam.

At the Korea-Vietnam Future Industry Economic Forum held the previous day at Lotte Hotel Hanoi, more than 150 government officials and representatives from local companies of both countries attended. Speakers from the Vietnamese Ministry of Industry and Trade, Ministry of Information and Communications, and Korea Institute for International Economic Policy presented on topics including ▲Vietnam’s industrial trends ▲material and component supply chain cooperation measures ▲climate change response strategies ▲and success cases of Korean investment companies.

Also on the same day, KOTRA held the local Global Supply Chain Council together with the Embassy of the Republic of Korea in Vietnam and local trading companies. In particular, with the Korean government selecting Vietnam as one of the key countries for supply chain cooperation, Vietnamese manufacturers related to the sector were invited to discuss ways to secure stable supply chains for core items.

At the Southeast Asia and Oceania Trade Office Heads Meeting held on the 27th, 15 trade office heads from 11 countries including Vietnam, Thailand, and Australia attended to discuss responses to the global supply chain crisis and support measures for corporate expansion by leveraging opportunities from the reorganization of the Global Value Chain (GVC). They also decided to focus on promoting corporate support activities that combine face-to-face and non-face-to-face approaches such as ▲smart and green market entry projects ▲online and offline distribution network expansion ▲and Hallyu fairs.

Furthermore, KOTRA President Yoo Jeong-yeol met with Nguyen Chi Dung, Minister of Planning and Investment of Vietnam, to discuss ▲stabilization of supply chains essential to Korean companies operating in Vietnam and Vietnamese manufacturing ▲and cooperation plans for climate change response projects. He also requested Vietnam’s support for the bid to host the 2030 Busan World Expo, emphasizing that it could be a shared festival for Asians as Vietnam is a member country of BIE (Bureau International des Expositions). On the 28th, he is scheduled to meet Nguyen Hong Dien, Minister of Industry and Trade of Vietnam, to discuss expanding trade and investment utilizing RCEP, the Busan World Expo bid, and cooperation plans for supply chain stabilization.

President Yoo stated, "Starting with Vietnam and other Southeast Asian and Oceania countries, we will increase the proportion of face-to-face business support while newly integrating digital marketing to enhance corporate support outcomes. We will do our best to secure stable supply chains and create new export opportunities."