RoK businesses seek opportunities in Vietnamese market

The Economic and Science Promotion Agency of Gyeonggi-do province of the Republic of Korea (RoK) announced on June 5 that it has completed a pilot project to support businesses from northern provinces and cities in connecting with Vietnam.

With the goal of promoting exports and supporting small potential businesses in seeking partners in Vietnam, Gyeonggi-do coordinated with agencies from Goyang, Namyangju, and Paju cities to establish a market pioneer group, which provided a total of 114 consultancy sessions and promoted the signing of contracts worth nearly US$4.4 million.

It collaborated with the Global Business Centre (GBC) in Ho Chi Minh City to implement a plan for supporting businesses in conducting promotion activities in the Vietnamese market focusing on the economic hubs of Hanoi and HCM City.

Gyeonggi-do provided comprehensive assistance, including pre-scouting for buyers, arranging direct consultancy sessions, covering overseas marketing expenses, and operating a local consulting centre, among others.

During this promotion campaign, Saeang Co., Ltd., based in Namyangju city, which specialises in beauty products made from herbal ingredients, conducted eight business-matching sessions with partners in HCM City and Hanoi. The firm inked a three-year agreement with a Vietnamese partner to develop products for hair loss treatment, and an export contract worth US$450,000.

To achieve effective trade promotion, Gyeonggi-do supported businesses in contacting partners in Vietnam to carry out additional procedures following negotiations, and provided indirect marketing services through video consultancy.

According to director of the agency Kang Seong-cheon, the Korean province will continue to send market development groups and provide marketing support to help local small- and medium-sized enterprises make inroads into the Vietnamese market.

Source: VOV