S. Korean smaller businesses supported with exports into Việt Nam

South Korea's Ministry of Small-and-Medium-sized Enterprises and Start-ups (MSS) has signed a tripartite memorandum of understanding (MoU) with Lotte Mart and Lotte Global Logistics to support South Korean companies exporting into Việt Nam.

Qualified products of South Korean SMEs will be helped with promotions and sold at Lotte Mart Vietnam, while Lotte Global Logistics will transport the products at the company's lowest international shipping rates.

Under the MoU, signed on July 10, the three agreed to establish a cooperation system and support for the export of South Korean SMEs' high-quality products.

SMEs will receive advice from logistics experts to establish strategies that are cost-effective and suited to the products’ characteristics. If needed, logistics services such as storage, management and delivery of products will be provided through overseas warehouses owned by Lotte Global Logistics.

The MSS plans a special promotion, 'Companion Festival' in September, to boost the consumption of premium Korean products in Việt Nam, supported by Lotte Mart and Lotte Global Logistics. This first promotional event will be developed into an annual festival.

Minister of the Ministry of Small and Medium Enterprises and Start-ups, Oh Young-joo said the festival in Việt Nam will support South Korean businesses expanding markets abroad.

Lotte Mart CEO Kang Seong-hyun was quoted by Vietnam News Agency correspondent as saying that: “Việt Nam is a very important market and Lotte Mart is delighted to support the product development of small and medium-sized enterprises according to a distinctive strategy."

Meanwhile, Lotte Global Logistics CEO Kang Byeong-gu said that with this agreement, the company can act as a bridge for Korean SMEs to penetrate foreign markets.

Source: Vietnam News