Korea Vietnam Partnership: KOTRA Hosts Korea-Vietnam Day In Seoul to Maximize FTA Effects | BusinessKorea

Friday, July 21, 2017

KOTRA held “Korea-Vietnam Day In Seoul 2015” at Lotte Hotel in Jamsil, Seoul on Sept. 14.
KOTRA held “Korea-Vietnam Day In Seoul 2015” at Lotte Hotel in Jamsil, Seoul on Sept. 14.
SEOUL, SOUTH KOREA
16 September 2015 - 11:00am
Jung Min-hee

KOTRA announced on Sept. 15 that “Korea-Vietnam Day In Seoul 2015” held at the Lotte Hotel in Jamsil, Seoul on Sept. 14 ended in great success, attended by 17 Vietnamese government-run and private firms, and Korean firms too.

A total of 17 Vietnamese companies visited Korea this time. Their combined sales reach US$25 billion (29.54 trillion won), and they are leaders in the distribution, petrochemical, textile, and auto industries, according to KOTRA.

Vietnam, which was the sixth largest export market to Korea last year, has become the fourth largest as of July this year, emerging as a major promising market.

The hot issue of the event was a thermoelectric power plant project that will make a bidding announcement in Oct. Vietnam’s leading construction and plant firm PVC held a tender presentation for “Quang Trach No.1 Thermal Power Plant Construction Project” worth US$1.3 billion (1.54 trillion won). At the presentation, the company asked domestic leading construction and plant firms to take part in the project.

Vietnam’s largest private firm Vingroup, which posts US$1.3 billion (1.54 trillion won) in sales, introduced a US$90 million (106.34 million won) project to modernize the farming industry. The group progressed consultations about production facilities procurement and related technologies acquisition from Korean companies.

Vietnam’s big three distributors – Hapro, Saigon, and Fivi Mart of the TCT Group – actively asked Korean firms to produce their private brand (PB) products. The three companies have more than a 70 percent share in the nation’s retail distribution market.

The Thanh Cong Group, an official sales agent of Hyundai Motor in Vietnam, and Vietnamese automakers Samco and Vinamoto also sought various ways of cooperation in the supply and joint development of auto parts.

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