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Koreans are lured by Vietnam’s Food Exports Print E-mail
Thursday, 12 May 2016 17:55

VIETRADE - From May 10th to 13th, 2016 the International Seoul Food Expo 2016 was held at the Korea International Exhibition Center (KINTEX), Korea by the Korea Trade Promotion Corporation (KOTRA).


Under the National program for trade promotion in 2016, in order to boost export of Vietnam’s foods having strengths and prospects in Korean market, the VietnamTrade Promotion Agency (VIETRADE), Ministry of Indusy and Trade, organized a business delegation to participate the exhibition with 12 commodities for display, ranging from canned and frozen vegetables, fish sauce, seafood, however, products of special interest are frozen vegetables.

In the very first day of the exhibition, Lavifood Joint Stock Company inked a contract of roughly USD 1 million with Semiwon Food Limited Liability Company for exporting mango.


On May 11th, 2016, E-mart and Lotte Mart, two big Korean Corporations worked with Vietnam enterprises at booths to discuss about bringing Vietnam’s food closer to Korean consumers. Besides the product display, KOTRA also organized business matching events to connect enterprises of the two countries, creating opportunities for Vietnam exporters in Korean market. By the end of 2015, the Vietnam-Korea Free Trade Agreement (VKFTA) officially took effect. This is a milestone for a new economic cooperation era between the two countries when many tariff lines are cut and their goods can easily enter one another’s market, results in the likely achievable target of USD 70 billion bilateral trade revenue by 2020.

Under VKFTA, Vietnam is granted with tariff incentives for 502 exports which are Vietnam’s export strengths. Particularly, they are key agroforestry and seafood products such as prawn, crab, fish, tropical fruits and industrial goods such as garments and textiles and mechanic products…


There are 50 commodity groups of fruits, vegetables and produces with export revenue of USD 800,000 and are highly likely to grow in Korean market. Or some other commodity groups like garlics, gingers, honey, sweet potatoes… for which Vietnam is the very first FTA partner of Korea to be granted with import license, as these sensitive commodity groups are currently subjected to a tariff of 241 - 420%.


Korea is one of the biggest agriculture product and food importers in the world while Vietnam has much potential for these groups of commodities. However, the share of Vietnam exports in Korea has not proportionally equate to other competitors’ in the market.

With VKFTA, the participation in the trade fair, exhibition on these commodities is one of the effective ways to boost Vietnam’s agriculture products and foods to Korea. However, Korea is a competitive market with high demand for value. Hence, Vietnam’s enterprises should be updated with market information in order to assess demand, trend for certain commodity group intended to export to this market in order to reap the benefits from VKFTA.


The International Seoul Food Expo is an established annual food industry exhibition in Asia. With the exhibition area of 76,121 square meters, the event attracts nearly 1000 enterprises to participate and occupy roughly 2,500 booths and welcome more than 50,000 international visitors from different countries around the world to visit and conduct business activities.

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