Strengthening competitiveness of Vietnam agricultural products in South Korea
(vasep.com.vn) Agricultural products from Vietnam to South Korea like coffee, rubber and seafood are facing tough competition from other supplying countries such as Thailand, Indonesia, Cambodia and Myanmar. This information was revealed by Le An Hai, Deputy Head of Asia-Pacific Market Department under the Ministry of Trade and Industry at the conference entitled “ASEAN – South Korea Free Trade Agreement: Opportunities for Vietnam agricultural products exported to South Korea” hold on October 4th, 2013, in Ho Chi Minh City.
China was the leading supplier of agricultural and seafood items to South Korea. However, Chinese products are currently losing market shares due to higher price and food quality problems. This will be opportunities for Vietnamese products to expand footprints in Korean market.
To boost exports to South Korea, Vietnamese companies need to cooperate with commercial representatives from Korean trading groups, which run business in Vietnam like Lotte.
“Companies with experiences and full understanding of South Korea’s regulations could export to this market directly. New exporters need to cooperate with representatives of Korean trading groups in Vietnam if they are willing to sell products there,” added Mr. Hai.
Vietnam ranked second among South Korea’s seafood suppliers in terms of value, after China. Seafood exports to the market in 2012 reached US$508.8 million.