Vietnam is the third largest mango supplier for the Republic of Korea (RoK) in the world, but the imports from Vietnam only account for 5.8% of the Asian country’s total, the Import – Export Department under the Ministry of Industry and Trade has reported.
According to the department, there is an ample room for Vietnamese firms to promote their export of the fruit to the RoK in the coming time. It urged Vietnamese exporters to fully tap advantages created by the Vietnam – Korea FTA (VKFTA) to boost exports to the country.
Citing data from the Korea International Trade Association (KITA), the department said that the RoK’s mango import from Vietnam in the first three months of 2023 reached 8,000 tonnes worth 36. 4 million USD, down 18% in volume and 19% in value over the same period last year.
According to the Vietnam Trade Office in the RoK, in 2023, a number of factors will continue to affect Vietnam’s exports to the country because the Korean economy faces huge inflationary pressure, and rising interest rates.
In order to promote the export of Vietnamese goods, especially agricultural and aquatic products and processed foods, to the RoK, Vietnamese businesses should pay special attention to meeting Sanitary and Phytosanitary Standards (SPS) of the nation.
Attention should be paid to strengthening exchanges and cooperation activities between domestic business associations and Korean counterparts, as well as with distribution corporations of the RoK such as Lotte Mart, E-Mart, Home Plus, and CJ Home Shoping, thus increasing sales opportunities in supermarkets and distribution channels in the RoK, the office said.
It also recommended other measures, including supporting Vietnamese enterprises to promote and sell their products at major Korean e-commerce sites such as Coupang and Gmarket, encouraging Vietnamese exporters to take part in prestigious trade fairs in the RoK, and organising field trips for RoK firms which are interested in setting up trade and investment cooperation with Vietnamese companies and business associations.
In particular, Vietnam needs a stronger mechanism to attract Korean businesses to cooperate and invest in producing agricultural products for export to the RoK, it added./.
Source: Vietnam News Agency