Invest KOREA

KOTRA hosts 'Food Industry Roundtable' on Apr. 13 in Hanoi, Vietnam

KOTRA (President Yu Jeoung Yeol) holds 'Food Industry Roundtable 2023' on Apr. 13 in Hanoi, Vietnam. Through the event, KOTRA plans to invigorate bilateral trade and investment by building communication channels among Korean and Vietnamese businesses and officials in charge of the food industry in Vietnam, listen to Vietnam's industrial development strategies and policy directions, and report all the challenges that Korean food companies are suffering from in the region to the Vietnamese authorities.

Jointly organized by KOTRA and VIETRADE (the Vietnam Trade Promotion Agency), the roundtable will convene officials from MOIT (The Ministry of Industry and Trade), MARD (The Ministry of Agriculture and Rural Development), DAV (Drug Administration Of Vietnam), General Department of Vietnam Customs, and food business leaders of both Korea and Vietnam. It will be carried out both on and off-line, so domestic corporations which are planning to make inroads into Vietnamese market can also participate in it.

Last year marks the 30th anniversary of the formation of diplomatic ties between the two countries. During the next 30 years since 1992, the volume of bilateral trade has increased by 161 times, and last year's volume reached an all-time high at USD 87.7 billion. For Vietnam, Korea is the number 1 investor with USD 79.2 billion worth of investment in over 9,300 projects.

Korea widely opened its agriculture sector by signing FTAs with ASEAN and Vietnam, respectively, which resulted in Vietnam becoming Korea's 4th largest trading partner after the US, China, and Australia.

The Roundtable will serve as a platform to inform the Vietnamese government of challenges facing Korean firms operating business on the Vietnam soil and discuss cooperative measures with the Vietnamese government and businesses of both nations to address such obstacles.

Korean Desk in Vietnam, co-organized by KOTRA and VIETRADE in August 2020 hosts the roundtable. "This is an opportune moment for our SMEs to enter the Vietnamese market since the bilateral trade with Vietnam is at its height." said Lee Jong Seop, the regional head of Southeast Asia and Oceania headquarters of KOTRA. He added, "I hope this roundtable will bear fruits where we seek a better cooperation between food businesses of the two countries and tackle all the challenges our corporations are facing."



Source : Invest KOREA (Apr 13, 2023)