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E-commerce trading floor on Korean products to be launched

An e-commerce trading floor will be set up to sell products from the Republic of Korea, a conference heard in Seoul on April 15.

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e-commerce trading floor on korean products to be launched hinh 0
Vietnamese, Korean firms introduce products on the sidelines of the conference (Photo: VNA)

Hoang Ngoc Huan, Chairman of the Vietnam Cable Television Corp, said his enterprise was preparing for an online/offline product distribution project, backed by a strong marketing network.

The project would establish a new trading platform dedicated to selling reliable and quality Korean products, he said.

During the event, VTVcab, the Korea SMEs and Start-up Agency (KOSME) and Phu Thai Group signed an agreement aiming to support Korean enterprises in advertising and distributing their products in Vietnam.

Pham Dinh Doan, Chairman of Phu Thai Group, said the agreement would help Korea small and medium-sized businesses to effectively launch their distribution channels in Vietnam.

Hosted by VTVcab and KOSME, the Vietnam Business Export Conference 2019 witnessed the participation of nearly 220 enterprises from the two countries.

KOSME director Lee Sang Jik said he hoped the event will contribute to improving the bilateral trade between the two countries. 

Two-way trade has skyrocketed in the past from a modest 500 million USD in 1992 to 60 billion USD in 2017 and approximately 63 billion USD in the last 11 months of 2018.

Vietnam and the Republic of Korea aimed to boost bilateral trade turnover to 100 billion USD by 2020 with a balanced trade direction, following an action plan signed between the two nations late last year.

Under the plan, from now until 2020, the two countries will cooperate to support Vietnamese enterprises in enhancing their competitiveness in the fields of spare parts manufacturing, automobiles, garment and textiles, footwear and electronics while facilitating agricultural trade between the two sides.

The Republic of Korea is now the biggest foreign investor in Vietnam with total direct investment reaching 64 billion USD as of March 2019, accounting for 18.4 percent of the nation’s total foreign direct investment.

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