Apart from making use of preferential tariffs, Vietnamese businesses are aware of the significance of studying the market and investing in designs to create high-quality products.
Notably, Vietnam’s southern economic hub of Ho Chi Minh City has many opportunities to expand its presence in the RoK.
According to the municipal Department of Industry and Trade, the RoK is the fifth biggest importer of the city, making up nearly five percent of its total export turnover.
HCM City mainly exports garment-textile, footwear, electronic products and spare parts, computers, wood and timber products.
In the first ten months of 2017, the city exported US$29.15 billion worth of goods through the country’s border gates, a year-on-year rise of 13.3%.
Deputy Director of the department Nguyen Huynh Trang said Vietnam has signed 12 free trade agreements, including 10 effective ones.
To promote exports to the RoK, Vietnamese firms should address shortcomings in packaging and papers declaration and map out a proper strategy to increase competitiveness in the market, she suggested.