Agriculture sector anticipates RoK opportunities
(VOV) - Vietnam Trade Promotion Agency (Vietrade) Director Do Thang Hai believes successfully negotiating a Free Trade Agreement (FTA) between Vietnam and the Republic of Korea will facilitate trade between the two nations.
Hai was speaking at a November 21 Korean market access seminar organised by Vietrade and the ASEAN-Korea Centre in Hanoi.
He said the RoK’s great demand for agricultural and food products presents a wealth of opportunity for Vietnamese exporters.
The seminar and trade exchange helps Vietnamese businesses gather information about RoK market preferences and regulations and introduces them to potential partners.
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According to the Ministry of Industry and Trade (MoIT), trade turnover between the RoK and Vietnam has increased almost 40-fold from 1992’s US$500 million to nearly US$20 billion in 2012.
Vietnamese exports to the RoK totalled US$5.49 billion over the last ten years, 10% of which were classified as agricultural commodities. Vietnam primarily exports seafood, coffee, processed vegetables and fruits, confectionary, and cereal products.
Korean representatives briefed seminar attendees on consumer trends, effective trade fair marketing strategies, and the RoK’s leading importers.