Workshop seeks ways to boost exports to RoK

A workshop was held in Hanoi on April 24 to seek ways to bolster exports by Vietnamese businesses to the Republic of Korea (RoK). It was organised by the Vietnam Chamber of Commerce and Industry (VCCI), with the participation of about 80 domestic firms in numerous sectors.

At the event, VCCI Vice Chairman Hoang Quang Phong said the governments and businesses of Vietnam and the RoK highly value potential and consumption in both nations.

He stressed that Vietnamese firms expect to expand export markets in the coming time as they boast strength in various items such as garment-textile, aquatic products, footwear, and vegetable and fruits, among others.

In addition, Vietnam and the RoK share many similarities and mutual understanding of culture, habit and conduct, which serve as a favourable condition to foster bilateral trade. Along with boosting exports to the RoK, Vietnamese firms wish to lure more investment from the Northeast Asian country, Phong added.

Kim Sung-hee, customs expert from the Korean Trade and Investment Promotion Agency, said that market expansion and application of preferential treatment for Vietnam's exports will offer chances for Vietnamese business to broaden their presence in the RoK market.

Some advantages to facilitate export-import and trade include the RoK's decline in import tariffs and removal of taxes, she noted.

In return, Vietnamese businesses should enquire about regulations and taste of Korean consumers to avoid violations in legal issues and food safety standards.

They are advised to study tariffs and roadmap of tax reduction for their products, along with requirements of labelling and packaging to meet demands of RoK consumers.

To date, the RoK is the leading foreign investor of Vietnam, with a total registered capital of more than 62 billion USD, as well as the second largest trade partner as two-way trade hit 65.7 billion USD in 2018.

Vietnam currently imports industrial machines, production lines, engines and materials from the RoK.

Source: People's Army Newspaper