Korean SMEs’ exports to Vietnam soar in 2017
Small- and medium-sized enterprises (SMEs) of the Republic of Korea (RoK) exported 12.6 billion USD worth of goods to Vietnam in 2017, up 33.4 percent over the previous year, reported the Korea Small Business Institute (KOSBI).
Pears from the RoK sold at Vietnam's supermarket (Photo: VNA)
Vietnam was the second largest overseas market for Korean SMEs, only after China. Main export products to Vietnam were wireless telecommunications equipment, knitted textiles and plastics.
KOSBI, which works to facilitate the sustainable development of SMEs, said Vietnam is an attractive market with a population of more than 90 million people and annual economic growth of 6-7 percent.
The institute added that Vietnamese consumers have favourable impressions of products from the RoK because of the popularity of “Korean Wave” and the strong presence of companies like LG, Samsung and Hyundai Motor.
KOSBI said that for SMEs to expand their presence in the country and the rest of Southeast Asia, it is advisable to make full use of Vietnam's special economic zones.
In addition, SMEs should also follow a so-called multi-product, small-sized production strategy when selling consumer goods in the country./.
VNA
-
Quality varieties spur Vietnamese rice industry's growth: experts
- Launching 1 million hectares of high-quality, low-emission rice project
- Small but quality FDI projects invested in southeastern localities
- In 2024, Long An will change crop structure on rice land with an area of more than 8,500 hectares
- Long An 's industry on the path of recovery and development
- Businesses bullish on Q2 outlook: GSO
- Cryptocurrency is not banned in Vietnam: Ministry
- Construction starts on first railway project using RoK’s ODA
- Vietnam remains attractive destination for foreign investors
- Breakthrough policies look towards green economy
