The economic delegation sent to Vietnam to expand Jeonju’s economic territory has created a foothold for local companies to enter the Vietnamese market through trade and exchanges with local economic institutions and businesses.
▲ Jeonju’s economic delegation expands trade and exchanges with Vietnam, achieving ‘success’ (K BEAUTY Expo) (Photo: Jeonju City).
The economic delegation, which operated in Hanoi and Ho Chi Minh City, Vietnam, from the 3rd to the 9th, achieved success in strengthening industrial and economic exchanges and cooperation with Vietnam.
Through this, outstanding companies from the Jeonju region were able to enter the Vietnamese market, and various glocal businesses now have a launching pad to expand across Southeast Asia, using Vietnam as a base.
Notably, the Jeonju economic delegation hosted an export consultation meeting in Hanoi on the 5th to help companies explore export channels, and on the 7th, they participated in the ‘K BEAUTY Expo’ held in Ho Chi Minh City.
▲ Jeonju’s economic delegation expands trade and exchanges with Vietnam, achieving ‘success’ (Visit to SIHUB for business cooperation) (Photo: Jeonju City).
As a result, through one-on-one personalized consultations with local Vietnamese buyers, the delegation achieved a total of 88 export consultations worth 10 million USD and signed an export contract worth 2 million USD.
As part of post-management, the city plans to cooperate with export-related organizations such as KOTRA and the Korea International Trade Association (KITA) to provide customized consulting for export contracts, and promote various export support initiatives to ensure that actual contracts are made between businesses and buyers. The city will also provide post-management support related to the contracts for the next two years.
▲ Jeonju’s economic delegation expands trade and exchanges with Vietnam, achieving ‘success’ (Meeting with the President of SEHAN CHONGYEON and the Hanoi Korean Association) (Photo: Jeonju City).
The economic delegation also laid the foundation for securing local distribution networks, creating a stepping stone for local companies to develop sustainable sales channels.
Specifically, the city signed a tripartite agreement with local distribution companies Taebaek Distribution and JY GLOBAL to continue cooperation in various fields, aiming to support the international expansion and sales channels of local small and medium-sized enterprises (SMEs).
As a result, Jeonju export companies will be able to utilize the excellent distribution networks in Vietnam owned by JY GLOBAL and Taebaek Distribution, securing safe export and distribution channels. The city aims to achieve an export target of 10 million USD in the coming year and will promote direct supply to local offline stores for Jeonju SMEs’ products.
Additionally, the Jeonju economic delegation visited Vietnamese economic institutions to establish a cooperative framework to support the global expansion of local companies.
At ‘SIBUB (Saigon Innovation Hub),’ an agency under the Ministry of Science and Technology in Ho Chi Minh City, the delegation devised strategies for mutual exchange and cooperation between startup companies, focusing on support for different stages of growth, global expansion, and network strengthening. The Ho Chi Minh City Chamber of Commerce and Industry also discussed strategies to activate economic exchanges, including discovering buyers, fostering mutual exchanges between companies, and supporting entry into overseas markets when Jeonju sends a trade delegation.
The economic delegation also met with prominent Vietnamese business figures, including Ko Sang-gu, president of SEHAN CHONGYEON (the World Federation of Korean Associations), and Jang Eun-sook, president of the Hanoi Korean Association, to establish cooperation channels for local companies’ entry into Vietnam. Notably, President Ko, representing K-Market, one of Vietnam’s top 100 companies, agreed to actively support the entry of Jeonju consumer goods into 140 K-Market stores across Vietnam.
Building on the established cooperation framework with Vietnam, the city plans to strengthen support for local companies’ expansion into Southeast Asia and ensure that these efforts lead to tangible export opportunities for businesses.
To achieve this, the city will host a foreign buyer consultation meeting in Jeonju, inviting Vietnamese buyers to assist with expanding export channels for local companies. Furthermore, the city will organize a “Night of Harmony” event to foster network cooperation between invited Vietnamese buyers and Jeonju businesses.
Additionally, the city plans to expand exchanges by dispatching representatives to participate in startup exhibitions in both countries, as well as hosting a startup forum to create a foundation for nurturing global startup companies. Next December, the city will hold a Hanbok fashion show at the “Korea-Vietnam Friendship Street Festival” in Hanoi and operate a booth for Jeonbuk National University to attract Vietnamese students.
Jeonju Mayor Woo Beom-gi stated, “Vietnam is a dynamic and young emerging power in Asia, and I hope that this visit will serve as an opportunity to strengthen the friendly cooperation between the two countries and make business expansion more active.” He added, “In the future, Jeonju will continue to lead in helping our companies explore overseas markets and resolve the challenges they face.”
Source: Newsmaker
