RoK firms shift overseas business focus to Vietnam: Yonhap
The Republic of Korea’s (RoK) consumer goods firms are shifting their overseas focus to Vietnam, increasing investment and aggressively opening new branches, Yonhap news agency reported on May 2.
Seoul (VNA) – The Republic of Korea’s (RoK) consumer goods fi🎀rms are shifting their overseas focus to Vietnam, increasing investment and aggressively opening new branches, Yonhap news agency quoted industry watchers in an article on May 2.
In its article, Yonhap says with a population of over 90 million and 60 percent in their 30s or younger, Vietnam stands out as a market promising robust growth.
A recent report by the Korea Trade-Investment Promotion Agency said the RoK government is pursuing the expansion of consumer goods exports to Vietnam to make up for the country's slowing trade. It describes Vietnam as a good opportunity for local firms.
CJ Group, whose affiliates range from entertainment to food and beverages, made an early start when it opened an office in Vietnam in 1998. The group's chairman, Lee Jay-hyun, declared in 2012 that the conglomerate will build a "third CJ" in Vietnam following the RoK and China.
In February, it took over Ong Kim's, a popular kimchi brand in Vietnam. A month later, it acquired a 4.08 percent stake in the country's meat manufacturer Vissan and is planning to obtain more.
According to company officials, it has started to look into the local livestock industry.
Yonhap quoted a CJ official as saying that they will be proceeding with active investment in Vietnam across different industries. They will expand the scale of investment, such as increasing milling factories, to raise their market status in Vietnam.
The RoK's retail giants, Lotte and Shinsegae, are also strengthening their foothold in Vietnam.
Lotte Mart opened its 12th Vietnamese branch in Go Vap, an urban district of Ho Chi Minh City, last week. After venturing into the Asian country in 2008, Lotte chalked up 217 billion won (190 million USD) in sales last year.
The conglomerate continues to enlarge its market presence there, opening the Lotte Center Hanoi that includes a Lotte Mart, Lotte Department Store and Lotte Hotel, in addition to acquiring a local department store, the Diamond Plaza.
In Ho Chi Minh City, the company is building an eco-smart city that combines a shopping mall with residential and office facilities.
Shinsegae is making most of its strides through its discount chain E-Mart, whose first Vietnamese branch opened late last year in Go Vap district. Vietnam is the chain's second overseas entry after China.
E-Mart officials say they hope to eventually export products directly to Vietnam, according to Yonhap.-VNA
The northern mountainous province of Yen Bai has pledged to create favourable conditions for businesses from the Republic of Korea (RoK) investing in the province.
A business delegation from Gyeongnam province in the Republic of Korea (RoK) participated in a “Vietnam-RoK trade exchange” held in Ho Chi Minh City on April 20.
Prime Minister Nguyen Xuan Phuc appreciated Kumho Asiana’s contribution to the development of trade, investment, culture and education in Vietnam during a reception on April 20.
Free trade agreement between Vietnam and the Republic of Korea (VKFTA) would be an effective channel to increase the bilateral trade to 70 billion USD in 2020.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
The Lotte Centre in Hanoi (Photo: VNA)
