Exports grow as South Koreans take increasingly to Vietnamese agri products

“Many Vietnamese agricultural products are favored by South Korean consumers due to their quality and competitive prices,” Jeong Joon Kyu, CEO of the Korea Trade-Investment Promotion Agency in HCMC, said on the sidelines of the 2024 Vietnam-Korea Plus Partnership Week, which opened on Tuesday.

Most notably, coffee exports were up 39% at $75.6 million and pepper exports jumped by 147% to $19.8 million.

Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, said South Korea has become Vietnam’s second largest fruit and vegetable export market.

Mango, longan, dragon fruit, banana, pineapple, and durian are the biggest exports to the market, he added.

Other exports like electronic components, computers, phones, machinery, and textiles increased by 2-14%. Overall exports topped $12 billion, up nearly 11%.

Representatives of Vietnamese and South Korean businesses at an event on July 16, 2024. Photo courtesy of the Vietnam Chamber of Commerce and Industry

Speaking at the event, Do Nhat Hoang, director of the Foreign Investment Agency, said South Korean businesses have been investing more in Vietnam.

Of their nearly $87.5 billion so far, they have invested 75% in manufacturing. He expected the figure to rise by $10 billion in the near future.

During a visit to South Korea in late June Prime Minister Pham Minh Chinh met with many business executives who expressed interest in investing in Vietnam.

They include tech giant Samsung, which announced it would invest heavily in the country over the next three years.