KOTRA and KITA hold Korea-Vietnam Mega FTA Trade Strategy Briefing Session online

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KOTRA and KITA hold Korea-Vietnam Mega FTA Trade Strategy Briefing Session online

The Korea Trade Investment Promotion Agency and the Korea International Trade Association held Korea-Vietnam Mega FTA Trade Strategy Briefing Session online on April 20 in line with the Regional Comprehensive Economic Partnership (RCEP). The briefing included 1) contents of RCEP 2) practical use of RCEP between South Korea and Vietnam 3) trade culture in Vietnam 4) regulations and verification of importing goods from Vietnam. RCEP has 15 member countries and the volume of the trade is worth $5.6 trillion, a 31.9% of the whole trade in the world. RCEP is expected to break the trade barrier between member countries and South Korean government is determined to use it as a great opportunity. Vietnam is the third trade partner of South Korea in volume and South Korea is the number one investor to Vietnam investing $74.6 billion in 9,223 projects as of 2021. One of the advantages of RCEP is integrated ‘country of origin’ which will reduce trade costs significantly. KOTRA South East Asia and Oceania regional head Jeongsup Lee says “RCEP creates a beneficial cycle of raw materials procurement - production - selling - consuming within the region. We expect that a new trade environment will take place as a result and Vietnam is strategically located in the region so we must move fast to use the opportunity.”

KOTRA promotes South Korean consumer goods in Japan

KOTRA held an event to promote South Korean consumer goods in Japan as part of its K-Lifestyle in Japan project. According to KOTRA Osaka, market demand for South Korean entertainments and consumer goods such as cosmetics, organic and gluten-free food are rising since the pandemic. 

On the day of the event held on a virtual space of metaverse, KOTRA recruited three local experts in the areas of cosmetics, food and fashion to deliver market trend and how to effectively enter the market and sell the goods. <PowerKorea>


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