Under the deal, high-quality products of Korean SMEs will be put on sale at Lotte Mart Vietnam, while Lotte Global Logistics will use its logistics network to transport products abroad at the lowest international shipping cost.
As scheduled, a range of high-quality Korean products will be introduced in sales channels in Hanoi with the support of Lotte Mart and Lotte Global Logistics during a festival held this September.
The promotional festival is anticipated to develop into an annual event in order to support Korean SMEs and small business owners in accessing the Vietnamese market.
The decision to host the Donghaeng Festival in Vietnam is to help Korean firms to expand their operations overseas and to introduce Korean products to the world, said Oh Young-joo, Korean Minister of SMEs and Startups.
Meanwhile, Kang Seong-hyun, CEO of Lotte Mart, revealed that Vietnam remains a crucial market for the RoK, and Lotte Mart is keen to support the development of SMEs’ products via a differentiated strategy.
For his part, Kang Byeong-gu, global logistics CEO of Lotte, pointed out that through the newly signed agreement, the company can act as a bridge for Korean SMEs looking to penetrate foreign markets.
