According to MAFRA’s report, the country is gradually emerging as an important market for the export of Korean agricultural equipment and materials, importing US$1.02 billion worth of those products from the RoK by the end of 2023.
Despite encountering difficulties due to the global economic downturn, fertilizer and pesticide exports have recorded an upward trend, with export turnover increasing by more than 33% compared to the previous year.
The Korean delegation is scheduled to participate in an export consultation conference alongside 30 Vietnamese import companies on August 27.
They will also visit the Ministry of Agriculture and Rural Development of Vietnam to learn about the current situation of the country's agriculture and related policies, regulations, and details related to agricultural equipment certification, including import customs procedures for each item.
The delegation is expected to propose co-operation efforts in order to allow procedures such as registration and licensing for products exported to the nation to be carried out quickly.
Lee Sang-man, director-general of the MAFRA's Agri-Food Innovation Policy Bureau, said that by sending the market development team to create sales channels such as overseas fairs, buyer connections, and export consultation meetings, the RoK hopes that its agricultural equipment companies will be able to strengthen the foundation for penetrating the Vietnamese market whilst simultaneously expanding exports.
Since 2018, the MAFRA has sent a market development team to countries every year as part of efforts to explore opportunities for Korean agricultural equipment exporters to develop overseas markets and expand exports, study the needs of local localities through consultation with local authorities, while also providing export consultation and market research support, he said.
