Ten food and beverage companies in Gyeonggi Province have returned after discovering the possibilities for advancement into the market of Vietnam, one of the so-called “post-China” countries.

Gyeonggi Province and the Gyeonggi FTA Business Center supported the participation of the ten companies in the “2018 Vietfood & Beverage Ho Chi Minh City” held at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City for four days from August 8 to 11.

The companies held on-site consultations for orders valued at USD 6.3 million, among which contracts worth USD 2.6 million are being formulated.

Vietnam is a very promising market with a large workforce in its 30s or younger that accounts for 50% of the total population while its food and food distribution sectors are rapidly growing thanks to increasing household income resulting from the nation’s economic growth.

Vietfood & Beverage Ho Chi Minh City, which marks its 22nd anniversary this year, is Vietnam’s largest food and beverage exposition; it attracts companies related to basic food ingredients, processed foods, food and beverages, health foods, food ingredients and food containers from over 20 countries.

Gyeonggi Province supported the ten companies, providing booth lease fees, one-way transportation of exhibited goods, interpreters, and vehicles for travelling to maximize the outcomes of the exhibition in the opening of the local market.

JBK Health Care, which produces a variety of health-functional foods based on Aronia extract, is expected to conclude an export contract worth USD 500 thousand through in-depth consultations with three local health food distributors.

Hue Creator, which was participating in an overseas exhibition for the first time, showcased cookies in line with the concept of “mother’s homemade cookies” at the fair; it is preparing to sign a technology alliance agreement valued at USD 100 thousand with a famous Vietnamese confectionery manufacturer.

Kangsfood, a powder sauce maker, displayed four kinds of Miss Lee tteokbokki (stir-fried rice cake) sauces and held consultations with buyers from various countries including Vietnam, Thailand, and the Philippines. Agreements were made on sample purchases worth USD 100 thousand, and it is expected that the company will conclude export contracts worth about USD 200 thousand.

Song Yong-uk, Director of the International Trade Division of the Gyeonggi Provincial Government, said, “Although it is very difficult for SMEs to open overseas markets on their own, they need to expand their business channels by progressively pioneering new markets. Gyeonggi Province will not spare its support for SMEs to promote successful market advancement.”