○ 60 excellent SME product promotion centers, the largest such initiative in scale among the central and local governments of Korea, to open in countries subject to New Southern Policy
○ Will support entry by 100 SMEs into ASEAN and New Southern Policy countries by 2020
○ Will activate O2O (online to offline) format reverse overseas direct purchasing

On November 27, the Korea Gyeonggido Company (KGC) opened its first promotion center for exceptional products of Gyeonggi Province SMEs in Hanoi, Vietnam, to help SMEs with their entry into global markets. In accordance with Korean President Moon Jae-in’s New Southern Policy, KGC plans to open 60 promotion centers in total across Vietnam, the largest such initiative in scale among the central and local governments of Korea, by year’s end, thus supporting 100 SMEs of Gyeonggi Province with their entry into ASEAN and New Southern Policy countries by 2020.

The opening ceremony for the first promotion center, held at the Vietnam-Korea Design Center by the Vietnamese Ministry of Industry and Trade, saw the participation of approximately 30 dignitaries including CEO Lee Seok-hun and KGC Future Management Division Director Hong Seok-min, as well as Vietnamese Ministry of Industry and Trade Director Nguyễn Hồng Dương, Vietnam Trade Promotion Agency (VIETRADE) Director Nguyen Thi Hong Ban, Communist Party of Vietnam Central Committee Director Trương Quốc Bảo, former Vietnam Customs Director General Nguyễn Thu Nhật, and Vietnam-Korea Design Center President Choi Seong-won.

Starting with the first promotion center in Hanoi, KGC plans to open a satellite shop in 2020 as well as the largest number of promotion centers in Vietnam among countries subject to the New Southern Policy in the Greater Mekong sub-region including Laos, Myanmar, Cambodia, and Thailand.

KGC also plans to activate O2O (online to offline) format reverse overseas direct purchasing (export through e-commerce) by establishing the “Online Gyeonggi Superior Product Center” at shopee.com, the largest e-commerce platform in Southeast Asia, so that consumers can make direct online purchases from these centers through their mobile devices.

Online and mobile platforms have been established as leading distribution channels in ASEAN and New Southern Policy countries. This project, targeting younger consumers, is expected to contribute significantly to expanding marketing routes for and publicizing SMEs of Gyeonggi Province.

KGC CEO Lee Seok-hun said, “It is very meaningful that we opened the first promotion center for superior products of Gyeonggi Province in Vietnam, the most important country for entry by Korean businesses among countries subject to the New Southern Policy, during the period of the ASEAN–ROK Commemorative Summit and the Mekong–ROK Summit.” He continued, “In accordance with President Moon Jae-in’s New Southern Policy, I hope that the promotion center will successfully publicize excellent products from small and medium enterprises of Gyeonggi Province in ASEAN countries and those subject to the New Southern Policy including Vietnam.”

In response, Vietnamese Ministry of Industry and Trade Director Nguyễn Hồng Dương said, “We will dedicate our utmost efforts to cooperating in publicizing the excellent products of Gyeonggi Province’s small and medium enterprises across Vietnam, starting in Hanoi.” He continued, “For the successful localization of companies from Gyeonggi Province, we would like to establish a cooperative system with professional personnel from the Ministry of Industry and Trade and the Vietnam Trade Promotion Agency.”

On the same day, KGC held an opening ceremony for the “SME Support Center in Vietnam” at its office in Hanoi and introduced its plan to provide a wide range of services to Korean SMEs seeking legal, financial, and accounting assistance as well as consulting services and support in market surveys. The ceremony had approximately 20 attendees including: former Consul General and Minister to Vietnam Park Sang-shik; KCCI Executive Vice Chairman Kim Yong-cheol; Jipyong LLC attorney Yu Dong-ho; IBK Branch Manager Maeng Seon-bae; VCCI Advisor Jeon Byeong-seok; and CrucialTec President Jo Yong-won. The attendees participated in a meeting following the opening ceremony.