Suhyup Teams Up with Hyundai Home Shopping to Target Vietnamese Market

Business Agreement Signed... Preparing to Sell Well-being Kim Snack 'Mr. Jalsaengkim'

Lee Jung-chan, Executive Director of the National Federation of Fisheries Cooperatives (left), and Ryu Jae-jun, CEO of VTV Hyundai Home Shopping, are signing a business agreement and posing for a commemorative photo.

[Asia Economy Reporter Kwangho Lee] The National Federation of Fisheries Cooperatives (Suhyup) is officially entering the Vietnamese home shopping market in partnership with Hyundai Home Shopping.

On the 18th, Suhyup announced that it signed a 'Memorandum of Understanding (MOU) for the Expansion of Korean Seafood Sales' with VTV Hyundai Home Shopping (Hyundai Home Shopping Vietnam Corporation).

Through this agreement, both parties agreed to jointly develop new local products utilizing Suhyup's processing infrastructure and to work towards expanding sales of Korean seafood products through Hyundai Home Shopping's distribution and sales network in Vietnam.

Suhyup expects that this will establish an organic cooperative system, leading to increased exports of Korean seafood products targeting the Vietnamese market.

Last December, Suhyup and Hyundai Home Shopping had previously introduced 'Mr. Jalsaengkim' to the Vietnamese market.

Mr. Jalsaengkim is a cube-shaped snack product made from domestically sourced gim (seaweed) sheets and is one of Suhyup's representative export flagship products.

It is exported through various distribution channels, including offline markets in Malaysia, Hong Kong, and Taiwan, and last year, it even entered the U.S. online shopping mall Amazon.

Following the signing of the MOU, the two parties plan to actively sell Mr. Jalsaengkim and expand the product lineup to include various products developed by the central federation and member cooperatives, such as Haier and Marinaqua mask packs and processed mackerel products like Gogalbi-po, as well as other domestically sourced seafood.

At the signing ceremony, Lee Joong-chan, Executive Director of Suhyup Central Federation, said, "We will work with Hyundai Home Shopping, which has successfully established a distribution and sales network in Vietnam and is expanding the market, to introduce more Suhyup products and domestically sourced seafood." He added, "Based on the launch of Mr. Jalsaengkim, we will actively gather local feedback to target various consumer segments in the Vietnamese market."