The Ministry of Agriculture, Food and Rural Affairs (Minister Song Miryeong, hereinafter referred to as the Ministry) announced on the 25th that from the 26th to the 31st, it will dispatch a market development team composed of 15 domestic agricultural machinery and equipment export companies to Vietnam to promote Korea's excellent agricultural machinery products and assist in developing export markets.
Since 2018, the Ministry has been dispatching market development teams to at least one country annually, reflecting the demands of export companies, to provide opportunities for overseas market development and export expansion for Korean agricultural machinery export companies. This includes support such as meetings with local governments, export consultations, and local market research.
Last year, the export value of agricultural machinery and equipment to Vietnam was $1.02 billion. Despite difficulties in exports due to the global economic downturn, exports of fertilizers, pesticides, and other products showed an upward trend, resulting in an increase of more than 33% compared to the previous year, making Vietnam an increasingly important market for us.
The Vietnamese government is promoting and encouraging farmers to use organic fertilizers during agricultural production in accordance with its policy direction toward organic conversion. Accordingly, the market development team was composed of participating companies reflecting local trends such as the shift to organic and bio-fertilizers and the interests of purchasing companies (buyers) in Vietnam.
On the 27th, an export consultation meeting will be held by matching 30 promising Vietnamese buyers one-on-one with 15 domestic companies. To help domestic companies improve export performance at the consultation meeting, participants were pre-educated on Vietnamese market trends, strategies for consulting with overseas buyers, and successful export cases. Additionally, individual interviews were conducted with 30 Vietnamese buyers to identify necessary documents and preparation requirements, which were then shared with the participating companies.
On the 28th, the team will visit the Vietnamese Ministry of Agriculture and Rural Development to understand the current agricultural status and related policies, and visit government-designated certification bodies to investigate regulations and details related to agricultural machinery certification, such as import customs procedures by product category. During this process, cooperation will be requested to expedite procedures such as registration and licensing of export products to Vietnam.
The Ministry plans to continue supporting market development to expand agricultural machinery exports in the second half of the year by operating two agricultural industry export consultation meetings and four Korean company pavilions at overseas exhibitions.
Lee Sangman, Director of Agricultural Food Innovation Policy at the Ministry, said, "Through this market development team dispatch, we hope that our agricultural machinery companies will establish a foundation for entering the Vietnamese market and expand exports. We will strengthen support for market development such as overseas exhibitions and buyer matching export consultations and continue efforts to expand related budgets."
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