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South Korean NA Speaker visits Lotte Mart Vietnam

Released at: 09:11, 28/04/2017

South Korean NA Speaker visits Lotte Mart Vietnam

Photo: Lotte Mart

Mr. Chung Sye-kyun and high-level delegation pay three-day visit to Vietnam.

by Quynh Nguyen

Speaker of the South Korean National Assembly, Mr. Chung Sye-kyun, paid a visit to Lotte Mart in Ho Chi Minh City’s District 7 during his official visit to Vietnam at the invitation of the Chairwoman of Vietnam’s National Assembly, Ms. Nguyen Thi Kim Ngan.

Mr. Chung began a three-day official visit on April 24 and headed a high-level delegation.

He expressed his hope that Lotte Mart would develop strongly in the future and be a symbol of the friendship between Vietnam and South Korea.

Mr. Hong Won Sik, General Director of Lotte Mart, introduced to Mr. Chung to Vietnamese and South Korea products on sale at the supermarket. Mr. Chung and other officials showed interest in Vietnamese fruit at the fruit section.  

Lotte Mart organized the K-Foorand event on April 26 to introduce South Korean food.

Lotte Mart Vietnam is currently promoting its development activities with the aim of having 60 supermarkets throughout the country by 2020. 

Vietnam and South Korea established diplomatic relations in December 1992. The relationship became a comprehensive partnership in 2001 and a strategic partnership in 2009.

South Korea overtook Singapore to become Vietnam’s largest foreign investor in the first quarter of this year, with investment totaling $3.74 billion, or 48.6 per cent of the total pledged during the period.

Bilateral trade between the two countries is expected to reach $70 billion by 2020 due to the Vietnam-South Korea Free Trade Agreement (VKFTA), which came into effect one year ago.  

From 2017, 18 items will be subject to tariff reductions under the agreement, pushing up and balancing trade value.

Bilateral trade between Vietnam and South Korea exceeded $40 billion last year. 

Exports from South Korea to Vietnam were higher than its exports to Japan, a traditional and long-term export market for the country, according to the Ambassador of South Korea in Vietnam, H.E. Lee Hyuk.

Export products from Vietnam to South Korea include textiles, crude oil, seafood, fiber, and wood and wooden products, while products shipped from South Korea to Vietnam include computers, electronic products and components, machinery, equipment, and telephone components.

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