How to export to Vietnam?
Rapidly Growing Emerging Market: Export Strategy for Vietnam
Market Overview
Vietnam is an emerging economy with a population of 100 million and a GDP of approximately $400 billion. The demand for consumer goods is surging due to a young demographic and the rise of the middle class, and there is a high preference for Korean products influenced by the Korean Wave.
Market Characteristics
The mobile commerce sector is rapidly growing, driven by a young population (average age of 31) and high smartphone penetration rates. Consumer patterns differ between Hanoi (North) and Ho Chi Minh City (South), with a premium perception of Korean products.
Key Regulations
There are regulations such as the Food Safety Act (Food), the Cosmetics Notification Act (Cosmetics), the Medical Devices Act, and Technical Standards (TCVN). As the regulatory environment is rapidly changing, it is essential to stay updated with the latest information.
Business Culture
They are relationship-oriented and have a favorable view of Koreans. Patience is essential during negotiations, and written contracts should be prioritized over verbal agreements. Business is active during the Seollal (Lunar New Year) and Chuseok seasons.
Buyer Discovery Methods
KOTRA's trade offices in Hanoi and Ho Chi Minh City are actively supporting you. Participating in Vietnamese exhibitions (such as VIETFOOD and VIETNAM EXPO) and effectively utilizing local distribution networks (like Lotte Mart and E-Mart, Korean distribution companies) is highly beneficial.
Business Culture
Buyer Types
Modern distribution channels
Lotte Mart, E-Mart, Big C, etc. Preference for premium products
Traditional distributor
Wholesale, traditional market supply. Price sensitive.
eCommerce platform
Shopee, Lazada, Tiki, etc. Rapidly growing
Logistics Information
Lead Time
Sea 5-7 days, Air 1-2 days
Est. Shipping Cost
Sea $400-800/20ft, Air $2-4/kg
Payment Method
FTA/Trade Agreements
Frequently Asked Questions
Q. How to Utilize FTA When Exporting to Vietnam?
A. By obtaining a Certificate of Origin under the Korea-Vietnam FTA or the Korea-ASEAN FTA (AKFTA), you can enjoy reduced or exempted tariffs. Since the advantageous FTA varies by item, be sure to compare them.
Q. Is it difficult to collect payments from Vietnamese buyers?
A. We recommend T/T advance payment or L/C transactions for new buyers. Consider subscribing to export insurance from the Korea Trade Insurance Corporation. Once a long-term trading relationship is established, payment terms can be relaxed.
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