Korea’s Ministry of Trade, Industry and Energy, along with the Korea Trade-Investment Promotion Agency (KOTRA), announced on the 2nd that Vietnam's National Convention Center hosted a large-scale Hallyu Expo. This initiative aims to broaden the reach of K-consumer goods in Vietnam, a key market for Korean exports.

Vietnam is strategically important as Korea's third-largest trading partner and fourth-largest export market for consumer goods. With a youthful population of 100 million and a median age of 33, Vietnam has demonstrated robust economic growth, evidenced by GDP growth rates of 7-8% over the past two years. Notably, a remarkable 99.4% of Vietnamese consumers acknowledged familiarity with Korean products and services, indicating a solid foundation for further market penetration.

Following several instances of food safety scandals in the country, there is an increasing preference for premium and trustworthy consumer products, creating a favorable landscape for Korean enterprises. Enhanced diplomatic relations have also fueled rising demand for cooperative efforts between businesses in both countries.

Korean consumer goods are thriving globally, with exports of food, cosmetics, cultural content, and pharmaceuticals surpassing $10 billion, and a notable 11.9% increase in the first five months of the year, reaching $20.4 billion compared to the previous year. By 2025, the total export figure for these five consumer categories is projected to reach $45.6 billion, representing a significant growth trajectory.

This expo, the 27th of its kind, was co-hosted for the first time by the Ministry of Trade, KOTRA, the Ministry of Agriculture, Food, and Rural Affairs, and the Korea Agro-Fisheries & Food Trade Corporation (aT). It featured 107 domestic companies and 280 buyers from Vietnam and surrounding countries, signaling strong business engagement with over 20,000 attendees, including major Korean retail players.

During the two-day B2B export consultation held at the event, K-consumer goods companies engaged in 1,512 consultations with buyers from Vietnam and neighboring countries, culminating in more than $33.26 million in contracts and MOUs established—marking the highest recorded outcome for the expo to date.

KOTRA's Hanoi office stated that the heightened focus on premium consumption directly stems from last year’s food safety issues, enhancing the appeal of K-consumer products. The expo provided an effective platform for consumer goods companies to collaborate with public institutions, Hallyu ambassadors, and distribution networks, thereby increasing market access.

Industry participants noted that while local brands are becoming increasingly competitive, the expo allowed them to better understand the specific interests and demands of Vietnamese distribution channels for K-beauty. This presents an opportunity for refined product and marketing strategies tailored for market entry in Vietnam.

B2C sections of the expo also attracted significant interest from local buyers and consumers, with engaging experiential marketing initiatives across various booths enhancing the overall ambience. Prominent Korean retailer partners operated showcase booths to offer K-consumer goods experiences alongside special events to stimulate product trial.

The event was further enlivened by performances from K-pop group WINNER and FIFTY FIFTY, amplifying the connection between culture and consumer goods. Their engagement not only showcased popular products but also included charitable initiatives, thereby strengthening community ties and brand reputation.

KOTRA CEO Kang Kyung-seong emphasized that consumer trust is crucial for sales success, especially in ASEAN markets like Vietnam, where K-consumer goods are evolving into premium offerings intertwined with cultural elements. He reiterated efforts to leverage Vietnam's growth potential and diplomatic advancements to establish a sustainable export structure for K-culture and consumer goods.

To expand consumer goods exports, KOTRA plans to enhance its efforts with overseas exhibitions like the Hallyu Expo in Australia later this year and optimize collaborations with domestic and international distribution networks, focusing on specialized logistics services and export vouchers for overseas certification.