KVECC Chairman, Mr. Kwon Jae Haeng The localization strategy of businesses must be carefully planned

DNHN - This was one of the statements made by Mr. Kwon Jae Haeng, Chairman of the Vietnam - Korea Economic Support Committee (KVECC), at a recent event evaluating the relationship between Vietnamese and Korean businesses over the past decade.

In recent years, Korea has been one of Vietnam's most important trading partners, ranking first in investment, second in official development assistance, and third in trade... Vietnam has developed into an important trading partner. Placed third in Korea. In 2013, investment capital from South Korea into Vietnam was only $3.8 billion, a 21-fold increase from the current level of more than $80 billion. At the end of 2022, Vietnam and South Korea will issue a Joint Statement elevating bilateral relations to a comprehensive strategic partnership, thereby formally ushering in a new era in bilateral relations.

KVECC was founded on the foundation of the Korean Multicultural Volunteer Association (Korea Multicultural Volunteer Association) - a volunteer organization that has been investing and conducting business in Vietnam for over a decade, with the assistance of numerous Vietnamese and Korean experts in various fields to promote trade and mutual investment between the two nations.

The organization's mission is to link, develop, and investigate the potential for cooperation between the two markets through the collaboration of ministries, branches, and local authorities, as well as the government of Vietnam and competent businesses. along with advanced Korean technology. In addition, the organization helps Vietnamese university and high school students studying abroad in Korea to connect with universities in Korea with which KVECC has signed an MOU. The internship program for Korean tourism students and graduates is affiliated with Vietnamese resorts and hotel chains such as VINGROUP's VINPEARL. In addition, regularly organize beauty fairs with the Korean Beauty Association and experts in the beauty industry to increase business value by communicating directly with Vietnamese consumers, introducing new products, and conducting promotional activities.

KVECC discussed more practical cooperation options with licensees and senior government officials of Korea and Vietnam to assist a large number of companies and businesses in the two nations in conducting stable and productive business. and more prosperous.

It is inconceivable not to mention that the reputation of the Korea - -Vietnam Economic Support Committee (KVECC) has been bolstered by the presence of elite businesses and numerous experts among its members. Businesses and specialists who wish to join the membership must undergo a rigorous evaluation by the Board of Directors. Only Korean-verified businesses and professionals can join the membership.

Mr. Kwon Jae Haeng, who has lived and worked in Vietnam for over a decade, has determined that Vietnam is one of the countries with the most investment-attractive strengths. Possibly this is also a factor in why he spent so much time bridging all cooperation activities between Vietnam and Korea.

He stated, "Vietnam and Korea share a long-standing culture that has been heavily influenced by Confucianism. As a result, the cultural backgrounds of Korean and Vietnamese businesses are quite similar. Despite these similarities, we are all aware that there are differences. Therefore, businesses' localization strategies must be meticulously planned. Once you comprehend the local culture and psychology, investing and familiarising yourself with the market will be much simpler. "To accomplish this, Korean businesses like ours have prepared meticulously and conducted extensive research well in advance."

Mr. Kwon Jae Haeng, Chairman of the Korean Multicultural Foundation and Chairman of the Korea-Vietnam Economic Committee, has been implementing domestic and international cooperation programs with Vingroup (VinEco, VinPearl, VinTech, etc.) as well as tourism cooperation projects with the Vietnam Tourism Association (VITA). He is also a member of the Executive Committee of the Vietnam Chamber of Commerce and Industry (VCCI) and has successfully implemented a 100Mb solar power project in Dong Nai province in collaboration with SONADEZI. In addition, the Korean Multicultural Organisation, led by Mr. Kwon Jae Haeng, is well-known for its activities in the field of social charity, such as providing free surgeries for children with incurable diseases, assisting disabled children, and organizing K-POP festivals in the City Labour Cultural Palace. Ho Chi Minh City, the 2019 event hosted by VinGroup's Thien Tam Foundation to benefit Vietnamese children...

"We are responsible for promoting and deepening relationships in the fields of tourism, culture, and commerce. I am confident that the two countries will cooperate closely, share knowledge, and contribute to the development of both Korea and Vietnam, as stated by Chairman Kwon Jae Haeng.

Uyen Nhi