Korean officials and entrepreneurs pose for a photo to mark the opening ceremony in Vientiane on Tuesday.

Korean food, health products eye market niche in Laos

The manufacturers of quality Korean food and health products from Daegu city and Jeonju city of South Korea (S. Korea) have plans to expand their market in Laos.
The trade promotion event  “2024 Laos-Thailand Food Strategy Trade Mission”, organised by the Korea Trade-Investment Promotion Agency (KOTRA) in Vientiane, was a significant event that was held at the Mường Thanh Luxury Vientiane Hotel on May 28.
The first trade delegation of 2024, organised by KOTRA Vientiane, was aimed at promoting trade and collaboration in the food and health sector between Korea, Laos and Thailand.

The Korean Ambassador to Laos visited the booths displaying Korean products at the event.

The event featured the products of 10 Korean companies specialising in the manufacturing of competitive goods, including Korean processed food, seaweed, collagen and fiber drinks, as well as supplements made from ginseng, Kombucha and other ingredients.
After participating in the event, a representative from the Korean company  Agricultural Corporation Naeun Co.,Ltd said that this was first time the firm had come to Laos, and that he got a lot of good feedback from Lao companies.
He said his company produces quality food and drinks from natural fruits and they are good for health.
The event introduced K-premium products, including famous microfiber drinks, the instant Tokpokki, seaweed, and healthy processed food items such as protein shake powder and instant chicken breast.
Other healthy products displayed at the event included collagen drinks and Kombucha drinks, and ginseng supplements.
A Managing Director of the Dokbuakham Group from Laos, Mr Seththada Thammavong, said after his discussions with three Korean companies at the event that he was very interested in importing Korean products to sell at the stores of his company so that customers will have more options.
A representative from VJV Import-Export Co Ltd, Ms Latdavong Yommalath, showed her interest in the Korean products after discussions with the makers of health food items, and said she was interested in Korean healthy snacks and drinks made from real fruits but was worried about  the cost of shipping the products from Korea to Laos.
One of the primary objectives of the trade mission was to facilitate meetings between Korean companies and 36 local companies of Laos. A total of 96 meetings were arranged between the companies of the two sides.
These meetings provided an opportunity for participants to exchange information, discuss product details, and assess the marketability of Korean products. Additionally, the trade mission was aimed at providing insights into the Korean business vision, and allowed participants to learn from their experiences and strategies.
After the trade mission in Laos ends, the delegation hopes to expand its entry into the market in Thailand and participate in THAIFEX 2024.
The 2024 Laos-Thailand Food Strategy Trade Mission served as a platform for fostering business partnerships, promoting trade, and enhancing cooperation in the food industry between the participating countries.
KOTRA, Daegu Metropolitan City and Jeonju City collaborated to host the trade delegation from the Republic of Korea.
According to import-export statistics from the Ministry of Industry and Commerce of Laos, S. Korea emerged as the 8th largest exporter to Laos in 2023. Vehicles (excluding motorcycles and tractors) led the charge, accounting for 51.1 percent of South Korean exports to Laos, followed closely by vehicle spare parts at 24.1 percent.
The Director General of KOTRA Vientiane,Mr Park Jungwe , said the K-Wave has been a source of influence for Lao people through various aspects of Korean lifestyle, including cuisine, due to the popularity of Korean culture, including K-pop music, K-dramas and Korean fashion.
“Korean restaurants and food establishments are becoming more widespread in Laos and neighbouring countries like Thailand, which is a factor in the influence of Korean food on Lao people. The impact of K-Wave has led to higher exports from Korea this year, particularly for Korean ramen,” he said.
KOTRA Vientiane aims to reduce import costs and allow Lao consumers to buy products at affordable prices, by introducing Korean manufacturers to Lao companies directly.

By Advertorial Desk
 (Latest Update May 30, 2024)