The Ministry of SMEs and Startups (MSS, Minister OH Youngju) announced that on September 29, 2024, it held a special opening event for the ‘September K-Shopping Festa’ at the L7 Hotel in Hanoi, Vietnam, marking a new chapter in expanding overseas markets for Korean small and medium-sized enterprises (SMEs) and small businesses.
Vietnam is Korea’s third-largest trading partner, with bilateral trade exceeding USD 79.4 billion in 2023. It is also an active market for the local expansion of Korean SMEs, making it a suitable starting point for promoting exceptional products to various parts of the world. Notably, there is a high level of awareness of Korean products, particularly in sectors such as beauty and food, providing significant potential for expanding sales channels.
This special event marked the commencement of the September K-Shopping Festa, which will run from August 28 to September 28. The event included: an opening ceremony, an export consultation session for SMEs and small businesses in collaboration with Lotte, pop-up stores for small businesses, and the opening of a dedicated sales space for small businesses.
➊ Opening Ceremony of the K-Shopping Festa Going Beyond Domestic Markets to Overseas (10:00 to 10:30, local time)
The opening ceremony held on August 29 (Thursday) at 10:00 a.m. at the L7 Hotel in Hanoi was attended by over 50 distinguished guests, including key figures in the Korean business community active in Vietnam, such as the Chairman of the Korea Chamber of Business in Vietnam (KOCHAM), Kang Seong-hyeon, CEO of Lotte Mart, and Jang Ho-seung, Minister-Counselor and Consul General of the Korean Embassy in Vietnam.
The event began with a special video conveying the significance of the K-Shopping Festa and concluded with a lighting ceremony of traditional lanterns to wish for the friendship and cooperation between Korea and Vietnam, as well as the growth of both countries.
In her opening remarks, Minister OH Youngju stated, “It is very meaningful to announce the opening of the K-Shopping Festa in Vietnam, an important economic cooperation partner of Korea.” She added, “Through this event, we hope that Korea’s exceptional products will be recognized starting in Vietnam and reaching ASEAN and markets around the world, and we hope it will contribute to the continuous economic development of both countries.”
➋ Operation of Export Consultation Session and Pop-up Store Showcasing Korean Innovative Products in Vietnam
An export consultation session prepared in collaboration between the MSS and Lotte was held at the L7 Hotel from 11:00 a.m. to 6:00 p.m. on August 29 (Thursday).
As a follow-up to the “Business Agreement to Support the Global Expansion of Small and Medium-Sized Enterprises and Small Businesses” signed between the MSS and Lotte affiliates on July 10, a total of 40 participating companies from the K-Shopping Festa and 40 companies listed with Lotte were involved in the export consultation session.
The event provided an opportunity to showcase the products of SMEs and small businesses with a strong desire and passion for expanding beyond the domestic market through one-on-one consultations with buyers from prominent retail companies in Vietnam, Thailand, Malaysia, and other countries, thereby facilitating the expansion of their sales channels.
Minister OH Youngju examined the products of K-beauty and food companies participating in the export consultation session and encouraged them by stating, “The role of SMEs and small businesses is very important in Korea’s exports, and we will strive to ensure that more of our excellent products can be exported.”
In addition, from August 28 (Wednesday) to September 3 (Tuesday), pop-up stores were opened on the firstfloor atrium of Lotte Mall Hanoi, where visitors could directly experience and purchase products from small businesses participating in the K-Shopping Festa for a duration of seven days.
Products will be sold through QR code methods via online shopping malls entering the Vietnamese market, such as Shopee and Gmarket Global, along with promotional events featuring gifts that allow customers to experience Korean traditional culture. In addition, for Vietnamese customers interested in K-beauty, a digital nail art experience booth and a makeup show event conducted by makeup artists invited from Korea were also held.
Furthermore, on the first basement floor of Lotte Mart in Lotte Mall, a promotional event showcasing products from SMEs and small businesses selected by Lotte was held. The event included interactive spaces such as a photo zone for creating memories, K-food tasting, and beauty product experiences for participants.
Minister OH Youngju and CEO Kang Seong-hyeon toured the pop-up stores and the promotional events at Lotte Mart, actively participating in efforts to promote Korean products and ensure they achieve positive results in the local market.
➌ Opening of the Dedicated Sales Space for Small Businesses (2:00 p.m. to 2:30 p.m.)
At 2:00 p.m. on August 29 (Thursday), the opening ceremony of DooK’N DooK’N, a permanent store for small businesses in the beauty sector, was held at Vincom Mega Mall Royal City in Hanoi, continuing the excitement of the K-Shopping Festa.
DooK’N DooK’N is a dedicated offline sales space for small businesses opening in Vietnam to support the international expansion of excellent Korean small businesses. To target the major consumer demographic of women in their 20s and 30s in Vietnam, the store features a space for experiencing K-beauty products and is designed to create an atmosphere that provides the feeling of having traveled to Korea.
The opening ceremony was attended by Minister OH Youngju, Park Seong-hyo, Chairman of the Small Enterprise and Market Service (SEMAS), and Cho Hyeon-min, President of Hanjin Corporation, who took part in a demonstration of the products available in the store.
Minister OH Youngju stated, “It is very significant that this store is a space for beauty and health products manufactured directly by small businesses, marking the first overseas opening as part of the ‘K-Beauty SMEs and Startups Global Competitiveness Enhancement Plan’ announced in July.” She added, “We expect that the DooK’N DooK’N store will serve as a stepping stone for the international expansion of competitive and exceptional small businesses.”