Amid strengthened Korean-Vietnamese relationship thanks to Park Hang-seo, the Korean coach of Vietnam’s national soccer squad, healthcare products have emerged as promising export items to the South Asian country.
Korea International Trade Association (KITA) recently published a report titled “Promising export products to Vietnam and market entry strategy based on a comparison of Korea and China.”
The authors of the report predicted that as the healthcare demand in Vietnam is snowballing, Korea will be able to expand advances into related industries.
“In Vietnam, the demand for healthcare services is rapidly expanding due to income growth, higher life expectancy, and fertility rate,” the report said. “Therefore, hospital establishment and export of medical devices and dental materials will be promising in the future.”
Concerning the export strategy, the report stressed the need to use online platforms targeting at younger generations.
“Along with the rising demand for healthcare services along with cost-effective consumer goods, such as fashion and food, the exports of medical systems will likely remain promising,” it said. “Concerning the export of consumer goods, Korean companies should establish not just offline wholesale and retail distribution system networks but online distribution networks given the rapid economic growth and income rise as well as demographic structure centering on young people.”
Experts expect that Vietnam's economy will continue to grow steadily in 2019, and the need for working out a strategy to expand healthcare exports is increasing.
According to the report, Vietnam recorded a 6.98 percent economic growth rate until the third quarter of this year, with Prime Minister Nguyen Xuan Phuc presenting the growth rate of 6.6 to 6.8 percent next year.
“In Vietnam, the economic growth rate will depend on the risk management ability of the Vietnamese government amid the mixture of favorable and unfavorable factors at home and abroad,” the report concluded.