NACF: Full-Force towards Vietnam Business

This is a translated version of a Korean article released by ASIATODAY on 26th March, 2018.

Chairman Kim Byeong-Won of the National Agricultural Cooperative Federation (NACF) visited the Vietnam Cooperative Alliance (VCA) located in Hanoi, Vietnam on March 22 and signed the NACF-VCA MOU agreeing to expand cooperation between the two cooperative which include export of agricultural products, agricultural materials, farming machineries and also collaboration on finance businesses.

The VCA is Vietnam’s apex cooperative with over 20,000 member cooperatives and 13 million individual members.

Through the signing of the MOU, the NACF plans to start and develop various cooperative businesses including the expansion of agricultural products, share know-hows and skills for Rice Processing Centers (RPC) and distribution & supply chain management. Additionally, finance-related businesses including the NACF finance businesses and farming machinery projects will be expanded though the MOU, which will lead to diverse cooperation plans with the Vietnamese cooperative.

A discussion has also been made on adding new export-items such as red-ginseng, lingzhi mushroom and sweet permission to the current list of apple, pear, strawberry, etc. Additionally, the two cooperatives will discuss the import or support as an intermediary of Vietnamese fishery goods, handicraft products and spices to Korea.

During the meeting with the VCA, Chairman Kim mentioned that “agricultural development and trade expansion can be realized by implementing the cooperation among cooperatives principle and this will eventually contribute to the increase of farmers’ income in both countries.” He also pledged to make actual and tangible results through the MOU between the apex agricultural cooperatives of Korea and Vietnam.

During his visit to Vietman, Chairman Kim also met with the Vietnamese Deputy Prime Minister Trinh Dinh Dung and Deputy Minister of Agriculture and Rural Development Tran Tahnh Nam and shared NACF’s agri-finance and rural development experiences and also discussed the easing of the quarantine process of agricultural goods to Vietnam. Additionally, the authorization of NACF’s insurance and banking businesses to the Vietnam was an issue that was included in the main agenda.

During his short visit, Chairman Kim also met with Chairman Trinh Ngoc Khanh of the Vietnam Bank for Agriculture and Rural Development (Agri-Bank) and had a frank discussion on measures to increase finance-related cooperation between Korea and Vietnam. The main issues were on the incorporation of the NH Bank branch in Hanoi and support towards increasing trade on agricultural and fishery goods.