NongHyup Agribusiness Group announced on the 10th that on the 8th it had signed an export cooperation agreement between Anseong Ginseng NongHyup and a delegation of Vietnamese ginseng buyers at the main building of the National Agricultural Cooperative Federation (NACF) in Jung-gu, Seoul. This initiative aims to diversify export markets by expanding distribution networks in Vietnam, at a time when exports of Korean ginseng are on the decline.

Attending the signing ceremony were Lee Cheon-il, Head of the Product Support Division at NongHyup Agribusiness Group, Yang Hee-jong, President of Anseong Ginseng NongHyup, and representatives of the Vietnamese ginseng buyers’ delegation.

Exports of Korean ginseng, after hitting an all-time high in 2022, have been declining for three consecutive years. Industry players cite weakened price competitiveness due to rising production costs, tighter regulations in key markets such as China and Vietnam, and a slowdown in demand for high-priced health functional foods as key factors behind sluggish exports.

The agreement was arranged to expand the presence of Korean ginseng in Southeast Asian markets and to diversify export destinations. Under the agreement, Anseong Ginseng NongHyup will manufacture and supply red ginseng products in a stable manner, while the Vietnamese ginseng buyers’ delegation will work on discovering new local buyers, expanding distribution channels, and implementing locally tailored marketing.

NongHyup plans to position Vietnam as a strategic hub for ginseng exports to Southeast Asia and to expand local distribution networks. Through this, it intends to strengthen the export base for K-ginseng and further penetrate Southeast Asian markets.

Lee Cheon-il, Head of the Product Support Division, said, “With this agreement, we expect high-quality Korean ginseng to be supplied stably to the Vietnamese market and to serve as a stepping stone for expanding into Southeast Asian markets,” adding, “NongHyup will continue to support export market diversification and the development of new markets.”

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