Daegu Gyeongbuk Free Economic Zone Authority (DGFEZ)’s Market Pioneer Team wins USD6 million contract in Vietnam and Singapore
 

• The Daegu Gyeongbuk Free Economic Zone Authority(DGEFZ) dispatched Southeast Asian Market Pioneer Team consisting of 10 resident companies of DGFEZ to Ho Chi Minh (Viename) and Singapore for 4 days from April 22 0 26, 2019 and achieved USD15 million in consultation promotion amount and USD6 million (USD3 million in confirmed contract amount) in contract promotion amount.
   
• In joint promotion with the Daegu Chamber of Commerce & industry, the trade mission had consultations with 84 local companies. The visiting buyers consisting of large supermarket owners, medical corporation officials and intermediate dealers who supply products showed great interested in DGFEZ, hoping for exclusive contracts with the majority of participating local companies.
   
• In particular, INTIN, which produces “body fluid analyzers and analytical algorithms using smartphones” signed an MOU for product purchase with M Company, “a medical and investment consulting firm” in Vietnam with Director General Lee Inseon in attendance. The Company is expected to complete the contract for final delivery in May of this year and with the MOU, it won an order for the export worth of USD3 million (about KRW3.5 billion) from the Vietnamese company for 3 years. INTIN had a consultation for a USD1 million export for 2 years with I Company in Singapore and had received attention from a number of companies including J Company, which has been preparing for a national project.
   
• Moreover, Joyang Hydrotech, a manufacturer of hydraulic gear pump, won an order contract worth USD60,000 with C Company, a distributor of hydraulic products in Vietnam, and it expects to ship the products by the end of June this year after 2 months of manufacturing period.
   
• Seyeon Foods, a manufacturer of frozen ready-to-eat food such as japchae and tteokbokki signed a USD18,000 contract (500 boxes of frozen japchae, tteokbokki, etc.) with C Company, a large distributor with 52 stores in Singapore. If a custom issue is cleared and local sales are confirmed with H Mart in Vietnam, an additional contract about USD20,000 is expected.
   
• Wookyung Information Technology, a company specializing in video information security solution and AI, has been planning for product development for the Singaporean, Malaysian and Cambodian markets and Korea Alpha System is in discussion with its business team to participate in the government tender for video parking system projects in Vietnam and Singapore.
   
• Incore, a manufacturer of disposable endoscope treatment instruments and hemostatic gauze, is preparing for licensing of local imports. Eunhongtex, which produces fabric for infant underwear and maternity goods, and E&H (Lee Jinok Natural Dyeing), which produces modernize hanbok from artificial silk, have confirmed sufficient marketability in the local market.
   
• Among the companies that participated in the overseas market pioneer team for the first time, Okchundang specializing in herbal medicine products attracted the buyers attention with its products that are good for coping with fine dust and respiratory health (Chun Won Bo Ok, Red Ginseng Stick) and chewable coffee product (Beads Coffee). It was an opportunity for the majority of participant companies including KS Fine Chem, a producer of automotive hot melt film and anti-rust products, to confirm the excellence of local products as they received favorable reviews from the local buyers and they have been fully preparing for the buyers’ demands in the future.
   
• DGFEZ, the host of the event, has been planning an additional dispatch of its market pioneer team to Japan (Tokyo, Osaka) in November this year to secure new overseas customers for the resident companies of DGFEZ. In addition, it has been providing support for its resident companies with “Visiting Corporate Counseling Room” to solve companies’ problems, “Corporate Complaints Advisory Committee” for overall management issues including legal, accounting and business and “News Letter” to provide new corporate information.

 

• Inseon Lee, commissioner of DGFEZ, who headed the market pioneer team, personally promoted the excellence of local company products to overseas buyers and revealed her plan to spare no effort for pioneering activities and corporate support for the resident companies of DGFEZ while actively promoting the companies’ excellence and outstanding technologies and requesting cooperation for their entry into the local market by visiting Daegu Bank that opened its branch Vietnam, Ho Chi Minh Investment and Trade Promotion Center (ITPC) and Ho Chi Minh Chamber of Commerce & Industry (VCCI). Moreover, she thanked the president of NTD Starch in Vietnam that promised to invest in Tachyon, which will move into the Suseong Medical Zone and carried out active attraction activities requesting continuous investment in the future.