Vietnamese businesses strive to create another ‘Miracle on the Han River’

Saturday, 2019-08-10 17:51:49
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Delegates at the opening ceremony of the Overseas Vietnamese Economic Forum (Photo:
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NDO - The first-ever Overseas Vietnamese Economic Forum (OVECOF) took place last June in the Songdo International Business District, Incheon City, which is now seen as the new symbol of the ‘Miracle on the Han River’ of the Republic of Korea. The event gathered over 300 Vietnamese enterprises in the country as well as hundreds of Korean businesses.

The Business Association of Overseas Vietnamese (BAOOV) and the Vietnam Business Association in the Republic of Korea (VIBAK) selected Songdo as the host venue for the event, which was designed to foster the solidarity and inner strength of Vietnamese enterprises at home and abroad, reflecting the organising board’s hope for creating a similar miracle for Vietnam.

The number of agreements reached among the participating businesses at the event exceeded the expectations of the organising board. The two-day forum helped to build a network to connect Vietnamese entrepreneurs all over the world, while promoting the role of Vietnamese businesses abroad and contributing more effectively to Vietnam's economic development in global integration.

The OVECOF 2019 not only helped to advertise made-in-Vietnam products but also to connect Vietnamese businesses with their international partners, and to increase cooperation and investment in the fields of Vietnam's priority for development, such as agriculture, high technology, trade, tourism, and services.

Showcasing products made of curcumin and fresh turmeric, a pavilion by Phu Dat Company from Vietnam’s Hung Yen province attracted a large number of visitors. On its first time advertising their products abroad, the company sold out more than one quintal of curcumin powder within the two-day exhibition. Nguyen Phu Quyet, Deputy Director of the company said he was totally surprised at the success.

Nguyen Phu Quyet, Deputy Director of the Phu Dat Company, showcasing curcumin products at his company’s pavilion at the OVECOF (Photo:

“We hope to bring products made by Vietnamese farmers to the global market, thus increasing the value of Vietnamese agricultural products,” he said, adding that his company wants to serve as a bridge linking farmers and customers, both domestically and internationally.

Phu Dat company attracted so much attention from a Chinese company that it offered to sign a contact to import agricultural products from Phu Dat, including longan, lotus seeds, honey, and curcumin products.

Duyet, who was born and raised in the famous turmeric-growing land of Chi Tan commune, Khoai Chau district, acknowledged that the lives of farmers in his hometown were still full of hardship; therefore, he wanted to something to increase value of his hometown’s agricultural products, which can benefit both farmers and customers.

The export of Vietnamese products to such a big market of China is something we hadn’t thought of before, Duyet said.

Duyet hailed that the OVECOF and similar trade promotion forums offer “golden” opportunities for his company to bring their products to the world and support turmeric-growing farmers.

At the forum, Phu Dat Company also received the promise to providing support from Dr. Nguyen Thanh My, a Vietnamese – Canadian scientist who has established his fame through smart agricultural products. Accordingly, Dr. My pledged to support the company on human resources training and technology development.

Aside from an agreement with a Chinese partner, Phu Dat Company drew interest from several Thai and Korean businesses, who expressed their hopes to cooperate with the company in distributing curcumin products in their host countries.

Dr. Nguyen Thanh My (first from left) introduces his smart fertiliser products to Deputy Foreign Minister Nguyen Quoc Cuong (Photo:

Other made-in-Vietnam products that impressed foreign businesses and visitors to the OVECOF include smart fertilizers and smart agricultural products developed by Dr. Nguyen Thanh My.

Thanks to his rich experience and researches in saline intrusion in Tra Vinh province and the Mekong Delta region in general, My has created a buoy which measures the salt level of water, a water monitoring app on mobile phones, and many other innovations that have helped famers in the Mekong Delta region better adapt to climate change.

At the forum, My welcomed Vietnamese businesses at home and abroad to visit his company in Tra Vinh where they can learn from My’s experience for free.

While addressing the OVECOF, Deputy Foreign Minister and Head of the State Committee for Overseas Vietnamese Affairs, Nguyen Quoc Cuong highlighted two messages. The first one is “unity makes strength”. No matter how much success a single Vietnamese business can achieve, their voice is still humble; however, if these businesses are brought together, the joint successes will be further duplicated. The second message is to raise Vietnam's position in the international economic integration.

The success of the OVECOF has brought fresh hope to Vietnamese businesses, encouraging them to make enormous strides in lifting the country’s position in the world.