SEOUL, March 26 (Korea Bizwire) — Nonghyup said Monday it has signed a memorandum of understanding (MOU) with its Vietnamese counterpart to increase agricultural products trade and the expansion of Nonghyup’s financial services in the Southeast Asian country.
Nonghyup is South Korea’s agricultural cooperative whose key stakeholders include farms and other agricultural businesses. In addition to its flagship banking unit Nonghyup Bank, the group has securities and asset managing firms under its wing.
The MOU was signed in Hanoi on Thursday between Kim Byeong-won, chairman of Nonghyup, and Nguyen Ngoc Bao, head of the Vietnam Cooperative Alliance (VCA).
The pact calls on Nonghyup to increase exports of red ginseng, persimmons, mushrooms, apples, pears, strawberries and other farm products to Vietnam while enhancing imports of Vietnamese marine goods and spices.
It also stipulates Nonghyup Bank expanded operations in the key Southeast Asian country to finance the purchase of farm equipment by Vietnamese farmers and provide South Korean fertilizer and seeds to local farmers.
“We are determined to produce concrete outcome in the agricultural cooperation between the two agricultural cooperatives,” Kim said.