Nonghyup Economic Holdings announced on the 10th that an export cooperation business agreement was signed between Anseong Ginseng Agricultural Cooperative and Vietnamese ginseng buyer representatives at the main building of the National Agricultural Cooperative Federation in Jung-gu, Seoul on the 8th. This is a move to diversify the export market by expanding the distribution network in Vietnam while Korean ginseng exports are showing a decline. The agreement ceremony was attended by Lee Cheon-il, head of product support headquarters at Nonghyup Economic Holdings, Yang Hee-jong, president of Anseong Ginseng Agricultural Cooperative, and a delegation of Vietnamese ginseng buyers. Korean ginseng exports have been declining for three consecutive years after hitting an all-time high in 2022. The industry sees weakening price competitiveness due to rising production costs, strengthening regulations in major markets such as China and Vietnam, and slowing consumption of high-priced health functional foods as factors for the slowdown in exports. This agreement was prepared to expand Korean ginseng's entry into the Southeast Asian market and diversify export markets. According to the agreement, Anseong Ginseng Agricultural Cooperative will stably manufacture and supply red ginseng products, and the Vietnamese ginseng buyer delegation will discover new local customers, expand the distribution network, and promote local customized marketing. Nonghyup will expand Vietnam to Southeast Asia.