Business · Companies · 4 hrs ago
Vietnam store closure leaves 43 Korean small businesses without clear support
South Korea’s small-business agency closed its Hanoi beauty store in August, citing the end of its lease.
The store opened in 2024 to help small Korean cosmetics makers sell their products overseas.
Products from 194 businesses were placed there, selected from 237 businesses over two years.
A lawmaker said 43 businesses waiting to join were not properly notified, leaving them without time to arrange a response.
The lawmaker also questioned import registration fees: the agency set them at about 1.3 million won, with businesses paying 20%, while the lawmaker said fees were typically lower through domestic or local agents.
The lawmaker called for accountability and steps to prevent a repeat, but no further action is specified.
A South Korean public agency closed its beauty store in Hanoi in August, leaving 43 small businesses waiting to sell products there without clear support, a lawmaker said.
The Small Enterprise and Market Service Agency said the closure was due to the end of its lease, according to information provided to lawmaker Choi Su-jin.
The store opened in August 2024 to support overseas expansion by South Korean small cosmetics manufacturers.
Over two years, products from 194 businesses were stocked after products from 237 businesses were selected.
Choi also questioned fees set for product import registration and called for accountability and measures to prevent a repeat.
- Who
- The Small Enterprise and Market Service Agency closed the store. Lawmaker Choi Su-jin raised concerns about the impact on small businesses.
- What
- The closure left 43 businesses waiting to sell products there without clear damage-control measures, Choi said.
- When
- The store closed in August. It had opened in August 2024.
- Where
- The Dookeun Dookeun beauty store at Vincom Mega Mall Royal City in Hanoi, Vietnam.
- Why
- The agency said the lease contract had ended.
This story does not have two clearly opposing sides.
The store opened to support overseas expansion by South Korean small cosmetics manufacturers.
Products from 237 businesses were selected, and products from 194 businesses were stocked.
The agency closed the store, citing the end of the lease contract.
Choi Su-jin raised concerns about the closure and its impact on 43 businesses.
- Store
- Dookeun Dookeun beauty store
- Location
- Vincom Mega Mall Royal City, Hanoi, Vietnam
- Opened
- August 2024
- Products selected
- 237 businesses
- Products stocked
- 194 businesses
- Businesses awaiting entry
- 43 businesses
1 source
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What people are saying
The agency’s conduct, which did not even properly notify businesses of the closure, is the height of irresponsible administration.
We must hold it accountable and establish measures to prevent a recurrence, if only for the small businesses that have given up on overseas expansion.