In the bustling economic landscape of Vietnam, a dynamic force has emerged in the form of the Asia Korean Businessmen's Federation Vietnam (AKBF Vietnam). Spearheaded by the visionary leadership of Chairman Kim Jung-min (51), the organization, now in its third year since its inception in October 2022, has swiftly become a pivotal entity uniting Korean entrepreneurs across diverse sectors within the Southeast Asian nation.

Chairman Kim, a seasoned businessman and Chairman of JM Group, articulated the impetus behind the federation's establishment: "There was a growing consensus among Korean business owners in Vietnam, particularly those in the service industry encompassing Korean restaurants and travel agencies, for a unified body that specifically catered to their needs." He further elaborated on the challenges faced during the initial stages, stating, "Despite the existence of established economic organizations like the Korea Chamber of Commerce and Industry (Kocham), primarily focused on large corporations, and the World Federation of Korean Businessmen Associations (World-OKTA), centered on international trade, we encountered considerable skepticism regarding the necessity of forming a separate entity. However, driven by a clear vision, we persevered, and AKBF Vietnam was successfully launched."

The impact of AKBF Vietnam's formation extends beyond the borders of Vietnam. Under the umbrella of the Asia Korean Businessmen's General Federation (AKBF General Federation), led by Chairman Yoon Hee, AKBF Vietnam holds the distinction of being the inaugural country-specific chapter within the 20-year history of the overarching organization. This pioneering move has seemingly inspired the formation of similar entities in neighboring countries, with local AKBF chapters now operational in Bangladesh, Cambodia, and Malaysia, and preparations actively underway for the establishment of a chapter in Mongolia.

Within Vietnam, AKBF Vietnam has rapidly solidified its position as a significant Korean economic organization. Boasting a membership of over 430 businesses predominantly located in the southern regions, including the economic hub of Ho Chi Minh City, the federation encompasses a broad spectrum of industries, ranging from construction and manufacturing to the burgeoning service sector. Chairman Kim underscored the core objective of the organization: "Our primary goal is to foster mutual growth and development among our members by facilitating connections and collaborations based on their specific needs and synergies." The federation operates on an annual membership fee of 100,000 KRW and provides valuable resources to its members, including access to legal and accounting services, thereby enhancing their operational efficiency and navigating the complexities of the Vietnamese business environment.

Chairman Kim's leadership has not only been instrumental in the growth of AKBF Vietnam but has also garnered recognition within the wider Korean business community. He co-chaired the prestigious '2023 Asia Korean Businessmen's Convention' held in Nonsan, South Chungcheong Province, alongside AKBF General Federation Chairman Yoon Hee, demonstrating his capacity to manage large-scale international events. Furthermore, the successful hosting of the '1st Asia Korean Businessmen's Federation Vietnam Golf Tournament' in Ho Chi Minh City in July of the preceding year, which attracted 280 participants including prominent members of the local expatriate community, further cemented AKBF Vietnam's presence and earned the respect of the local Korean diaspora.

As a Vice Chairman of the AKBF General Federation, Chairman Kim is actively involved in preparations for the upcoming AKBF General Federation's regular general meeting and the '2025 Asia Korean Businessmen's Convention,' scheduled to take place in Phnom Penh, Cambodia, from June 11th to 14th. His involvement in this significant regional event underscores his commitment to fostering stronger ties and collaborations among Korean business communities across Asia.

In a strategic move aimed at strengthening inter-organizational cooperation, Chairman Kim recently signed a memorandum of understanding (MOU) with the World Federation of Overseas Korean Traders Associations (World-OKTA) on April 3rd in Seoul. The newly appointed chairman of World-OKTA, Lee Joong-keun, Chairman of Booyoung Group, joined Chairman Kim for this significant occasion. This collaboration signifies a concerted effort to synergize the activities of these prominent Korean business organizations and leverage their respective strengths for the benefit of the broader Korean business community worldwide.

The 'Red Ginseng King' of Vietnam: A Testament to Distribution Acumen

Chairman Kim's entrepreneurial journey commenced at the young age of twenty-four, and his 27 years in the distribution industry have culminated in remarkable success. His foray into the Vietnamese market in 2009 marked a turning point, as he pioneered the introduction of Korean red ginseng to a local populace largely unfamiliar with its distinct properties, despite their knowledge of regular ginseng. Recognizing the need for education and direct engagement, Kim initially adopted a direct sales approach, targeting organizations such as schools and companies. His personal visits and detailed explanations of the health benefits of red ginseng proved instrumental in converting awareness into sales.

As demand grew and his business expanded, Kim strategically transitioned to a showroom-based model. He established strategically located showrooms (agencies) across Vietnam, providing customers with a dedicated space to learn about the products, experience their benefits firsthand, and make purchases on-site. This customer-centric approach has been a key driver of his success.

Today, JM Group, under Kim's astute leadership, distributes a comprehensive range of health functional foods, with Korean red ginseng remaining a cornerstone of its offerings. The company has also diversified into the distribution of medical devices, notably Anma beds, some of which are manufactured through OEM agreements. JM Group boasts an extensive network of 120 showrooms across Vietnam, with 40 strategically positioned in the capital city of Hanoi and 80 in the commercial hub of Ho Chi Minh City. Furthermore, the company's expansionary vision extends beyond Vietnam's borders, with general agencies currently being established in Bangkok, Thailand, Bangladesh, and Cambodia, signifying a growing regional presence. The annual turnover of JM Group is substantial, ranging between 40 and 50 billion Korean Won, a testament to Kim's effective business strategies and market penetration.

A notable aspect of JM Group's international expansion is its strategic partnership in Thailand. The Bangkok general agency is being established through a joint investment with Choi Young-seok, the esteemed head coach of the Thai national taekwondo team, who enjoys national hero status in Thailand. Kim revealed a long-standing senior-junior relationship with Coach Choi, highlighting the personal connections that underpin his business ventures.

In a significant coup, JM Group holds the exclusive distribution rights for KGC (Korea Ginseng Corp.) CheongKwanJang products in Vietnam. Under Kim's stewardship, CheongKwanJang has achieved remarkable success in the Vietnamese market, rapidly ascending to become the top-selling market in Southeast Asia within just three years of its introduction. The annual sales of CheongKwanJang alone in Vietnam currently stand at an impressive 20 billion Korean Won, positioning it as the second-largest market globally for the renowned red ginseng brand, trailing only Hong Kong (with annual sales of 100 billion Korean Won). This achievement underscores Kim's exceptional market acumen and his ability to effectively introduce and promote premium Korean products in the Southeast Asian market.

Beyond health functional foods, JM Group is also actively involved in the distribution of Anma beds under its own JM brand, with manufacturing outsourced through OEM agreements in China. Demonstrating his continued entrepreneurial drive and ambition to expand his business horizons, Kim has ambitious plans for the Korean domestic market. He intends to launch JM brand Anma bed dealerships in Korea around June, marking his entry into the highly competitive Korean wellness market. His domestic strategy includes leveraging the reach of home shopping channels to establish a rental business model, catering to a broader consumer base.

Despite his current success, Chairman Kim candidly acknowledged the challenges and setbacks he encountered in his entrepreneurial journey, including a bankruptcy experience in his early thirties. However, these early trials appear to have only strengthened his resolve and reinforced his belief in the power of distribution. "Distribution is the flower of business," he asserted with conviction, underscoring his deep-seated passion for the industry. Looking to the future, Kim harbors a significant ambition: to establish JM brand products, manufactured by his Korean manufacturing corporation, as globally recognized and sought-after exports, further solidifying his legacy as a dynamic and successful Korean entrepreneur on the international stage. His journey from a young distributor to a leading figure in the Vietnamese Korean business community and a key player in the global health and wellness market serves as an inspiring testament to his vision, perseverance, and astute business acumen.