NongHyup, Gangwon NongHyup Partner to Expand Online Produce Market

NongHyup Economic Holdings and Gangwon NongHyup have partnered to boost the online presence of Gangwon province's agricultural products. The two entities signed a Memorandum of Understanding (MOU) on May 27th at the NongHyup Garak Market in Songpa-gu, Seoul, aiming to increase the online handling of regional produce and enhance distribution efficiency.

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The online wholesale market is a distribution channel that can increase farmers' revenue and contribute to price stability.

The collaboration is designed to facilitate transaction matching between Gangwon's farms and the Garak Market. This strategic move aligns with the government's broader policy objectives to reform the agricultural distribution structure. By expanding the online trading base for agricultural products from producing areas, NongHyup seeks to adapt to the evolving landscape of wholesale market distribution.

Online wholesale markets offer distinct advantages over traditional offline transactions. They reduce commission fees and cut down on logistics costs by streamlining transportation steps. NongHyup anticipates that this shift will lead to improved prices for local farmers and more affordable options for consumers.

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Continuously expand the online wholesale market business that provides benefits to both producers and consumers.

Lee Ki-bok, head of NongHyup Economic Holdings' Market Business Division, stated, "The online wholesale market is a distribution channel that can increase farmers' revenue and contribute to price stability." He added that the company plans to "continuously expand the online wholesale market business that provides benefits to both producers and consumers." Kim Byung-yong, head of NongHyup's Gangwon Headquarters, expressed hope that the MOU would "become an opportunity for mutual growth satisfying producers, consumers, and sellers," pledging support to ensure "Gangwon's excellent agricultural products are stably supplied to consumers nationwide through online channels."

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This MOU will become an opportunity for mutual growth satisfying producers, consumers, and sellers.

NongHyup Economic Holdings reported 126.8 billion won in online wholesale market transactions for its fruit and vegetable markets last year and is targeting 140 billion won this year, underscoring its commitment to strengthening online distribution competitiveness.

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Gangwon's excellent agricultural products are stably supplied to consumers nationwide through online channels.