Vietnam Dairy Products Joint Stock Company (Vinamilk) has successfully signed a contract to export its milk products to South Korea with the total value of US$1.2 million.
A Vinamilk representative said that the export consignment with 85 containers of milk products comprising premium soymilk and milk tea of Vinamilk brand.
Estimating the Korean market, the representative said that a very potential market with GDP per capita topping $30,000. Still there is also a fierce competition there with the market share domination by large domestic food groups. As many as 40 different types of soymilk products are available in the market to meet the need of all customers. Hence, Vinamilk’s export of its soymilk product to this market has contributed in affirming the company’s competitive ability in both quality and brand name in the international market.
Mr. Seol Boo Chun, director of Vina Korea Company which is Vinamilk’s partner distributing Vinamilk products in South Korea, said that his company has imported a big amount of soybean and milk tea of Vinamilk to trade in such a high standard market like South Korea for believing in the delicious and tasty flavor of Vinamilk products. The milk tea product has a clear tea flavor double that in other products of the same kind in the market. So Mr. Seol believed that Vinamilk milk tea will please customers loving the delicious tea flavor like products from Europe.
Vinamilk has spent ten years on research and development in the Korean market, together with its partner studying the market and developing products with specific flavor suitable with Korean customers’ taste and trend. In addition, Vinamilk has also focused on brand identity and image design to make an impression when introducing the products.
Since June, 2020, soymilk and milk tea products of Vinamilk have been sold in e-commerce sites in South Korea such as 11St and Ebay. Online shopping has become a common trend in the country accounting for 50 percent of total. It has strongly increased during social distancing due to Covid-19 when travel restrictions are on place.
Convenience store chains such as CU, GS25 and 7-Eleven are said to be suitable distribution channels for Vinamilk to get access to target customers in the upcoming time, added Mr. Seol Boo Chun.
Mr. Vo Trung Hieu, international business manager of Vinamilk said that the company has been known as the leading dairy brand name in Vietnam, constantly present in the prestigious rankings of organizations such as Forbes and Nikkei. Besides, Vinamilk products meet Europe and the US’s quality standards which Korean consumers trust in. With good preparation, Vinamilk is confident entering the big playground and competing with local producers in South Korea who are dominating the market.
Previously, Vinamilk signed a contract to export $20 million worth of milk to the Middle East in early 2020 at Gulfood Dubai 2020. Afterwards the company successfully exported the first consignment of condensed milk to China and many other nations during social distancing. Within the first six months of 2020, despite big fluctuations in international trade due to Covid-19, Vinamilk has continuously received positive signals from export field due to its stability in production and trading and exploration of potential market in the world. Recently, Vinamilk was honored in the list of the top 50 listed companies by Forbes Vietnam, it is the only nutrition company in Vietnam named in the list.
Source: Vietnam Insider