Vinamilk Enters ROK Market with a Contract Worth US$1.2 Million

9:56:05 AM | 10/6/2020

 After a period of exploration and introducing its products to the market of the Republic of Korea, in early June 2020, Vinamilk successfully signed a contract to export 85 containers of products to this market.

The products include a set of three high quality soy bean milks as well as Vinamilk’s Milk Tea. Having been present in Vietnam for less than two years, Vinamilk’s delicious and nutritious seed milk products have quickly become a favourite of domestic consumers and have now conquered the ROK market with an export contract worth US$1.2 million.

Not only focusing on product quality, Vinamilk's brand is also invested to conquer the RoK market.

The nutritional product market in the RoK is said to be fiercely competitive, with the dominance of several major domestic food groups. Regarding soya milk products alone, there are nearly 40 different types available on the market, meeting the needs of all customers. Therefore, it can be said that Vinamilk’s presence in the RoK market with its innovative and high-quality milk products has contributed to affirming the competitiveness of both Vinamilk’s quality and brand in international markets.

As a developed country, with a per capita income of more than US$30,000, people in the RoK not only have a high standard of living, but also have very high demand for both domestic and imported products. With an international standard of quality, unique taste and high-class brand image, Vinamilk’s milk products of soybean, almonds and walnuts have initially made a positive impression on consumers in the RoK.

“I believe that consumers in the RoK will be attracted to Vinamilk products because of the delicious taste and the richness and variety of seeds in the product. Milk tea products have a clear tea flavour, doubling the products currently on the market will satisfy customers who are very fond of milk tea products”, said Seol Boo Chun, Director of Vina Korea, the distribution partner across these product lines.

Vinamilk has had over 10 years to research and develop its business on the RoK market. With a methodical approach to foreign markets, before starting to promote exports, Vinamilk and its partners spend a lot of time studying the market, researching and developing products. This preparation helps the product to suit the tastes of the local consumers while creating a unique flavour for the product to conquer consumers. For high-demand markets like the RoK, Vinamilk also focuses on investing in brand recognition, image and design to create a positive first impression when the products are introduced.

Starting in June 2020, Vinamilk’s soymilk and milk tea products are being sold on Korean e-commerce sites like 11St and eBay.

According to Vo Trung Hieu, International Sales Manager of Vinamilk, Vinamilk is known as the leading milk brand in Vietnam, constantly appearing in prestigious rankings of organisations such as Forbes and Nikkei. In addition, Vinamilk’s products meet European and US quality standards, which are trusted by the RoK consumers. With careful preparation, Vinamilk has confidently stepped into this big playground, competing with domestic manufacturers in the RoK that are currently dominating this market.

Vinamilk opened 2020 with a US$20 million dairy export contract to the Middle East signed at the Gulfood Dubai International Fair. Then, during social distancing, the company successfully exported its first batch of condensed milk to China and several other countries. In the first six months of 2020 alone and the many fluctuations in international business due to the Covid-19 pandemic, Vinamilk has continued to record positive news in the export segment thanks to the stability and certainty of its production and business, actively exploring potential international markets. Recently, Vinamilk was rated by Forbes Vietnam as one of the Top 50 Best Listed Companies in Vietnam in 2020 and also the only nutritional company in these rankings.

Source: NDO