The shipment was exported at the beginning of June, which is an anticipated result of a long period spent on both market research and product promotion in Korea. It is noticeable that before officially intruding into a high-value market, Vinamilk’s nut milk, soybean milk, and milk tea have successfully won Vietnamese consumers’ hearts since its introduction nearly 02 years ago.
Vinamilk’s representative stated that, the healthy product market in Korea is highly competitive with the dominance of certain domestic large food corporations. Regarding soybean milk particularly, there have been 40 different types produced and traded in Korea, to cater for all customer segments. If Vinamilk’s new and high-end nut milk products become successful in Korea, it will consolidate the company’s competitive advantages regarding quality and brand on an international scale.
With an average income per capita equaling to $30,000 and life longevity ranking third over the world, Korean customers have shown many strict requirements for nutritious products. Accordingly, Vinamilk must focus on enhancing its products’ quality, taste, and high-end brand to meet all the specific demands of the Korean.
Vina Korea, which is the distribution partner for Vinamilk in Korea, has recklessly imported a large shipment of Vinamilk’s nut milk and milk tea because the company speaks highly of the Vietnamese brand’s potentials to conquer the Korean market.
According to Mr. Seol Boo Chun, Director of Vina Korea: “I believe that Vinamilk products will be widely accepted and favored by Korean consumers thanks to their nutritious and tasty nuts. Moreover, Vinamilk milk tea’s scent and taste are comparable to European products, and will probably satisfy the consumers.”
From Jun 2020, Vinamilk nut soy milk, and milk tea will be sold on Korean e-commerce websites like 11St and eBay. Additionally, convenient store chains such as CU, GS25, and 7-Eleven are a highly potential distribution channel to reach targeted consumer segments in the near future.
Mr. Vo Trung Hieu, International Business Director of Vinamilk shared: “The top leading Vietnamese milk brand has presented itself in reliable ranking lists of prestigious newspapers like Forbes, Nikkei,…The products are all compatible with Europe and America’s quality criteria, which are highly concerned by Korean customers. With careful preparation, we are confident to step into Korea’s big competition.”
Previously, Vinamilk spent over 10 years doing research in the Korean market. This period has been of great assistance for Vinamilk to produce different types of milk suitable for the Korean’s preference and taste. Besides, Vinamilk has also invested in brand identity and promotion design to ensure positive impressions on Korean consumers.
At the beginning of 2020, Vinamilk has won an export contract valued at USD 20 million to Middle East regions at an international fair – Gulfood Dubai. Subsequently, during the time of social isolation, the company successfully exported the first shipment of condensed milk to China and other countries. In the first 06 months, despite the global crisis caused by Covid-19 pandemics, Vinamilk continuously achieved positive results thanks to the stability in business activities, as well as the wise strategies of intruding into potential international markets.
Recently, Vinamilk has been listed as the one and only nutrition company in Top 50 Best companies in Vietnam by Forbes Vietnam.
Translated & Edited: Dandelion