Vietnam emerging as RoK’s major importer of powdered milk
Vietnam is emerging as a major importer of powdered milk from the Republic of Korea (RoK) that is facing low birth rate.
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| Illustrative image (Photo: VNA) |
Specifically, the RoK exported 15.85 million USD worth of powdered milk to Vietnam as of the last November, or 17% of its total shipment of this product.
Data from the Korean Customs Service showed that the RoK earned 95.86 million USD from the export of powdered milk during January-November. Notably, its shipment to Vietnam soared to 19.54 million USD in 2021 from 7.58 million USD in 2016. It is estimated that its powdered milk export revenue will surpass 100 million USD this year, including over 20 million USD from Vietnam for the first time.
Lotte Confectionery, which merged with Lotte Food in July 2022, is expanding its formula milk business in Vietnam with such brands as Nubone, Lotte Kid A and Grand Noble that debuted in 2019.
Thanks to increased marketing via television and social media, the company's export to Vietnam doubled in 2022 from a year ago.
Korean dairy manufacturer Namyang Dairy Products is also stepping up the export of powdered milk such as Imperial XO and maintaining its reputation in Vietnam.
(Source: VNA)
