|Vietnamese bananas are marketed to Lotte Mart consumers in RoK (Photo: VNA)
Despite Vietnamese bananas being exported to the RoK market since 2014, the product has so far failed to penetrate major supermarket chains such as Lotte Mart.
However, recent years have seen the nation’s banana export turnover to the Korean market rise significantly with export volume increasing from 180 tonnes in 2015 to 6,685 tonnes in 2019, raking in US$4.2 million in the process.
These positive results can largely be attributed to the fact that local firms have been actively co-ordinating efforts with Korean businesses and the Vietnamese Trade Office in the RoK, to improve the variety of products, while also ensuring that factors such as harvest, cultivation, preservation, and packaging are suitable for the tastes of Korean consumers.
According to a number of commercial experts, Lotte Mart's outstanding capability in terms of distribution and quality management experience means that Vietnamese bananas such as LOPANG BANANA, a high-quality variety grown in the Central Highlands, will certainly win RoK consumers’ trust.
Indeed, LOPANG BANANA is currently sold at nearly VND80,000 per 1.2kg, with Lotte Mart expected to import approximately 1,600 tonnes per year in order to distribute them through 81 locations across the Far East nation.
With the import turnover of bananas reaching over US$300 million per year, banana is viewed as a commodity that the country has plenty of capacity to increase its market share within the RoK.
In the near future, the Vietnamese Embassy in the RoK is set to continue working closely with Lotte Mart and other distributors in an effort to boost exports of Vietnamese banana to this potentially lucrative market.