Instant noodle firms eager to tap into Mexican market
(VOV) - Vietnamese noodle manufacturers have a chance to tap the Mexican market which annually imports an estimated 1.6 billion packs worth US$500 million annually, according to the Mexico-based Vietnam Embassy’s Trade Office.
A trade office survey showed that instant noodles are primarily sold through 12 major supermarkets, such as Wal-Mart, Aurrera, Superama, Soriana, and Comercial Mexicana.
When exporting to Mexico, domestic manufacturers should be aware that Mexico levies a 10% tariff on all normal products and a 20% tariff on products containing egg as part of efforts to protect the chicken industry, one of the country’s key exportss.
Hoang Tuan Viet, Trade Counsellor to Mexico, affirmed Vietnamese instant noodles can be exported to Mexico. Businesses should choose brand names associated with low prices such as Vifon, Masan, Milliket, Micoem, and Asia Food, he suggested.
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To best approach the market, businesses should develop a detailed advertising strategy to market the products to the Mexican people. For example tasting at supermarkets is an effective and proven method of marketing, he said.
Vietnam currently has 50 instant noodle manufacturers which produce nearly 50 billion packs a year. It is also one of the largest consumers of instant noodles in Asia with average consumption of 1-3 packs per person a week.
Currently, Japan-invested VinaAcecook leads the market with 51.5% of market shares, followed by Masan Consumer (16.5%), Asia Food (12.1%) and the remaining 20% are owned by smaller brand names like Miliket and Vifon.