Vietnam emerges as RoK’s major importer of powdered milk

VOV.VN - The nation is currently emerging as a major importer of powdered milk from the Republic of Korea (RoK) due to the northeast Asian country facing low birth rate.

This comes as the RoK shipped US$15.85 million worth of powdered milk to the Vietnamese market as of last November, or 17% of its total shipment of this product.

Data compiled by the Korean Customs Service indicated that the RoK raked in US$95.86 million from the export of powdered milk during the January to November period. Most notably, its shipment to the Vietnamese market grew to US$19.54 million in 2021 from US$7.58 million in 2016. It is estimated that the RoK’s powdered milk export revenue will surpass US$100 million this year, including more than US$20 million from Vietnam for the first time.

Lotte Confectionery, which merged with Lotte Food in July, 2022, is in the process of expanding its formula milk business in the Vietnamese market with such brands as Nubone, Lotte Kid A, and Grand Noble which debuted in 2019.

Thanks to increased marketing via television and social media, the company's exports to the country doubled in 2022 compared to the previous year.

Korean dairy manufacturer Namyang Dairy Products is also striving to accelerate the export of powdered milk such as Imperial XO whilst maintaining its reputation in the Southeast Asian nation.

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