MoIT seeks to unlock overseas markets
(VOV) - Vietnamese products are increasingly being showcased at Lotte Mart shopping centres across the Republic of Korea (RoK) as part of an initiative by the Ministry of Industry and Trade (MoIT) to stimulate retail sales in the East Asian market.
After two years of aggressively implementing the program – VK Connect – the MoIT firmly believes it is making some headway in introducing a select group of 101 products into the difficult to satisfy consumer market.
“Nationwide sales are now averaging US$8-10 million per month, which though modest is a decent starting point,” said MoIT Deputy Minister Ho Thi Kim Thoa in reference to the program.
Thoa said the initiative is currently touting the products of 22 companies but was quick to point out that expanding their footprint in the market doesn’t just benefit the specific manufacturers and retailers involved.
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“When domestic companies showcase quality products abroad, it has the effect of raising Vietnam’s image as a nation,” she said and it establishes a base for other companies to later build upon and expand their horizons.
She noted that at Lotte Mart Ga Seoul, the shopping centre is jam packed with Vietnamese products like cashew nuts, frozen shrimp, dried fish, rice noodle, coffee, woollen carpets, kitchen utensils, and blankets.
At the international food aisles in other stores including Lotte Mart Uiwang and Lotte Mart Kwangbok – red pepper paste, fish sauce, instant noodles and soda made by Vietnamese manufacturers pack the shelves.
On the same floors, a variety of other familiar eye-catching household items made in Vietnam can be seen.
There are many other valuable lessons to learn from the project the MoIT Deputy Director said, citing Lotte Mart’s method of displaying products in a pyramid. This is a sales trick aimed at catching the consumers eye and “making products look multi-dimensional.”
All told Vietnamese goods are now available in 114 Lotte retail establishments throughout the RoK and the prospects look promising for retail sales continuing to climb in the market in the coming time.
“The MoIT is participating in several similar initiatives in markets around the globe to spark consumer interest in Vietnamese goods,” said Thoa, specifically mentioning an initiative with the Casino group in France and Metro Cash & Carry in Germany.
Notably, a Vietnamese Goods Week is set for Paris in June 2016.