Illustrative image (Photo: Internet) Hanoi (VNA) – Vietnam is emerging as a major importer of powderedmilk from the Republic of Korea (RoK) that is facing low birth rate.
Specifically,the RoK exported 15.85 million USD worth of powdered milk to Vietnam as of thelast November, or 17% of its total shipment of this product.
Datafrom the Korean Customs Service showed that the RoK earned 95.86 million USDfrom the export of powdered milk during January-November. Notably, its shipmentto Vietnam soared to 19.54 million USD in 2021 from 7.58 million USD in 2016. Itis estimated that its powdered milk export revenue will surpass 100 million USDthis year, including over 20 million USD from Vietnam for the first time.
LotteConfectionery, which merged with Lotte Food in July 2022, is expandingits formula milk business in Vietnam with such brands as Nubone, Lotte Kid A and Grand Noble that debuted in 2019.
Thanksto increased marketing via television and social media, the company's export to Vietnamdoubled in 2022 from a year ago.
Korean dairy manufacturer Namyang Dairy Productsis also stepping up the export of powdered milk such as Imperial XO and maintainingits reputation in Vietnam./.
