18:42 | 19/08/2015 Trade
(VEN) - After two Outstanding Vietnamese Goods programs launched at the Lotte Mart supermarket chain, Vietnamese goods have established a niche in the Republic of Korea (RoK), Lotte Vietnam Co., Ltd. General Director Hong Won Sik told Vietnam Economic News’ reporters Phuong Lan and Thuy Ha.
What do you think about the potential of Vietnamese products in the RoK?
Vietnam has many potential and competitive products in the RoK market such as seafood, agricultural produce, kitchen utensils and garments.
Aware of this, Lotte Mart has organized Outstanding Vietnamese Goods programs in the last two years to choose products for sale at the Lotte Marts in Vietnam and the RoK . Last year the program chose 101 products for export to the RoK with total revenue of US$250,000 during the first week of the exhibition. After the program was completed, Lotte Mart chose 19 most favorable products for sale at the Lotte Mart chain in the RoK, with revenues of US$2 million so far. Exports of this kind are expected to reach US$700,000 this year after the program was launched in June in Ho Chi Minh City and in October in the RoK.
What disadvantages do Vietnamese goods face?
Despite great potential, Vietnamese businesses must pay more attention to their disadvantages which have caused low competitiveness of Vietnamese goods, particularly in terms of package design. In addition, they also need to ensure the stable quality of their products.
Apart from businesses which have experience in exporting to the RoK, many small-sized businesses do not know much about the South Korean market and do not have products which can compete in the RoK. For this reason, I think, Vietnamese businesses also need to better understand the taste of South Korean consumers, provide suitable products and keep up with consumption trends in the country. We have been step by step working with Vietnamese businesses and authorities to develop support and guidance programs in order for businesses to produce and export appropriate products to this market.
What specific measures has Lotte used to support Vietnamese businesses?
In the short term we will focus on helping businesses improve their packaging to meet South Korean standards. As for agricultural exports, we will provide funds for exports to make it more able for businesses to focus on farming and livestock breeding and producing quality products. Lotte will also help them sell their products at the Lotte Mart chain in both Vietnam and the RoK. In the long term we will try to launch many more programs of its kind to best support Vietnamese businesses.
Lotte is scheduled to launch the Outstanding Vietnamese Goods program in its shops in the RoK this coming October. Could you please tell more about it?
We are choosing businesses and have a plan to take Vietnamese goods to the best 10 Lotte stores which have reached sales of more than US$10 million per month. These will include Vietnamese goods which should sell well in the RoK such as seafood, dragon fruit, mangoes, coconuts, confectionery, wood furniture and kitchen utensils. It is expected the program will achieve customer satisfaction and high sales.
Phuong Lan & Thuy Ha