HiteJinro to produce soju in Vietnam
简介South Korean liquor giant HiteJinro said Monday it is building the company's first overseas man ...
South Korean liquor giant HiteJinro said Monday it is building the company's first overseas manufacturing plant in Vietnam, riding high on the growing popularity of the nation's distilled spirit abroad.
According to HiteJinro Singapore, the company confirmed a sublease agreement with the Green I-Park Industrial Complex in Vietnam's Thai Binh province to establish HiteJinro’s new soju manufacturing plant at the site. HiteJinro Singapore is HiteJinro’s affiliate newly established in September in charge of supervising the soju maker’s overseas business.
Specifics such as the size of the investment and the time of completion were not yet released.
The company said its decision to build its first overseas production base came against the backdrop of the continuous increase in soju's popularity globally.
“HiteJinro’s soju exports have been increasing by 15 percent annually. The growth is expected to continue its upward trend, and overseas soju sales are expected to more than triple in the next 10 years compared to 2022,” said an official from HiteJinro.
In 2022, about 6 percent of HiteJinro’s sales, or 145 billion won ($106 million), came from abroad, with soju sales making up more than 80 percent of the total.
HiteJinro Singapore especially cited Vietnam's geographical location, cheap local prices, logistics accessibility and potential manpower as the prime reasons for building its first overseas production facility in the country.
“In particular, Thai Binh province, located in northern Vietnam, is adjacent to Vietnam's capital Hanoi, and has well-equipped infrastructure such as international airports, ports and coastal roads. The proportion of the working-age population also amounts to about 1.14 million, accounting for 57 percent of the total population of Thai Binh Province,” said an official from HiteJinro.
According to market research firm Markets Globe, the global soju market volume is estimated to reach 4.9 trillion won by 2029. As of 2022, the market is valued at 4.2 trillion won.
“HiteJinro’s production base in Vietnam is expected to function as a bridgehead for HiteJinro’s globalization of soju,” said Hwang Jung-ho, the head of HiteJinro Singapore.
PARIS -- Pulling an all-nighter to make gimbap and kimchi pancakes was the highlight of the year for ...
The basic fare for the subway in the Seoul metropolitan area has gone up by 150 won (US$0.11) to 1,4 ...
정부가 팔레스타인 무장정파 하마스의 공격으로 무력 충돌이 벌어지고 있는 이스라엘에 특별여행주의보를 내렸다. 사진은 박진 외교부 장관이 주이스라엘 한국대사관 관계자 등이 참석해 개최 ...
TvN Sports, CGV to screen Bundesliga’s first ‘Korean derby’
Performing Arts Market to link local artists to world
Unification ministry urges NK to immediately send detained S. Koreans back home
SPAF kicks off with boundary
Yoon, doctors set to clash over medical school quota
Voter interest reaches all
- N. Korea sent more than 1,000 containers of military equipment, munitions to Russia: White House
- [Today’s K
- 대통령실 “UAE 대통령 방한 순연”…이스라엘·하마스 충돌 영향
- [Herald Interview] Alex Olle’s realistic reimagination of opera ‘Norma’ keeps art form alive
- 28th BIFF comes to an end
- 'Basel Night' at Swiss Embassy in Seoul heralds Basel's cultural legacy
- Seoul shares end higher on tech gains, Fed comments
- 야당, 김행 사퇴에 “사필귀정…사법적 판단 받아야”
- Choo calls for end to protectionism, supply chain recovery during G20 meeting
- KT & G to build new tobacco plant in Kazakhstan
- Yoon's approval rating at 34.2% with parliamentary elections 6 months away
- Half of Loona restarts as quintet Loossemble
- Dawn begins mandatory military service
- Multinational criminal ring arrested for smuggling meth in bulk into South Korea
- [Today’s K
- Trend forecaster Kim Ran
- Aespa to return with 4th EP ‘Drama’ next month
- NMK to extend support for Korean galleries at six museums abroad
- The 2023 Seoul Fantastic Beer Festival
- [HIT Forum] High schooler shares his space dream
- Opposition calls for Yoon's overhaul of Cabinet after by
- Samsung SDI, Stellantis to set up 2nd JV plant in Indiana
- Lee Hyori returns with 1st new song in 6 years
- [HIT Forum] Innospace champions small satellite renaissance