Vinamilk's determination to expand its brand presence in Asia-Pacific region to achieve annual targets
HO CHI MINH CITY, Vietnam, Dec. 3, 2020
HO CHI MINH CITY, Vietnam, Dec. 3, 2020 /PRNewswire/ -- Vinamilk's international trade strategy in Asia-Pacific prioritizing for regional brand exposure and participation in new value chains are showing positive signs. This direction clearly demonstrates Vinamilk's dynamism and acumen, especially as Vietnam recently enters the Regional Comprehensive Economic Partnership Agreement (RCEP), the world's largest plurilateral trade agreement.
While the Middle-East region is known as one of Vinamilk's solid export markets, Asia-Pacific is a potential market that Vinamilk has been continuously investing in. Currently, Vinamilk's products are present in all 15 countries under the RCEP.
Fresh milk and yogurt products are well received by South East Asian consumers while the premium Vinamilk organic milk is increasingly popular in Singapore and Thailand.
Moreover, keen to penetrate and expand to more developed markets such as Japan, Korea and China, Vinamilk is implementing 'bespoke' strategies on brand awareness, product diversity, and niche market tactics etc. Specifically, in 2020, Vinamilk's brought to the Korean market its innovative plant-based milk, milk tea, and coconut water, both on the traditional convenience store and e-commerce channels. Vinamilk, concurrently, is prioritizing for development in the China market by building its own brand and distributing Vinamilk key products such as condensed milk and yogurt in the local market.
Along with its commitment to maintaining open markets for goods, services, and investments, RCEP creates a framework to simplify customs procedures and establish rules of origin, facilitate trade, and create a unified connection. Once implemented, the RCEP Agreement will provide its members advantageous opportunities to access a market with 2.2 billion consumers, including the ASEAN market and 5 countries in the Asia-Pacific region. RCEP is a crucial factor for businesses to take part in regional and global supply chains.
"Vinamilk determines International business as a strategic pillar fueling the company's future growth. In recent years, we initiated our global expansion strategy upon a strong international business foundation and brand awareness. This strategy focuses on increasing our brand presence, building our professional services, and creating sustainable relationships with our international partners - connecting Vinamilk to the world's consumers."
"Vinamilk is committed to walk alongside and support partners; and that is how we overcome difficulties together, especially in the current climate," said Ms. Mai Kieu Lien, Vinamilk's CEO.
It is proven that sustainable long-term relationship development with ongoing timely support with customers and importers have underpinned partners' trust and collaboration with Vinamilk, especially during times of uncertainty. Despite COVID-19 impact, in the first 9 months of 2020, Vinamilk's export business, has achieved a net revenue of VND4,027 billion, posting an impressive 11.8% YoY growth.
In 2019, Vinamilk won the Asian Export Award for processed food under the large corporate category. With outstanding export activities in 2019-2020, it has been honored in the List of Reputable Exporters of 2019 by the Vietnam Ministry of Industry and Trade.
Ms. Le Thanh Lan Anh
Mr. Vo Trung Hieu
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