[Photo provided by Samyang Foods Co.]
South Korea’s Samyang Foods Co. has forged relationship with Vietnam’s leading retailer Saigon Co.op, in hopes of doubling its annual exports this year to the Southeast Asian county from last year.
Samyang Foods said on Thursday it signed a memorandum of understanding with Saigon Co.op to enhance marketing cooperation. Under the partnership, Samyang Foods will be able to sell its products directly at 250 grocery and convenience stores of Saigon Co.op across the country. So far Samyang Foods had relied on a third-party local retailer to sell its products in stores of Saigon Co.op.
State-run Saigon Co.op is the largest retail group in Vietnam with extensive sales channels encompassing discount stores, convenience stores and home shopping channels. Its discount store brand Co.opmart runs the largest number of outlets across the country.
With hope that the partnership can help boost its product sales in Vietnam, Samyang Foods has revised up its export target to the Southeast Asian country this year to 10 billion won ($9.3 million), doubled from a year ago, according to a company official.
Following the agreement, the Korean food maker, famous for making Korea’s first instant spicy noodle called ramyeon, will reinforce online and offline marketing activities in Vietnam to further up sales of its flagship products such as hot chicken flavor ramyeon that is popular among young people in the country. Vietnam is the world’s fifth largest ramyeon market where 5 billion bags are consumed every year.
By Lee Duk-joo and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]