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Wednesday,  Apr 25,2018,17:38 (GMT+7)

GS25 seeks Vietnam products for stores in S.Korea

Minh Tam
Monday,  Apr 16,2018,18:29 (GMT+7)
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GS25 seeks Vietnam products for stores in S.Korea

Minh Tam

Representatives of local businesses introduce their products to Jong Su Kim of GS Retail at a meeting in HCMC on April 12 - PHOTO: MINH TAM

HCMC – High-quality and unique products of Vietnam may be distributed at GS Retail stores in South Korea but the Northeast Asian market is very competitive.

At a meeting with nearly 100 Vietnamese enterprises on April 12, Cho Byung Hyun, head of purchasing at Korean convenience store chain operator GS25, said over 12,000 GS25 convenience stores in Korea sold 200,000 Vifon beef noodle cups in 10 days. The sales volume might be even higher if they were not out of stock.

Vifon noodle cups have become a craze in Korea in the past few days. Cho amusingly said he will return to Korea late this month and carry along two cartons of Vifon beef noodles at the request of his wife. 

Cho said Vifonwas also surprised by that fact when he visited the company’s factory. The Vifon story shows that Vietnamese are able to export their goods to Korea and sold at 12,000 GS25 stores of any quality Vietnamese products, he added.

According to Jong Su Kim, deputy director of GS Retail, the firm is considering selling many potential Vietnamese products like Trung Nguyen and Highlands coffee products and beef noodles.

Nguyen Hong Trang, CEO of GS25 Vietnam, said GS25 representatives will provide all information about the Korean market such as consumer habits and goods standards. This will help local businesses enter a choosy market in Asia like Korea.

Competition is fierce but a big advantage of Vietnamese enterprises is the free trade agreement between Vietnam and Korea, according to Trang.

Trang added there is no limit for local businesses at GS25 stores in Vietnam. Goods producers can provide their existing products and negotiate to create new, unique products for the chain.

GS25, the biggest convenience store chain in Korea with a 30% market share,was taken to Vietnam by Son Kim Land last August. Five stores have been opened so far, and the number will climb to 50 at the end of the year. GS25 Vietnam targets to have 2,500 stores in the next ten years.

Many products at GS25 stores in Vietnam are imported and produced with Korean flavors at facilities in Long An Province. This, according to the GS25 representative, is the chain’s competitive advantage and what makes it different from rivals.

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