HiteJinro to build first overseas soju plant in Vietnam
Young Chan Song
Oct 16, 2023 (Gmt+09:00)
South Korea's leading soju maker HiteJinro Co. on Monday unveiled its plan to build a plant in Vietnam.
HiteJinro Singapore confirmed a lease agreement with the Green I-Park Industrial Complex in Vietnam's Thai Binh Province for a new soju manufacturing plant. This step is for the establishment of its first overseas manufacturing plant.
In September this year, HiteJinro opened cooperation in Singapore. It's a base for the expansion of global soju production and sales. The construction of the soju facility in Thai Binh is the flagship project under this blueprint.
Driving the company's overseas expansion are factors like the consistent uptick in the global soju market, competitive cost structures, and potential opportunities to introduce localized brands and offerings.
In the past six years, HiteJinro's soju exports have surged annually by an average rate of 15%. Industry insiders predict that if this momentum holds, the next decade could see overseas sales volumes soaring to more than triple the figures reported in 2022.