Hitejinro Targets 500 Bln Won in Overseas Soju Sales in 2030

In this photo taken on June 12, 2024, and provided by Hitejinro, Hwang Jung-ho, managing director in charge of the company’s overseas business, announces the “Global Vision 2030″ plan at Movenpick hotel in Hanoi. (Image courtesy of Yonhap)

SEOUL, Jun. 18 (Korea Bizwire) — Hitejinro Co., South Korea’s leading beverage company, said Tuesday it aims to achieve 500 billion won (US$360 million) in overseas soju sales in 2030 based on overseas production and export diversification.

The target figure is sharply up from Hitejinro’s annual overseas soju sales of 180 billion won for the whole of 2023.

Under the new slogan of “Easy to Drink, Drink to Link,” Hitejinro will expand its overseas sales networks, build its first overseas plant in Vietnam, and explore new strategic markets in coming years, the company said in a statement.

Hwang Jung-ho, managing director in charge of Hitejinro’s overseas business, announced the “Global Vision 2030″ plan in a recent press conference held in Hanoi.

Hitejinro plans to begin the construction of the soju plant at the Green i-Park industrial complex in Vietnam’s Thai Binh province in the first quarter of 2025, with an aim to complete it in the following year.

The company expects the Vietnam plant will serve as the foothold to expand into neighboring Southeast Asian countries.

Soju is distilled liquor made of ethyl alcohol and water, with the addition of sweeteners.

Hitejinro produces 100 percent of its soju products at its domestic plants. It earns 10 percent of its total sales from exports of soju; “makgeolli,” Korean rice wine; and other liquors. Soju accounts for 80 percent of the exports.

lts soju products are sold under its flagship Jinro brand overseas, while two soju brands, Chamisul and Jinro, are sold domestically. Its beer is available globally under the brands Hite and Terra.

Hitejinro accounts for 65 percent of the 3.5 trillion-won domestic soju market, with its smaller rival Lotte Chilsung claiming 20 percent and others holding the remainder.

(Yonhap)