Representatives from SamMyungjang, a health supplement manufacturer (Image courtesy of Yonhap)
HANOI, Nov. 28 (Korea Bizwire) – At the E-commerce Connection and Development Forum (ECCDF2024) held at the Hanoi Museum on November 26, Korean companies showcased their strategies to capture the Vietnamese market through products that offer both value for money and emotional satisfaction.
Lim Young-ho, director of Skineralism, a cosmetics and food manufacturing company, revealed plans to launch Vietnam-specific products priced around 10,000 won.
“We’re planning to modify quantities and packaging to create products specifically tailored for the Vietnamese market,” Lim said during the forum.
The company’s bubble cleanser, which uses natural ingredients, promises both effective cleansing and safety. “It’s safe enough for pregnant women to use with peace of mind,” Lim explained.
Drawing lessons from the rise and fall of Korean cosmetics sold through Chinese daigou (personal shoppers), Lim believes that as Vietnamese income levels rise, Korean brands distributed through legal channels will become more competitive.
“The key is finding a price point that meets Vietnamese consumers’ expectations — neither too expensive nor too cheap,” he said.
Skineralism, a cosmetics and food manufacturing company (Image courtesy of Yonhap)
Skineralism also introduced innovative products like powdered tteokbokki sauce, making Korean food easily accessible anywhere. The company is set to expand its product line further, collaborating with forum co-host DDM24 to develop baby formula for export to Vietnam starting next month.
At a nearby booth, representatives from SamMyungjang, a health supplement manufacturer, were busy introducing their red ginseng products.
CEO Lim Ji-hye attracted passing Vietnamese women with her pitch about their traditional preparation methods: “We use 4-6 year-old Korean ginseng, processed using traditional methods without food additives, preserving the root’s integrity.”
Visitors who sampled the red ginseng preserves responded positively, praising the texture, aroma, and taste.
“Surprisingly, there was significant interest in joint supplements like chondroitin,” Lim noted.
“While immediate sales might not materialize, we expect word-of-mouth among customers who try our products to drive future purchases.”
Many of the participating companies are vendors on Sangnokmall, a welfare shopping portal affiliated with the Government Employees Pension Service.
Won Kwan-hun, CEO of Sangnokwells, which operates the mall, explained their presence at the forum: “We came together to provide promising small and medium-sized enterprises, who despite having excellent products struggle with promotion and marketing, an opportunity to enter the Vietnamese market.”
Ashley Song (ashley@koreabizwire.com)
