How can fruits from Vietnam delight customers in Korea?

Do you like fruits? What about imported fruits? What comes to mind when you think of imported fruits? Banana? Mango? The aged in Korea used to say that bananas used to be such precious fruits that they used to be eaten only when they were sick or when guests came in the past. Recently, COVID19 eliminated the opportunity to travel abroad, but in the past at least last year, many people used to travel to South-East Asia, especially, Vietnam and enjoyed taste exotic fruits in Korea, which are rare or expensive or not as good as in abroad.

But, what about Vietnamese fruits? Do you know any Vietnamese fruits in mind? The one of familiar country in South-East Asia, Vietnam is exporting various fruits to Korea. However, by item, Vietnamese imported fruits account for a small portion of the entire Korean market compared to fruits from Philippines or Thailand. This is contrast to the very high trade volume (third in exports, second in imports) between Korea and Vietnam. The main reasons for this are “low brand awareness”, “lack of large-scale farmers”, and “low price competitiveness compared to global agricultural product exporters”.

From the analysis above, four major findings were drawn. To boost trade, firstly, the important point is to find competitive products that can be represented and increase competitiveness. Second, it is necessary to derive the best product for Vietnam’s agricultural production infrastructure and environment. Third, to target Korean, it is necessary to put the Koreans’ preferences (such as taste, sugar level, variety, price, etc.) first. Finally, it is product branding to establish ways to improve image and quality management competitiveness.

 

Hebronstar Insights
Park, Young Sun / Associate Consultant