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HiteJinro Co., a South Korean brewing and distiller company, has disclosed plans to establish its first overseas soju manufacturing plant in Vietnam, marking a significant stride in its global outreach.
HiteJinro's announcement of the construction of its soju plant on Vietnamese soil is a significant milestone as it is looking to expand its business on the global stage. Moreover, the company is further setting this plan to boost its soju sales outside of South Korea.
Taking Steps for Global Expansion of Soju Business
According to The Korea Herald, HiteJinro Singapore signed a land and infrastructure sublease agreement with the Green I-Park Industrial Complex to build its soju production facility. This site is located in Vietnam's Thai Binh province, and the contract signaled the start of the soju maker's overseas expansion venture.
The amount of investment and other relative details of the construction and business establishment in the said Asian country were not yet available at publication. In any case, HiteJinro Singapore is a newly established subsidiary of HiteJinro Co. that was only launched in September, and it manages the overseas-based business of the company.
Business Korea reported that the soju giant set HiteJinro Singapore up to expand its alcoholic products global market presence. The facility's construction in Thai Binh Province marks the subsidiary's inaugural project.
Making Good of Soju's Popularity
The decision to establish a soju plant in Vietnam comes amid the growing demand for Korean liquor drinks. The company also predicted a strong growth track for the soju market overseas, and HiteJinro is grabbing this opportunity for expansion.
"Over the past six years, Hitejinro's soju exports have witnessed an annual increase of approximately 15 percent," the company said in a statement. "We project that our overseas soju sales will grow more than threefold compared to 2022 within the next decade."
Photo by: Samia Liamani/Unsplash
