Vietnam is becoming a more and more attractive power milk market for South Korea and the export revenue for Korean firms could exceed $20 million in 2023, South Korean media reported.
South Korea exported power milk worth $19.54 million to Vietnam in 2021, a 2.5 increase from $7.58 million in 2016, AJU Business Daily quoted the South Korean customs authority as saying.
This growth took place amid tensions between China and South Korea related to the U.S. deployment of the Terminal High Altitude Area Defense system (THAAD) in South Korea. Due to the tensions, South Korea’s exports of power milk to China fell 30% from 2016-2017, the newspaper wrote.
AJU Business Daily quoted a business insider as reporting that Vietnam’s power milk market is estimated at KRW1.4 trillion ($1.12 billion), while Vietnamese parents like South Korean products.
Vietnam’s population grew by 955,500 in 2022, or 0.97%, to 99.46 million. The country's dairy product output increased 10.2% to 345,400 tons in 2022, according to the General Statistics Office (GSO).