This activity has opened up a new channel for Vietnamese products, and one that can significantly raise the overall value of Vietnamese exports.
Lotte Mart - a major retailer in Vietnam - is due to sell 200 Vietnamese product lines from various enterprises and sell them in their supermarkets in South Korea. The estimated value of these commodities is about 1 million USD, most of which include agricultural and aquatic products as well as refined foods. Last year, Lotte Mart also held fairs to introduce Vietnamese goods in 7 of its supermarkets in South Korea.
In addition to Lotte Mart, other retailers in Vietnam such as Metro and BigC are also intensifying their export of Vietnamese products. Saigon Coop - a Vietnamese retailer - has also sold Vietnamese goods worth 5 million USD to Singapore’s leading retailer, Fairprice. These initial successes will form a foundation for bringing more and more Vietnamese goods to big supermarkets around the world. However, maintaining a market share for Vietnamese goods in these supermarkets is not easy.
Exporting Vietnamese products through the distribution networks of foreign retailers is a sustainable way to export as it allows Vietnamese producers to piggy-back on the prestigious brand names of these major retailers. However, that is still only half the battle, as a long-term strategy to create a good reputation for Vietnamese products is still needed.
