Agriculture & Food

At present, Vietnam has surpassed China as the largest milk powder export market of South Korea. According to customs data, in 2022, South Korea's milk powder exports to Vietnam reached 15.85 million US dollars, accounting for 17% of the country's total milk powder exports.

According to South Korean customs data, South Korean milk powder exports reached 95.86 million US dollars in the first November of 2022. It is noteworthy that the amount of milk powder exports from South Korea to Vietnam has increased 1.6 times in the past six years, from US $7.58 million in 2016 to US $19.54 million in 2021. According to customs data, in the first November of 2022, South Korea's milk powder exports to Vietnam reached 15.85 million US dollars,

According to customs data, in the first November of 2022, South Korea's milk powder exports to China reached 67.28 million US dollars, far lower than the level of 104.9 million US dollars in 2016.

The average annual number of newborns in Vietnam is 2.5 times that in South Korea, so the demand for milk powder is also very large. The Chinese market is large, but there are also many potential risks, so the Korean milk powder industry has turned its market target to Vietnamese customers.

According to customs data, with the promotion activities of Korean milk powder companies, the proportion of infant formula milk powder exports to Vietnam in total Korean milk powder exports has soared from 6.2% in 2016 to 17% in 2022. It is estimated that in 2023, South Korea's milk powder export to Vietnam will exceed US $20 million for the first time.