HiteJinro, a major player in the liquor sector in South Korea, is gearing up to establish its first overseas factory in Vietnam as it approaches its 100th anniversary next year. This move is a cornerstone of their strategy to globalize the soju business.
HiteJinro announced on Oct. 16 that HiteJinro Singapore signed a sublease agreement with the operators of the Green I-Park Industrial Complex in Vietnam’s Thai Binh province for the construction of a soju production factory. This marks the first time that HiteJinro is venturing into overseas production facility construction.
HiteJinro established its Singapore subsidiary last September in an effort to expand its global soju market presence. HiteJinro Singapore is embarking on its inaugural project by planning the construction of a soju production facility in Thai Binh Province, Vietnam.
HiteJinro’s soju export volume has seen an average annual increase of approximately 15 percent over the past six years. It is anticipated that overseas soju sales will more than triple last year’s figures in the next 10 years. The company chose Vietnam as its overseas production hub due to factors such as its geographical location, cheap local prices, logistical accessibility, and ease of securing a workforce.