Strategies of Exporting Korean Dairy Products to Vietnamese Market And Its Economic Impacts
This study examined the feasibility of exporting dairy products from Korea to Vietnam by identifying characteristics of its dairy product market based on results from the analysis of its dairy product market, and surveys on consumers, wholesalers, and retailers. The results from surveys provide characteristics of Vietnam’s dairy product market, the propensity to consume Korean dairy products, and the feasibility of the Korean dairy product exports market. As rapid economic growth and changes in preference result in an expansion of import market in Vietnam, Vietnam’s dairy product market is highly attractive to Korean dairy products. Vietnamese consumers have high confidence in Korean dairy products and are willing to pay a high price for them. Besides, over 200 thousand Koreans are living in Vietnam. This is favorable to Korean dairy products exports. But the success of the Korean dairy products in Vietnam’s dairy product market also depends upon systematic disease controls, the establishment of its brand image, effective quality and sanitation/safety management, and government support. Notably, the economic effects of Korean dairy products exports to Vietnam are 68.7 billion won for a production inducement effect and 297 persons for an employment inducement effect.