HiteJinro signed an agreement with Green i-Park JSC to rent an 8.4-hectare site in Lien Ha Thai Industrial Park, Thai Binh province.

Last September, HiteJinro announced the opening of a corporation in Singapore to serve as a base for the global expansion of soju production and sales. The new soju manufacturing plant in Thai Binh is HiteJinro's flagship project under this inititaitve.

The company's expansion aims to take advantage of the robust growth trajectory in the overseas soju market. In addition, the company will take advantage of the lower labour costs here to increase its competitiveness. The new manufacturing plant will also serve as a launchpad for local brands and products tailored to the Vietnamese market.

Thai Binh is a great option because of its strategic geographic location, competitive costs, logistics accessibility, and ease of securing manpower. The opening of this overseas soju plant in Vietnam is a significant milestone for Hitejinro's expansion efforts as it approaches its 100th anniversary soon.

“We chose to invest in our first overseas project in Thai Binh because the province and Lien Ha Thai Industrial Park meet all the criteria set by the group for overseas investment. We will make every effort to build this factory as a bright spot for our production and business activities," Kim In Kyu, general director of HiteJinro Group, stated.

Over the past six years, Hitejinro has recorded a steady increase in its soju exports, with an average growth rate of 15 per cent per year. If this trend continues, the company's overseas sales volumes will experience a more than threefold increase over the next decade.

HiteJinro is the largest liquor company in South Korea. It was established in 2011 following the merger between JINRO, with its 97-year history of producing soju, and Hite Beer, one of South Korea's oldest beer companies.

Source: VIR