Yoon Sang-hyun, Vice Chairman of Korea Kolmar Holdings, Joins Yoon's Vietnam Economic Delegation

Seeking Business Expansion Following New Market Development for Hangover Remedies

Korea Kolmar Holdings announced on the 19th that Group Vice Chairman Yoon Sang-hyun will join President Yoon Suk-yeol's economic delegation during his visit to Vietnam from the 22nd to the 24th.

Yoon Sang-hyun, Vice Chairman of Korea Kolmar Holdings [Photo by Korea Kolmar Holdings]

Vice Chairman Yoon plans to use this Vietnam visit as an opportunity to contribute to exchanges between private companies of both countries and actively seek to expand local business opportunities.

Previously, Kolmar Group established a Vietnamese subsidiary through its affiliate HK Innoen in 2019, distributing health functional foods and hangover remedies. This subsidiary achieved sales of 7.8 billion KRW last year and is targeting 10 billion KRW in sales this year as it embarks on full-scale market penetration.

In particular, it has pioneered the local market where the concept of hangover relief was virtually unknown, selling more than one million bottles annually of Condition, Korea’s representative hangover remedy. Sales of this product have shown over 120% growth in the past three years, increasing from 900 million KRW in 2020 to 1.3 billion KRW in 2021, and 2 billion KRW last year.

A Korea Kolmar Holdings official stated, "The hangover remedy Condition and health functional foods are already very popular in the Vietnamese local market, and we expect a high possibility of expanding exports to cosmetics in the future. Through Vice Chairman Yoon’s participation in the Vietnam economic delegation, we plan to seek opportunities to expand our local business."

Meanwhile, to commemorate the visit of the Vietnam economic delegation, Kolmar Group will participate in the K-Food Festival held in Hanoi, conducting various events and tasting sessions.

This content was produced with the assistance of AI translation services.