HiteJinro Builds First Overseas Production Plant in Vietnam

Sublease Agreement Signed for Factory Establishment
Decision as a Foothold for Soju Globalization

HiteJinro Singapore announced on the 16th that it has signed a sublease agreement with the operator of the Green I-Park Industrial Complex in Thai Binh Province, Vietnam, to establish a soju production plant in Vietnam. This is the first time HiteJinro is pursuing the construction of an overseas production plant.

On the 13th, Kim In-gyu, CEO of HiteJinro, Hwang Jeong-ho, head of HiteJinro Singapore, and key Vietnamese figures took a commemorative photo at the lease contract ceremony.
[Photo by HiteJinro]

HiteJinro Singapore cited the continuous growth of the overseas soju market, cost competitiveness, and the possibility of launching local brands and products as the reasons for promoting the establishment of an overseas factory.

Over the past six years, HiteJinro's soju exports have increased by about 15% annually on average. The company expects that overseas soju sales will increase more than threefold compared to 2022 within the next 10 years. They added that local production will secure cost competitiveness through lower labor costs compared to domestic production and allow the application of various containers, volumes, and packaging tailored to each country.

HiteJinro cited Vietnam's geographical location, cost of living, logistics accessibility, and ease of securing manpower as reasons for choosing it as an overseas production base. Thai Binh Province, located in northern Vietnam, is adjacent to the capital Hanoi and has well-established infrastructure such as an international airport, ports, and coastal roads. The population of the productive age group is about 1.14 million, accounting for 57% of the total population of Thai Binh Province.

Hwang Jeong-ho, CEO of HiteJinro Singapore, said, "HiteJinro Singapore is promoting the establishment of its first overseas factory," adding, "The soju production plant in Vietnam will serve as a foothold for HiteJinro's globalization of soju business."

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