Korean consumer goods eye future market expansion
Korean consumer goods eye future market expansion
The increasing number of Korean restaurants in Vientiane has meant that more speciality food items are being imported and that Korean cuisine is gaining in popularity amongst local people.
Indoko Company Limited, a major importer of Korean consumer goods in Laos, eyes extending its market to supply the demands of both local and Korean customers in Laos.
The acceptance of consumer goods from the Republic of Korea by local customers as well as Korean residents in Vientiane has greatly increased because buyers are interested in obtaining a variety of foods.
These consumer goods include seafood, fish sauces, seaweed and many more Korean specialities.
Managing Director Mr Sengdaophasouk Southivong told Vientiane Times yesterday that the company has been importing goods from the Republic of Korea for more than seven years, following an influx of Korean businesspeople into Laos. “Initially, we looked at only customers from Korea but more and more local people are now showing their interest in the products. The prices of these goods are much higher than other imported products but quality is the priority,” he said.
The majority of the Korean restaurants in Laos are the main customers of the company because they buy the items, including fish sauce and other ready-made ingredients for cooking.
Currently more Lao people have become interested in eating Korean food as they believe it provides the genuine taste of Korean cooking and is very healthy food.
Imports from the Republic of Korea have grown exponentially in recent years, largely due to the rise in the purchase of electronic devices such as mobile phones and household equipment.
Mr Sengdaophasouk gave pricing information on some of his imported produce stating that, out of a wide range of products they were selling, the lowest cost around 20,000 kip per kg, especially the partially-cooked crabmeat items.
“These products are quite well known to many Vientiane residents who now have more purchasing power,” he said, saying that the goods are mainly sold in various Korean marts or K-Mart in Vientiane.
The company currently has a total of five stores in Vientiane and one in Vangvieng district, Vientiane province.
“We are looking at further expansion, putting stores in other provinces throughout the country, including Luang Prabang, Savannakhet and Champassak, and this will start to happen in the near future,” Mr Sengdaophasouk said.
A wide range of products and goods from the Republic of Korea can be seen at the Lao-ITECC week-long exhibition from December 19-26.
The exhibition also features some furniture products, interior décor and household items from the Republic of Korea and local manufacturing factories in Laos.
