HiteJinro eyes W500b in overseas soju sales by 2030

HiteJinro, the nation’s No. 1 soju maker, has set its goal of hitting 500 billion won ($362 million) in soju sales overseas by 2030, an ambitious three-fold growth from last year.

The new growth vision, marking the company’s centennial this year, was unveiled June 12 at a press conference held in Hanoi, Vietnam.

Vietnam is also the home to its first overseas soju plant set for completion by 2026. Located on an 82,000-square-meter site within an industrial complex in Thai Binh Province, the plant aims to produce 1 million boxes, or 30 million bottles, of soju annually.

HiteJinro started exporting the Korean distilled liquor in 2016. Since then, its overseas sales have surged with an annual growth rate of 12.6 percent. Last year, its soju sales reached 60.2 billion won overseas.

The liquor maker aims to achieve its sales target through a multi-pronged approach, focusing on product enhancement, distribution expansion and extended communication efforts.

To appeal to a global consumer base, HiteJinro will ramp up its product portfolio, including developing and launching new fruit-flavored soju varieties. To broaden its local market presence, the company will target local franchises and key commercial districts, HiteJinro said.

“Through declaring our Global Vision 2030, we aim to transition into a global comprehensive liquor company,” said Hwang Jung-ho, managing director of HiteJinro’s overseas business division. “We will continue to uphold the mission of representing Korea’s soju and share life’s pleasure with people worldwide over the next century.”