(13)Vietnamese 'Ramen Love' - South Korean Companies' Undercooked Strategy

Vietnam has risen to the top 3 ramen-consuming countries globally, offering an interesting analysis of South Korean ramen companies' market entry strategies and success factors in Vietnam.

2021-08-09
(13)Vietnamese 'Ramen Love' - South Korean Companies' Undercooked Strategy

Vietnam surged from 5th to 3rd place in global instant ramen consumption in 2020, largely attributed to increased emergency food demand during the COVID-19 pandemic. The per capita ramen consumption in Vietnam is also high, second only to South Korea, demonstrating a strong preference for ramen among Vietnamese people. The Vietnamese ramen market is fiercely competitive, with several companies holding significant market share, and South Korean companies are actively entering the market. However, South Korean companies often focus on short-term gains rather than understanding Vietnamese food culture, and face price competitiveness challenges. Successful market entry in Vietnam requires a strong localization strategy and a deep understanding of local food culture. A proactive approach to Vietnamese ramen consumption methods, such as fried ramen, is crucial.

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