According to data from the General Administration of Customs of Korea, in the first 11 months of 2022, the export value of South Korean milk powder will reach 95.86 million US dollars. It is worth noting that the export value of milk powder from South Korea to Vietnam has increased by 1.6 times in the past 6 years, from 7.58 million US dollars in 2016 to 19.54 million US dollars in 2021. In the first 11 months of 2022, South Korea's milk powder exports to Vietnam will reach US$15.85 million.

In the first 11 months of 2022, South Korea's milk powder exports to China will reach US$67.28 million, far below the US$104.9 million level in 2016.

"Seoul Economics" quoted an industry official as saying that the average annual number of newborns in Vietnam is 2.5 times that of South Korea, so the demand for milk powder is also very large. The scale of the Chinese market is large, but there are also many potential risks, so the Korean milk powder industry has turned its market target to Vietnamese customers.

With a number of promotional activities by Korean milk powder companies, the share of infant formula exports to Vietnam in the total milk powder exports of South Korea has soared from 6.2% in 2016 to 17% in 2022. It is estimated that in 2023, South Korea's milk powder exports to Vietnam will exceed US$20 million for the first time.