Nubone is an export-only product aimed at children age 6 and under and will be sold exclusively in Vietnam.
|Lotte Foods CEO Cho Kyung-soo (fourth from left) and Viet Australia CEO Pham Quoc Hai (third from left) poses for a photo during a launching ceremony of Nubone in Ho Chi Minh, Vietnam, on June 18. (Lotte Foods)|
The product has been manufactured through Lotte’s Syn-Biotics system, which adds both pro-biotics and pre-biotics to aid the baby’s digestion and growth, the company said.
The products will be exported to Vietnam and sold via Viet Australia after being manufactured in Lotte Food factory in Hoengseong in Gangwon Province.
Viet Australia is one of Vietnam’s largest baby product companies, and sells over a million cans of baby formula annually through various distribution channels including hospitals, pharmacies and baby products stores, according to Lotte Food.
Through the new product Nubone, Lotte Food says it expects to increase its sales in Vietnam to 5 billion won ($4.3 million) by 2020. The company currently sells baby formula With Mom and Kid Power A+ in Vietnam. The company’s baby formula sales came to 1.5 billion won as of last year.
“There is huge growth potential in the Vietnamese baby formula market as Vietnam’s annual birth population amounts to 1 million (babies), about three times higher than in South Korea,” said Lotte Foods CEO Cho Kyung-soo, adding that the company would additionally launch baby formula products to expand its presence there.