TRUNG NGUYEN INTERNATIONAL’S KING COFFEE COMING SOON TO RETAIL STORE CHAINS IN RUSSIA
CEO Le Hoang Diep Thao and several partners signed an agreement to provide retail products directly to Russian consumers. This occurred while in the business delegation accompanied by Prime Minister Nguyen Xuan Phuc during his official visit to Russia. In particular, TNI signed a contract with Magnit, Russia's largest food retailer to feature King Coffee products in the supermarket chain of the Russian retailer. It was decided that just 2-3 months later, when all procedures were completed, Russian consumers would be able to choose King Coffee's products by themselves at Magnit's 18,000 retail stores. The next retail partner was Pyatyerka supermarket chain, which along with Magnit, are known as the two retail “giants" in the country of Aries.
According to Madame Diep Thao, after two-years of monitoring and exploration research of the Russian market, she realized Trung Nguyen International products were particularly favored, therefore, the long-term goal of the company was to rapidly bring the coffee brand to Russia, diversifying the family of products- from instant coffee, roasted and packed coffee, bottled coffee, and the coffee shop network opening.
At the meeting, Ambassador Ngo Duc Manh praised TNI for bringing its products into retail store chains in Russia. This is a proper step in increasing the two-way trade turnover between Vietnam and Russia, completing the task that was assigned by Prime Minister Nguyen Xuan Phuc to Vietnamese businesses. The Ambassador also expressed his expectation that the presence of King Coffee brands in big retail chains will help Russian consumers know more about Vietnamese coffee.
He said that many local areas in Russia were willing to provide maximum facilitation in terms of tax incentives, premises, factories, and more so that Vietnamese businesses can produce and distribute products right in the local areas and Trung Nguyen was requested to consider a plan to set up a plant in Russia. He also requested TNI to pay attention to modern lifestyle trends, aim to satisfy consumer demand, and manufacture products satisfying both convenience and quality, but not drop traditional features of Vietnamese coffee culture.
Ms. Le Thi Thanh Ly, Head of the Economy Department for the Embassy of Vietnam in Russia also reported that the Russian market is especially interested in Vietnam's coffee products, particularly clean and reliable products such as King Coffee, one of TNI's clean coffee products that can satisfy Russian consumers.
Russia is the 6th largest economy in the world and the 2nd largest economy in Europe. According to statistical figures of the Russian Association of Tea & Coffee Producers, coffee turnover in the Russian market reached $750 million USD in 2001, and this number increased to $2.5 billion USD in 2017. Instant coffee made up 70%, and roasted ground coffee accounted for 30%. These figures reaffirmed that this was indeed a potential market for the global coffee industry. Besides, Russian people would obviously require worthy, quality products. Based on this fact, Madame Thao affirmed to set a target to serve the Russian market as one of the top destinations on the international market.
She also expressed her confidence that with the policy of providing facilitation for Vietnamese businesses to develop commercial business activities in Russia that was announced by Prime Minister Nguyen Xuan Phuc, Trung Nguyen International and the King Coffee brand, which are well-known in more than 60 countries, would surely be welcomed and firmly planted in the hearts of coffee lovers in Russia.