The Invention Lab, an early-stage investment specialist and TIPS operator, announced on the 13th that it has signed a partnership with health functional food startup ‘Life Vitamin’ and Vietnamese marketing specialist ‘C-LAPS’ to enter the Vietnamese healthcare market.
Through this partnership, The Invention Lab will support Life Vitamin’s entry into the Vietnamese market, and will support initial and follow-up investment attraction, open innovation with local large corporations, etc. C-Labs will be in charge of Life Vitamin’s local marketing, and will be responsible for establishing and operating online distribution channels and pop-up stores.
Life Vitamin is a company that has established itself as a cost-effective health functional food brand in Korea, and has recorded financially sound performance such as stable sales growth and BEP achievement every year. In order to pursue rapid growth through overseas expansion, the company set 2025 as the first year of overseas expansion and selected Vietnam as the first target market.
Vietnam is evaluated as a market with high potential, recording an economic growth rate of 7% in 2024 even in the midst of a global economic downturn. In particular, the size of the consumer market is expanding along with the e-commerce market, which has grown rapidly since the COVID-19 pandemic. In addition, Korean brands, especially in the beauty, fashion, and food sectors, are showing a strong preference, and in the health functional food market, preference is changing from Japanese and European brands to Korean brands. Accordingly, it is expected that life vitamins, which emphasize 'cost-effectiveness', will be able to enter the market targeting a wide range of consumers, from young students to the elderly.
Kim Jin-young, CEO of The Invention Lab, said, “The Vietnamese market has great potential as a consumer market, and is an attractive overseas market for Korean companies to enter, especially in terms of basic infrastructure consumption related to food, clothing, and shelter.” He added, “Although purchasing power in Vietnam is low, startups that emphasize cost-effectiveness, like a life vitamin, are expected to quickly establish themselves in the market through quick decision-making.”
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