Samsung Vietnam Almost Doubles Revenue in Jan-May Period
May 29, 2003
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Samsung Vina Electronics Company reported U.S. $33 million in revenue for the January to May period, nearly doubling its performance in the same period last year.
The company deputy general director, Nguyen Van Dao, attributed the drastic rise to the improvement in local customers' purchasing power, citing $24 million of the total revenue coming from the home market.
Samsung, a South Korean electronics manufacturer, has also diversified its products and designs and reduced prices to lure customers.
Of the company's ten categories of home electronics appliances, the best selling products in Vietnam are televisions and monitors, Mr. Dao said.
With the efforts and investment poured into trade promotion programs, especially trademark and brand promotion, Samsung is said to now occupy 30 percent of the domestic market.
"The company's market share only stood at 20 percent last year," Mr. Dao said. "It is not easy for us to increase our market share because competition is harsh in Vietnam. Many reputed electronics conglomerates have penetrated the market in recent years," he added.
After Vietnam accedes to the ASEAN Free Trade Area (AFTA), competition is set to become more and more intense in the local market.
To prepare for AFTA accession, the company has been boosting productivity, cutting costs and price, accelerating brand promotion, and upgrading after-sale services, Mr. Dao said. (VNA, Asia Pulse)
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