Chinese electronics giant Hisense has officially set foot in Vietnam, joining a landscape already stiff with competition.
Do Ke Nghiem, CEO of Hisense Vietnam claimed at the press conference that against the backdrop of fierce competition in the electronics market, Hisense insists on technology innovation and high quality standards, focusing on the mid- and high-end segments, instead of competing by compromising on quality and price.
“The Vietnamese market is quite crowded for mobile phones and electronics in general. The company will compete with others in after-sales and pre-sales services such as product trials and reliable return policies. Additionally, we bring to Vietnam products which have a good technology foundation and breakthrough features,” said Nghiem.
As planned, Hisense stated that in the first three years, it will focus on electronic products. Particularly, the company will launch its first air-conditioners in December. In the early second quarter of 2021, other products like TVs, fridges, washing machines, and kitchen equipment will be imported. In the next three years, it might enter the mobile phone sector.
Hisense has been present in 160 countries, with 17 research and development centres in North America, Europe, and Asia, and 14 manufacturing clusters worldwide.
In 2019, the global turnover of the company reached $21 billion. In 2018, a joint venture of Hisense and Hitachi named Hisense Hitachi opened a showroom for variable refrigerant flow (VRF) product lines in the Vietnam market.
According to Nikkei, Panasonic is one of the two largest giants in the Vietnamese electronics market with a 25 per cent market share, equal to Daikin. Following these two giants are other names like LG, Samsung, Electrolux, and Gree.