Waterco expands into Vietnam
Waterco Limited has opened a branch in Ho Chi Minh City, Vietnam, following strong sales growth in the developing region.
Founder, CEO and executive chairman Soon Sinn Goh attributes the country’s high growth economy and progressively wealthier population for the increasing demand for its water filtration and sanitisation products.
“Vietnam’s economy grew at the fastest pace in Asia last year and Waterco aims to improve market share by increasing awareness of its innovations in the region,” he says.
“With the population becoming progressively wealthier, research is showing that swimming pools and access to clean water are considered an important investment in improving quality of life.”
Vietnam’s reputation as a leading luxury travel destination in Asia gained traction after hosting the World Travel Awards of Asia and Oceania for the first time in 2019, further fuelling demand for swimming pools and associated equipment.
“Relaxed visa restrictions and a fast-growing tourism market have seen the construction of commercial swimming pools rise considerably,” says Waterco chief operating officer, Bryan Goh. “This in turn has increased demand for Waterco’s high quality water treatment products.”
Waterco’s manufacturing plant in Selangor, Malaysia coupled with its understanding of the region gives it a distinct advantage over other competitors hoping to enter the lucrative Vietnamese market.
“Well-established manufacturing and export facilities in Kuala Lumpur gives Waterco a competitive advantage, in terms of readily available product supply and sales support,” he says.
The Doi Moi economic reforms launched in 1986 had the aim of establishing a socialist-oriented market economy. They have been credited with propelling Vietnam from being one of the world’s poorest nations to a middle-income economy in one generation.
“Vietnam’s growing wealth, changing consumer attitudes and greater urbanisation is pushing the country through a period of great change, one that we are very excited to be part of,” says Goh.
IMAGE: The launch of Waterco’s new branch in Ho Chi Minh City
