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LG introduces ‘healthy’ products
LG Electronics Viet Nam early this week introduced a new series of electric products aimed at helping consumers live healthier lives, such as those that produce clean air or healthy foods.
The launch was part of the corporation’s strategy to preserve business earnings through the crisis.
At the launch ceremony, LG Electronics general director Lee Jae Sung talked to Viet Nam News reporter Dieu Thuy about the company’s strategy with its new generation of products, as well as sharing his views on the future of the domestic electronics market.
What was LG’s inspiration for the introduction of health products in the context of the crisis and people trying to save money? Are the products cheaper than others? Or do they help save costs?
Our latest research showed that consumers, especially in Asia, are paying much more attention to health factors such as clean air, healthy foods, healthy cleaning products.
One of the most important factors for business success is keeping up with the changing needs of customers.
The LG has been researching and developing home appliance products to give more health benefits to consumers. Now we know it’s the right time to focus more on making healthy products do satisfy the needs of consumers.
Of course, in the recession consumers will try to save money but it does not mean they will stop purchasing. They will, however, consider much more carefully what product to buy, and they will look for added value.
For sure, these health products also have energy-saving functions, such as lower power consumption by using inverter compressors for aircons, for example. And we are confident they will meet most consumers’ needs.
Will the health products help LG overcome the tough economic times?
We have done research on customers’ needs and created the new generation of products in the hope that customer will feel comfortable paying for them.
We expect the revenue from these products to be more than 20 per cent of the total turnover this year.
What is LG Electronics next step? Can you give us some other points from the corporation’s business plan for this year?
Last year, the electronics market was very difficult. As estimated, it dropped 16 per cent against 2007 due to the recession, but as the first five months of this year unfold, we are seeing signs of a recovery in demand.
To keep in front of the real recovery, we are researching customers’ habits to develop electronic products to satisfy the market. It also helps us reduce business risk.
The Southest Asian market is still one of the priorities in our plan.
At the corporate level, LG Electronics sees next-generation business such as business solutions and solar energy to be the new growth engine.
Can you comment on the Vietnamese consumption habits, in comparison with other Southeast Asian markets, and forecast the markets development?
The Asian market is growing the fastest in the world, but it is also the most quality conscious.
As a trend, the Vietnamese electronics market develops at an average of 30-40 per cent annually, except in 2008 when it dropped 14 per cent, and it should grow by about 15 per cent this year.
Also, now the trend is towards modern electronics centres in big cities. Consumer behavior is changing to shopping in big, high- credibility centres with good service.
As we realised, Vietnamese consumers are now more focusing on the added value of products, which means they require more functions such as energy saving and health features.
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