ASX-listed global water treatment and pool equipment manufacturer Waterco Limited has expanded its Asian operations with a newly opened branch in Vietnam.
The move follows strong sales and growth in the region, the company said in a media release Thursday.
Waterco Founder, CEO, and Executive Chairman Soon Sinn Goh attributed the increasing demand for its water filtration and sanitisation products to the Asian country’s high-growth economy and progressively wealthier population.
“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,” said Goh. “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.”
In the press release, the company said Vietnam’s reputation as a leading luxury travel destination in Asia gained traction after it hosted the World Travel Awards of Asia and Oceania for the first time in 2019. This further fuelled the 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. This in turn has increased demand for Waterco’s high-quality water treatment products,” said Bryan Goh, Waterco’s chief operating officer.
The company’s existing manufacturing plant in Selangor, Malaysia, combined with its understanding of the region, provides it with a distinct advantage over other competitors that seek to enter the booming 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,” the COO added.
“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.”
