16:31 | 01/09/2016 Companies
(VEN) - “We are determined to stay ahead of the game in Vietnam,” Chris CB Loo, Group Managing Director of the Far East Foam Vietnam Co., Ltd., (FEFV), a Malaysia-based industrial foam and bedding products maker, told Vietnam Economic News’ Khuu Phung. FEFV has been operating successfully in the country for 12 years, and is well positioned to take advantage of regional integration via the ASEAN Economic Community (AEC), he added.
Could you tell us about FEFV’s impressive growthin Vietnam and your main targets in this market?
FEFV’s business is pided into two segments: B2B, which is polyurethane foam; and B2C, which is mattresses and other bedding products. We focus equally on both segments now, unlike at the time we entered the market, seeing the potential of the mattress and bedding retail industry. With our new factory, we are able to provide bigger capacity with faster lead time of samples, higher quality and efficient pricing, catering to the growing needs of the PU foam industry. Much like when we began with polyurethane foam 12 years ago, where we saw a major gap in the foam industry and decided to play a supporting role in boosting the industry, the mattress industry currently lacks high quality, reliable and affordable mattresses, especially in the foam and spring categories.
Our various brands allow us to target all segments of the Vietnamese market with a wide range of products in terms of pricing without losing out on quality. Each of our brands – Comfort, Lady Americana, and Kingsdown – is unique and has its own strengths. The common ground they share is our manufacturing ability. With over 45 years of manufacturing experience, all our mattresses are developed with the most advanced technology to ensure that comfort and support are well balanced, ensuring our customers have the best sleeping experience.
Do you think the AEC will offer more opportunities to firms like FEFV?
FEFV is a regional player. The AEC will certainly help grow our business in the ASEAN region. We are already present in Singapore, Malaysia, China, and other countries. This presence gives us advantages to grow in neighboring countries in the Indochina region. Our strategy will become more clear and precise once the AEC is fully implemented with clear policies and directions. I believe that FEFV has the strength and conditions to grab all AEC opportunities.
What is the growth course that FEFV has mapped for Vietnam, especially in the context of regional integration?
The government’s open policies for foreign investment benefit us, allowing us to stay competitive and grow further. FEFV’s strong presence in Vietnam has led to entirely new industry standards in industrial foaming and as the industry leader, FEFV’s commitment to the country is to constantly stay ahead of the game and continue to lead the foaming industry in terms of professionalism, quality and competitive pricing. All of this will be coupled with further developing ourselves to become Vietnam’s leading mattress and bedding manufacturer. Vietnam is an important part of our long-term growth strategy in the region.