09:00 | 04/01/2020 Companies
(VEN) - Top Group, a leader in manufacturing plastic consumer goods in Taiwan has opened a Vietnam office to promote its MyJae brand in the country. The group’s chairman, Mr. James Hong, explains the decision, saying he sees the possibility of exponential growth here.
Mr. James Hong, Chairman of the Top Group
What are the particular reasons for your entering Vietnam at this time?
The ADB (Asian Development Bank) projects Vietnam’s GDP growth next year at around 6.8 percent. With a population base of more than 90 million people, we see great potential in the consumer products market here, especially for home products that every family needs. Over the past year, we have researched several aspects of the Vietnamese consumers. We found that Vietnamese consumers are eager for high quality products. Current products in the market can only meet their basic expectations. We also found that the government is calling for investment from abroad in order to create more work for the Vietnamese people. So we are optimistic about investment opportunities and the market potential in Vietnam.
What is your assessment of the plastic consumer products market in Vietnam?
The consumer market for household products in Vietnam is still in its early stage. Currently available cleaning tools and household appliances are somewhat basic, but the price isn’t cheap. Some of the material used for production is also unsafe and unfriendly to the environment. For example, the PVC wrap can be toxic and unsafe to consumers when wrapping food hotter than 60 degrees Celcius. PVC also releases dioxin when burned as waste.
What are some of the products that you plan to introduce to Vietnamese consumers?
We are leaders in manufacturing home products and our MyJae brand is well known in Taiwan. Consumers know that MyJae offers diverse products including: cling wrap, mops for cleaning furniture and floors, plastic bags, gloves, cleaning pads, washing cloth, shopping bag (for keeping warm or cooling materials), single use appliances, trash bags, hooks, lint roller, etc.
The brand MyJae focuses on providing convenient solutions for households while assuring safety and caring about the consumer’s health. MyJae mainly focuses on food storage appliances and cleaning tools made with non-toxic, harmless, high quality raw material and technology. For example, MyJae’s cling wrap uses 100% PE plastic resin, which assures excellent film elongation, keeping the perfect balance of air and water of the food, keeping the food fresh for longer durations. MyJae also has different types of mops for modern families that enhance cleaning efficiency. The spin mop and flat mop that will be introduced to the Vietnamese market is not only labor-saving but also allows hands-free replacement of the mop head. We are excited to see how Vietnamese consumers react to our revolutionary products.
What are your growth expectations here?
We expect the business in Vietnam to grow exponentially. With the economy booming, our growth rate should be triple the market average in the coming year.
Are you thinking of widening your global reach from Vietnam?
Accessing the Vietnamese market is the first step for Top Group and we will certainly reach out further from here. It will be a challenging task, but we are ready. In the 62 years of our corporate history, we have worked closely with many international strategic partners in providing high quality products to our consumers.
MyJae has been the flagship brand of Top Group founded in 1957 by Mr. Hong Lao Dian. Today the brand has
become representative of Asian Homecare Products. For several consecutive years, MyJae has been
recognized among the most valued brands by China Brand Footprint awards. The brand upholds the spirit of
continuous innovation and collaboration with multinational enterprises in Europe and Japan, to supply Asian
families with customized, innovative products, applying the “freezing to boiling point” concept.