The water heater market in Viet Nam has great potential as the size of the market for the product is large, said Emanuele Giommi, general director of Ariston Thermo Viet Nam.

Speaking at the ceremony to celebrate its 30 years of establishment and development in Viet Nam held in Ha Noi on Tuesday, he said that the potential comes from a big population and rapid construction growth rate. Meanwhile, the rate of households using water heaters, especially those in rural and mountainous areas, has remained low.

For this reason, the market has become very competitive due to attention from both local and foreign manufacturers, he said, adding that it has seen a high growth rate in recent years.

In 2014, the Italian water heating manufacturer opened a new manufacturing plant in Tien Son Industrial Park in the northern province of Bac Ninh to replace its imports of water heaters into Viet Nam. This was the company’s first plant in Viet Nam and the second-largest in Asia. Covering an area of over 50,000sq.m, the plant, set up with an investment of US$18 million, produces up to one million electric water heaters per year.

During 30 years of operation in Viet Nam, Ariston has focused only on manufacturing water heaters. In the next five years, it plans to bring the most advanced technologies applying Industry 4.0 from Europe into products in Viet Nam. It will also introduce new products such as energy-saving devices to bring safety and health to customers in the market.

“Ariston will enhance investment into research to develop new products to meet the increasing demand in the country,” he said, adding that they were determined to have long-term investment in the market. — VNS