Lock&Lock Vietnam sales hit $60 mln in 2022

Lock&Lock, a South Korean manufacturer of household products, recorded sales of KRW80.3 billion ($60.06 million) in Vietnam in 2022, up 18% year-on-year, according to the firm’s report.

Small appliances such as air fryers, toothbrush sanitizers, mini air purifiers, kettles, and toasters accounted for the biggest portion of KRW27.05 billion ($20.18 million), down 9% year-on-year, followed by beverageware, such as tumblers, mugs, and water bottles with KRW22.99 billion ($17.16 million), up 77%.

Cookware, including pots and pans, gained KRW11.16 billion ($8.33 million), up 21% year-on-year; followed by food containers with KRW6.98 billion ($5.21 million), up 5%; and others with KRW12.11 billion ($9.04 million), up 27%.

Lock&Lock attributed the high performance to its unrivaled market position as a premium brand in the Southeast Asian nation.

The underperformance of small appliances was due to market saturation for air fryers, which were once a best-selling product, and the delayed release of new products.

In the fourth quarter of 2022, Lock&Lock posted sales of KRW25.07 billion ($18.7 million) in Vietnam, down 12% year-on-year, due to the base effect caused by the easing of Covid-19 precautions in the fourth quarter of 2021. Beverageware was again the main driving force with growth of 49% to KRW7.58 billion ($5.66 million).

Entering Vietnam in 2008, Lock&Lock now runs four factories in the country, including one in Dong Nai province and three in Ba Ria-Vung Tau province, all in the southern region. Made-in-Vietnam products of Lock&Lock serve the domestic market, while about 80% are exported.

Regarding global performance, Lock&Lock's sales reached KRW521.2 billion ($388.9 million) in 2022, down 4% year-on-year. The Vietnamese market accounted for 15% of the total, the third-highest figure behind South Korea and China with 28% each.