S Korea's Lock&Lock records 2023 sales of $61 mln in Vietnam

Lock&Lock (LocknLock), a South Korean manufacturer of household products, recorded sales of KRW83.15 billion ($61 million) in Vietnam last year, according to the firm’s performance review for 2023.

The figure was up 3.6% year-on-year, despite the firm's global sales falling 7% last year to KRW484.8 billion ($357.5 million). In its two biggest markets, South Korea and China, the figures were down 6.3% and 3.5%, respectively.

Globally, Lock&Lock recorded a net income of negative KRW39.8 billion ($29.4 million), worse than the negative KRW14.4 billion posted in 2022.

Despite the global underperformance, Lock&Lock emphasized the continuous solid growth of beverageware in Southeast Asia as a leading brand in the market.

In Vietnam, small appliances (steam air fryers, vacuum rice buckets, toothbrush sterilizers, knife & chopping board sterilizers) were the biggest cash earner, with sales of KRW26.81 billion ($19.8 million), down 0.9% year-on-year.

Beverageware (tumblers, mugs, water bottles, mixers, kids' bottles) came second with KRW26.26 billion ($19.4 million), up 14.2% year-on-year.

Cookware (pots and pans) and food containers followed with KRW10.64 billion ($7.9 million) and KRW6.93 billion, down 4.7% and 0.8%, respectively.

Reviewing the performance in Vietnam, Lock&Lock said sales increased by 16% year-on-year in the online market as a result of strategic approach to emerging live-commerce platforms, particularly TikTok Shop.

The growth in beverageware, with the continuous launch of products aligned with market trends, also contributed to the strong performance, Lock&Lock added. Key products in the category include the Liga Tumbler and Sling Ring Tumbler.

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.