EZZ looks to Vietnam for growth after returning from Vietbaby exhibition
EZZ has returned from a prestigious exhibition to showcase a range of its products for mums, babies and toddlers in Vietnam as Australia looks to strengthen ties with the fast-growing Southeast Asian country.
Australian life science company EZZ Life Science Holdings (ASX: EZZ) said its range was well-received at the Vietbaby exhibition in Vietnam, which showcased care products and equipment for mothers, babies, and toddlers, featuring renowned global brands.
EZZ’s comprehensive line of both EZZ-branded and EAORON-branded products attracted the attention of numerous attendees, including investors, distributors, and consumers.
The company said the healthcare product industry has been experiencing significant growth in recent years, both in Southeast Asia and specifically Vietnam.
According to a recent Insights report, herbal, conventional, and curing supplement products for both adults and children accounted for more than 70% of the total health supplement market share in Vietnam in 2021, establishing them as the dominant product categories.
Products on Lazada
EZZ recently launched its products on Lazada, one of Southeast Asia’s leading e-commerce marketplaces owned by Alibaba Group with more than 300 million registered users across six countries.
This strategic move provides EZZ with access to the rapidly growing consumer markets in the region, enabling the company to showcase their health supplement offerings to consumers in Southeast Asia.
With the middle-class in Southeast Asia experiencing rapid expansion and a substantial increase in disposable incomes, EZZ said the region is observing an unparalleled surge in the demand for personal care products.
The company said individuals are increasingly giving greater importance to their own well-being, as well as that of their families, leading to a growing trend.
This surge in demand reflects the growing awareness and significance attributed to personal health and self-care in the region.
“EZZ sees significant opportunities for growth in markets across Southeast Asia and we are delighted to be represented at Vietbaby,” EZZ chairman Glenn Cross said.
“We are thrilled to engage directly with our customers and industry representatives, allowing us to gain valuable insights that will shape our future endeavours.”
EZZ is also continuing to focus on growth in China, recently inking a deal to boost sales of two of its products into the country including a supplement featuring the popular anti-aging nicotinamide mononucleotide (NMN) ingredient.
Federal Government declares Vietnam top-tier partner
Last week Prime Minister Anthony Albanese also visited Vietnam, further reinforcing the trade and economic ties between the two countries.
Albanese highlighted that Vietnam is one of the fastest growing countries in the region.
“Its economic dynamism is a remarkable achievement,” Albanese said at a speech in Hanoi.
“Australia wants to continue to be a partner with Vietnam as it grows.”
He said two-way trade between the countries reached more than $22 billion last financial year — up 40% from the year before.
From agriculture, education, manufacturing, and other business sectors Albanese said Australia is working to continue to build its trade ties with Vietnam.
“Our Enhanced Economic Engagement Strategy hopes to enrich our natural partnership,” he said.
Albanese said the Strategy sets two goals – to become top-10 trading partners, and to double two-way investment.
“My job is to champion strong, trusted trading relationships, wherever I can.”
This article was developed in collaboration with EZZ Life Science Holdings, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.