Honeywell upbeat about Vietnamese growth
Honeywell upbeat about Vietnamese growth
American conglomerate Honeywell aims to generate $20 million of annual revenue in Vietnam, one of its top growing markets.
Honeywell, which has been present in Vietnam since 2005, operates in four sectors: aerospace, home and building technologies, safety and productivity solutions, and performance materials and technologies. Honeywell’s solutions have provided the Vietnamese market with technologies and services in multiple sectors, ranging from oil and gas to automotive and aerospace.
In late May, the firm’s aerospace arm struck a $100-million deal with Vietnamese budget airline Vietjet, as part of Prime Minister Nguyen Xuan Phuc’s visit to the US. Honeywell will provide 98 auxiliary power units for Vietjet’s Airbus A320 fleet, continuing the partnership that started in 2014.
The American firm also looks to boost its market share in home and building technologies. At a recent symposium in Ho Chi Minh City, it has presented a complete portfolio of end-to-end connected technologies for hospitality, residential, and commercial buildings.
“Vietnamese house owners are becoming more tech-savvy and smart home applications are now more common. We aim to provide Vietnamese customers with a well-rounded system, which controls thermostats, multiple household items, and security cameras,” said Mai Trang Thanh, president of Honeywell Vietnam.
Vietnam’s recovering real estate market and growing tourism industry will be a boon to Honeywell’s business, the president added. Together with China and India, Vietnam is one of Honeywell’s fastest-growing markets.
Thanh admitted that there is still a long road ahead, as Honeywell Vietnam currently accounted for only 10 per cent of the market share in this sector. The firm has recently combined multiple departments to boost market share, as well as provide customers with a comprehensive solution for their buildings.
Notable residential departments with Honeywell’s smart home solutions include Samrimi Salla by Dai Quang Minh and Times City Park Hill, developed by Vingroup.
