| Chinese goods “invade” the Vietnamese market: Why? Tax-free, Chinese goods flood into Vietnam |
This is what Ms. Vuu Le Quyen, CEO of Biti's, shared about the current domestic footwear market.
According to Ms. Vu Le Quyen, the current footwear market in general is mostly Chinese shoes, the advantage is that the price is very cheap and sold online. That is a disadvantage for Vietnamese workers as well as businesses.
Why do consumers have to import goods from China, using Chinese labor and raw materials while Vietnam produces them but does not buy them? - Ms. Vuu Le Quyen wondered and said that the goal that this enterprise is aiming for is to bring quality products to conquer domestic consumers.
“Compared to Chinese products, Biti's cannot compete on price. On the contrary, we focus on quality and durability. In fact, this is also our outstanding advantage and our goal is to produce products that customers can wear for as long as possible. Unless consumers want to change the style and buy a new one, they can also give it to someone else,” Ms. Vu Le Quyen shared.
Revealing the business strategy, according to Ms. Quyen, this enterprise is focusing on developing people as well as rebuilding a happy working environment because only sustainable people can have sustainable products, thereby building a sustainable enterprise that meets current ESG standards. Along with that, it is focusing on products so that the products must follow the "circular economic cycle".
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| Biti's FitCare is priced at only 1/10 of the price of similar products currently on the market. |
One of the steps to conquer the domestic market is the launch of orthopedic insoles for flat feet in children - Biti's FitCare. This is a product that Biti's and American chiropractic and physical therapy expert Dr. Wade developed.
From a professional perspective, Dr. Wade said that flat feet are considered by the medical community to be a fairly common disease in children from 3 to 8 years old, in Southeast Asian countries, especially Vietnam in recent years.
Biti's is not the first brand to develop a specialized product line for children with flat feet. However, with a price of 559,000 VND/product, only 1/10 of the current market price of similar products at 5,000,000 - 6,000,000 VND/product, Biti's FitCare attracts attention.
According to Biti's CEO, in addition to the domestic market, the company also has a strategy to step out into the world, in which the Biti's brand has been exported to Europe (mostly the UK), China and Cambodia. Currently, the export structure accounts for 30% of the company's total sales, the remaining 70% is the domestic market. Notably, while Chinese goods are flooding into Vietnam, Biti's Eva shoes are also being well received in China. Currently, exports to China account for 10% of Biti's total revenue. This is not a small number. According to Ms. Quyen, this is due to the competitive factor of quality. "It is true that the price must be competitive, but it must go hand in hand with good quality for local consumers to buy" - Ms. Quyen said.
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