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Digiworld moves into healthcare products

Released at: 09:01, 22/08/2017

Digiworld moves into healthcare products

Photo: Khanh Chi (VET)

Electronics distributor introduces men's healthcare supplement.

by Hong Nhung

The Digiworld Corporation (DGW) has officially announced its entry into the local healthcare industry with the debut of its first product, Kingsmen, a supplement for men exclusively distributed by the company.

Along with developing its distribution network, Digiworld has set a revenue target for the product line of more than $3.5 million this year, $17.6 million next year, and $44 million in 2019.

Kingsmen is produced by Medistar Vietnam and Digiworld has been directly involved in all steps in its development, including market research and consumer needs and behavior research, and consulted on product and business development strategies as well as multimedia strategies.

Digiworld hopes to diversify its portfolio with this initial investment in the local healthcare retail market. A second product will be introduced later this year.

“Big pharmaceutical enterprises are now both product manufacturers and distributors, while small companies, who produce and distribute on a small scale, don’t have the capacity to expand nationwide,” said Mr. Doan Hong Viet, Chairman and CEO of Digiworld. “This is a niche market full of attraction. Digiworld’s strategy is to choose quality products that have not been fully explored. The healthcare product market is in need of a moderator, a distribution channel that is broad enough for the brand to become popular among local people.”

According to a report released in January by Roland Berger’s, a global strategy consultancy, market expansion services (MES) in Asia have been witnessing strong growth, especially in Southeast Asia. Expected growth from 2016 to 2021 is 8.5 per cent, in which the healthcare industry is growing due to increasing quality of life and people’s rising interest in health, and governments have invested more in the healthcare system at the same time. The report found that predicted growth in MES for the healthcare sector in Vietnam from 2016 to 2021 is 11.1 per cent.

In addition to the potential of MES, Mr. Viet said that the healthcare industry, especially the health protection and functional food sector in Vietnam, is now one of the most promising. It is a highly-fragmented industry, with an expected annual growth rate of about 10.31 per cent in the over-the-counter (OTC) product range from 2015 to 2020, according to Business Monitor International.

Kingsmen is a line of specialized healthcare products for men with pure and natural herbal extracts. It has a special associated formula that is packaged in a modern production line and controlled for finished product quality in accordance with ISO international standards. It helps balance metabolic activities, promote hormones, prevent aging, and promote overall well-being.

Digiworld’s primary business line is electronic product distribution. Its distribution network of 6,000 outlets nationwide and logistics and after sales services help brands penetrate and develop in the market.

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