FPT proposed Vietnam market entry strategy for a South Korean start-up
On November 28th, FPT participated in the “2024 Global Market Entry Program” event, organized by the Pohang Techno Park and the Daejeon Information & Culture Industry Promotion Agency. The event provided an opportunity for networking and connecting businesses from South Korea with investment opportunities, market entry, and the deployment of products and services in the Vietnamese market.
At the event, FPT representatives met and shared insights with the leadership of N Future about the strategy for approaching the Vietnamese market, as well as the services that FPT ZBiz can offer to support the start-up’s market entry process.
N Future, a newly established business in South Korea, specializes in products such as battery fire prevention systems and mobile charging systems for battery-powered vehicles. Ms. Hyun Young Noh – CEO of N Future, has expressed a desire to receive financial support from FPT Corporation and ZBiz as the enterprise plans to expand its operations into the Vietnamese market. According to the CEO, N Future is currently in the process of researching and exploring the Vietnamese market with the goal of introducing products here, especially battery rescue services for electric vehicles. In the initial phase, N Future will collect feedback on its products and market demands to improve product quality and optimize business operations. N Future’s battery products can be charged within 10 minutes, enabling electric vehicles to travel an additional 30-40 km to reach a charging station. The N Future’s mobile charging box is designed to fit in a vehicle trunk and weighs 66 kg.
FPT representatives met and shared insights with the leadership of N Future
Based on information provided by N Future, FPT representatives pointed out several challenges the company might face when introducing its products to the Vietnamese market. Particularly, if choosing large markets such as Hanoi, Ho Chi Minh City or Da Nang, N Future will face strong competitors in the domestic market, where many charging stations have already been established at gas stations, buildings, and other service facilities. If expanding to other provinces, the number of charging stations and electric vehicle users will be lower, and the demand for long-distance travel by electric vehicles is not yet high. Additionally, there are already several companies providing rescue services for electric vehicles with depleted batteries.
FPT representative Ms. Hoang Thi Tra Huong – Deputy Director of Zbiz Center, FPT Corporation introduced FPT Zbiz
Responding to N Future’s current limitations, FPT representative Ms. Hoang Thi Tra Huong – Deputy Director of Zbiz Center, FPT Corporation reaffirmed the company’s commitment to supporting high-potential start-ups, particularly those in digital transformation, green transition, and auxiliary product manufacturing. FPT has a dedicated investment fund to support and nurture startup initiatives. Ms. Huong also introduced FPT Zbiz – a service solution to support businesses in establishing companies in Vietnam. This service offers an optimal choice to help N Future easily penetrate the potential Vietnamese market.
The discussion at the “2024 Global Market Entry Program” event has opened up opportunities for investment and collaboration for FPT with a promising company in the field of battery accessory manufacturing for green transition products, one of FPT’s key focuses in the upcoming period.
