The smart lock market in Vietnam belongs to foreign enterprises, mainly Chinese, but this is likely to change with the introduction of Make in Vietnam smart locks.
|The smart locks are products of Lumi Vietnam - a startup specializing in the development of IoT (Internet of Things) devices and Viet Tiep, the leading lock manufacturer in Vietnam.
|Innoviti locks are made of super hard alloy and are equipped with many intelligent features. Viet - Tiep plays the role of mechanical designer, while Lumi develops and integrates the IoT hardware core.|
|The line of smart locks is expected to promote digital transformation, creating new products that suit market needs and have higher value.
|Unlike conventional locks, users can use fingerprints, codes, cards or mechanical keys to unlock Innovity smart locks.|
|These Make in Vietnam locks also have many other smart features such as providing one-time OTP password, account decentralization, and virtual battery code mode to prevent others from peeping.
|The installation of smart features can be done via a smartphone. Users can look up the unlock/close history, and control access.|
|According to the manufacturer, the on/off state can be used as an input condition to enable the security rule. When users enter the wrong password more than three times, there will be a notification sent on the app.
|Innovity smart lock can become a component of smart home through integration with a central controller.|
The system is battery operated with four main batteries and four spare batteries. Each cluster of four batteries can be used for about 12 months. The lock has a Micro USB socket that can be used if the battery is empty, when users can use a portable charger to unlock.
|According to Statista, smart locks currently account for over 1% of market share in Vietnam, compared to 60% in developed countries like South Korea and about 12% in Thailand and China.|
|In the next four years, the smart lock market share in Vietnam is expected to grow strongly and account for about 3% of the total market. This will open up great opportunities for Vietnamese IoT businesses to compete with foreign competitors.
|Compared to foreign products, “Make in Vietnam” smart locks have advantages from the prestige of domestic brands and its Vietnamese language interface.|
|However, local manufacturers will have to solve the problem of price, design and production experience as well as Vietnamese customers’ fondness for foreign goods.|
Created in Vietnam, made in Vietnam, designed in Vietnam, manufactured in Vietnam: Vietnamese tech-enterprises are here for “Make in Vietnam”.
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