RoK’s robot giant enters Vietnamese billion-dollar smart toy market
Luxrobo, a robotics company from the Republic of Korea (RoK), has initiated plans to expand its presence in Vietnam by bringing MODI smart construction toys to the billion-dollar market.
Penetration into the Vietnamese market can also be considered a crucial step for the RoK’s robot giant as it seeks to expand its presence in Southeast Asia, namely Singapore, Malaysia, Thailand, Indonesia, and the Philippines.
Being the fastest growing digital economy in the Asia-Pacific region, the country is a major market where learning to code can be considered key to the future success of young people. Indeed, the growth rate of the Vietnamese digital economy is anticipated to reach US$33 billion by 2025.
Sang Hun Oh, CEO of LUXROBO emphasized the need for next generations to learn how to code and use software as 99% of jobs will use robots or computers in the coming time.
MODI is a smart building toy set for programming education from preschool to college. Alongside the hardware, there are tailored lessons that have been co-developed by Luxrobo in conjunction with global educational institutions such as UCLA.
The MODI smart construction toys feature over 14 different programmable modules that work in conjunction with the curriculum, whilst the MODI kit enables programming and customisation.
This results in almost limitless creations that are bounded only by the imagination as each of the toys have no open circuits, thereby making them safe for children of all ages.
LUXROBO has sold more than 50,000 MODI units in the RoK, with 1,000 schools also making using MODI as part of their curriculum.
With an estimated market size exceeding US$5 billion annually and an increasing standard of living, the Vietnamese toy market is set to represent an increasingly attractive destination to several toy brands in the near future.
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