Causing a “storm” on Shark Tank, but why is COVO tarpaulin like a long-standing anti-flood bag in the Philippines, the US, and China?

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2021-05-20 13:19:49

COVO is one of the most prominent startups of Shark Tank Vietnam season 4. Specifically, this brand provides anti-flooding products for cars to help car owners protect their pet “drivers” during the flood season and avoid accidents. When water enters the car, it damages the engine and reduces the value of the car.

It is known that COVO tarpaulin costs from 4.2 to 5.3 million VND depending on the size. The founder of COVO affirmed that the existing canvas sizes are guaranteed to be suitable for all car models. In November last year, this brand also sold the first 9 products in Vietnam (Screenshot of Shark Tank program)

It is the novelty and creativity of this anti-flood tarpaulin that has attracted ⅘ Shark to propose to invest. However, many netizens discovered that similar products have appeared in foreign markets for a long time.

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Specifically, in the Philippines and the US have sold anti-flood tarpaulins for cars since 5 years ago, China also appeared similar products since … 2012.

In the Philippines, this product is called “Flood Guard” or “Carbag floody”, made of nylon or large canvas with many sizes to suit a variety of vehicles. After wrapping the car, you just need to tie the rope to prevent the car from drifting away. A tarpaulin like this is quite expensive, about 580 USD (more than 11 million VND), more than twice as expensive as the COVO house.

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In the US, the selling price of anti-flood tarpaulin products for cars is even higher, with some types up to 12-14.2 million VND/unit. They are made from 100% recycled plastic, available in many sizes suitable for mid-range SUVs, Mini Vans, Sports Wagon.

The Chinese version of the anti-flood tarpaulin is extremely cheap, only from 273 – 370 yuan (978,000 VND – 1.32 million VND)/piece. However, the product is made of transparent nylon material, not canvas.

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Close-up product of China’s anti-flood bag

Of course, it has to be said again and again, COVO tarpaulin is the first anti-flooding car tarpaulin product and has no rival in the Vietnamese market. This startup still has the opportunity to demonstrate its superiority in product functionality as well as its ability to develop and scale up. In addition, the Sharks as well as netizens also proposed COVO to research and develop more other products such as anti-flood tarpaulin for motorbikes.

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