Boston, MA -- (SBWire) -- 03/15/2013 --Executive Summary
BMI View: We project that Vietnam consumer electronics spending will grow by about 18% in US dollar terms in 2013 to US$6.2bn. The country's vast, underpenetrated rural market offers the most growth potential, with Hanoi and Ho Chi Minh City accounting for most sales. In 2012 Vietnamese retail demand for consumer electronics products grew robustly, despite pressure on consumer incomes from rising inflation. Growth areas include smartphones, where a surge in demand has been fuelled by lower prices, and flatscreen TV sets, which now comprise more than two-thirds of TV set sales.
Headline Expenditure Projections:
- Computer hardware sales: US$1.8bn in 2012 to US$2.1bn in 2013, +138% in US dollar terms. The forecast in US dollar terms is unchanged, but due to Windows 8 tablets and ultrabooks, we expect sales in these areas to grow in 2013.
- AV sales: US$1.4bn in 2012 to US$1.6bn in 2013, +14% in US dollar terms. Forecast in US dollar terms unchanged, with flat-screen TV sets expected to provide the most dynamic development.
- Handset sales: US$2.0bn in 2012 to US$2.5bn in 2012, +24% in US dollar terms. Forecast in US dollar terms unchanged, with Android smartphones and low-cost feature phones the main revenue growth driver.
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Business Environment Rating:
Vietnam's score was 41.7 out of 100.0, which gave it an unchanged twelfth place in our latest Asia CE RRR table. BMI expects Vietnam to attain a higher place in our rankings over time due to the rising penetration of consumer electronics devices such as smartphones and flat-screen TV sets.
Key Trends & Developments:
The growth in smartphone sales has been fuelled by the popularity of Android-based models, which continued to be popular in 2012, and according to vendor estimates, accounted for above 70% of smartphone sales in H112. Although the operating system landscape is becoming increasingly competitive, we expect Android to retain its top position over our forecast period. In 2012, smartphones grew by around 40% and accounted for about one-third of the market.
Demand for LCD and plasma TV sets will drive AV growth. TV upgrades should be spurred by Vietnam's gradual progress towards digital TV broadcasting, which is supposed be available nationally by 2020. The government's plan for the digital migration sets out a number of key targets, including assistance for people to buy digital TV equipment.
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Vietnam Consumer Electronics Report Q1 2013 - New Study Released
New Consumer Goods research report from Business Monitor International is now available from Fast Market Research