Recently published research from Business Monitor International, "Vietnam Consumer Electronics Report Q1 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/24/2014 -- Vietnam's consumer electronics market has a bright outlook as rising incomes and falling average device prices in key segments catalyse strong growth in demand. We estimate spending grew by 18.5% in US dollar terms in 2013 to US$6.1bn and we have a positive outlook for the medium term. The country's vast, underpenetrated rural market offers the greatest growth potential, while Hanoi and Ho Chi Minh City accounted for most sales in 2013. Growth areas include smartphones, particularly low-cost devices from Chinese and local brands, and LED TV sets, which reported triple-digit growth in 2012.Meanwhile, Vietnam is also rapidly becoming a key destination in global consumer electronics supply chains, with large investments announced by Samsung Electronics and LG Electronics in 2013.
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Headline Expenditure Projections
- Computer Hardware Sales: US$1.7bn in 2012 to US$1.9bn in 2013, +15.9% in US dollar terms. The low penetration of PCs means vendors can still tap the first time buyer market, with low-cost tablets from Chinese OEMs proving especially popular with consumers.
- 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 2013, +23.9% in US dollar terms. Price declines in the smartphone market have deepened the market and rapidly increased sales, increasing average selling prices for the handset market as a whole.
Key Trends & Developments
Vietnam is a rapidly growing market and attractive to vendors - but it is also becoming an important market for production as vendors look to take advantage of the low cost of labour, proximity to large markets, government tax incentives and transport links. In 2013 the trend accelerated, with LG Electronics announcing plans to invest US$1.5bn over 10 years to build a production facility for consumer goods, primarily for the domestic market. Meanwhile, Samsung Electronics announced even larger plans for a US $2bn facility to absorb its existing facility constructed in 2009, which will see about 40% of Samsung's global smartphones produced in Vietnam by 2015. BMI expects further investments from vendors looking to escape rising wages in China and take advantage of the cost advantages offered by Vietnam.
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