Research Report on Vietnam Home Appliance Industry, 2022-2031

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According to CRI’s analysis, with the rapid growth of Vietnam’s economy, Vietnam home appliances market demand has also increased. Vietnam has a low penetration rate of domestic home appliances.

Description

Vietnam Home Appliance Industry

Vietnam has a young population structure, abundant labor force and low cost, which provides favorable conditions for the development of home appliance industry and attracts many foreign home appliance companies to settle in Vietnam, such as Midea, Haier, Toshiba, Panasonic, Sharp, Gree, Nepal, Samsung, LG, AQUA and other home appliance companies have invested and built factories in Vietnam.

In terms of economic growth, Vietnam’s economy has maintained rapid growth for many years since the 1986 reform. 2020 Vietnam’s GDP grew by 2.91%. 2021 Vietnam’s GDP rose to 362.619 billion USD, a real growth of 2.58%. Despite the decline in growth rate due to the New Crown Pneumonia epidemic, it is still one of the countries in the world that have achieved positive economic growth.

Foreign investment is also increasingly favorable to Vietnam. The processing and manufacturing industry has become the most attractive area for foreign investment. This indicates that foreign investors have placed high trust in Vietnam in the global supply chain. 2021 yearly Vietnam attracted a total of $30 billion in foreign investment, up 2% year-on-year.

According to CRI’s analysis, with the rapid growth of Vietnam’s economy, the demand for home appliances in Vietnam’s domestic market has also increased. Vietnam has a low penetration rate of domestic home appliances. Since the opening up of the country, its national economy has developed rapidly and the per capita income level has been increasing, making it one of the world’s most promising home appliance consumer markets.

Vietnam residents have a strong consumer consciousness. In addition to daily necessities, the products that ordinary residents spend more on are mainly motorcycles, home appliances and consumer electronics.

Currently, Vietnam’s major advantage in attracting foreign investment is the demographic dividend and population cost. The median age of Vietnam’s population is about 30 years old, and the population under 35 years old accounts for about 55.6% of the total population.

According to CRI’s analysis, the current minimum wage level in Vietnam is lower than Thailand and Indonesia, and is at a lower level among Southeast Asian countries. Apart from labor costs, Vietnam is one of the lowest countries in its neighborhood in terms of cost of doing business, second only to Cambodia and Myanmar.

At the same time, Vietnam actively pursues an all-round diplomatic course, developing friendly cooperation with ASEAN countries, while establishing ties with large economies such as China, the US, Russia, Japan and the EU, as well as the World Bank and the Asian Development Bank, and participating in multilateral trade.

With the entry into force of the Regional Comprehensive Economic Partnership (RCEP), investments in Vietnam from South Korea, Japan and Singapore have maintained a relatively rapid growth.

Vietnam has signed several new free trade agreements, especially the Vietnam-EU Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

So far, Vietnam has maintained economic and trade relations with 220 countries and regions and signed more than 80 double taxation avoidance agreements with foreign countries, which helps Vietnam integrate into the global economy, improve the business environment and effectively attract Foreign direct investment.

To increase the attractiveness of foreign investment, the Vietnamese government has introduced a series of tax incentives, including but not limited to preferential taxes for domestic companies, such as lower corporate income tax rates, exemption or reduction of import taxes on fixed assets and raw materials, exemption or reduction of land taxes, etc.

According to CRI, Vietnam’s home appliance market is expected to continue to grow from 2022-2031. On the one hand, the export volume of Vietnamese home appliances will continue to rise. Meanwhile, with the development of economy and population growth, the demand for home appliances in Vietnam’s domestic market is also on the rise.

 

Topics covered:

  • Overview of Vietnam’s Home appliance Industry
  • Economic and Policy Environment of Vietnam’s Home appliance Industry
  • What is the impact of COVID-19 on the home appliance industry in Vietnam?
  • Vietnam’s Home appliance Market Size, 2016-2021
  • Import and Export Analysis of Home appliance in Vietnam
  • Analysis of Vietnam’s Major Home appliance Plantation and Processing Enterprises
  • Key Drivers and Market Opportunities in Vietnam’s Home appliance Industry
  • What are the key drivers, challenges, and opportunities for Vietnam’s Home appliance industry?
  • during 2022-2031?
  • What is the expected revenue of Vietnam’s Home appliance market during 2022-2031?
  • Which segment of Vietnam’s Home appliance market is expected to dominate the market in 2031?
  • What are the major adverse factors facing the home appliance industry in Vietnam?
  • Forecast on Vietnam’s Home appliance Market, 2022-2031

Additional information

Publisher

Geography Covered

Date Published

Pages

Charts

Format

Base Year

2022

Base Market Size

16.76

Currency

Million sets (Production Volume of Television in Vietnam)

Forecast Year

2031

Market Size Forecast

59.90

CAGR

15.20%

Table of Contents

1 Overview of Vietnam

1.1 Geographical situation

1.2 Demographic structure of Vietnam

1.3 Vietnam’s economy

1.4 Minimum Wage in Vietnam 2011-2022

1.5 Impact of COVID-19 on Vietnam’s home appliance industry

 

2 Development environment of Vietnam’s home appliance industry

2.1 Brief history of the development of home appliances in Vietnam

2.2 Types of home appliances in Vietnam

2.3 Policy environment of Vietnam’s home appliance industry

 

3 Supply and demand situation of Vietnam’s home appliance industry

3.1 Supply situation of Vietnam’s home appliance industry

3.1.1 Electric refrigerator

3.1.2 Washing machines

3.1.3 Household air conditioners

3.1.4 Television

3.1.5 Other products

3.2 Demand situation of Vietnam’s home appliance industry

3.2.1 Refrigerators

3.2.2 Washing machines

3.2.3 Household air conditioners

3.2.4 Television

3.2.5 Other products

 

4 Vietnam’s home appliance industry import and export situation

4.1 Vietnam’s home appliance industry imports

4.1.1 Vietnam’s home appliance import volume and import value

4.1.2 Main import sources of home appliances in Vietnam

4.2 Vietnam’s home appliance industry exports

4.2.1 Export volume and value of Vietnam’s home appliances

4.2.2 Main export destinations of Vietnamese home appliances

 

5 Market competition in Vietnam home appliance industry

5.1 Barriers to entry in Vietnam’s home appliance industry

5.1.1 Brand barrier

5.1.2 Quality Barrier

5.1.3 Capital barriers

5.2 Competitive structure of Vietnam’s home appliance industry

5.2.1 Bargaining power of appliance suppliers

5.2.2 Bargaining Power of Consumers

5.2.3 Competition in Vietnam’s home appliance industry

5.2.4 Potential entrants in the appliance industry

5.2.5 Substitutes for Home Appliances

 

6 Analysis of major home appliance brand companies in Vietnam

6.1 VinSmart

6.1.1 VinSmart’s Development History

6.1.2 VinSmart’s Main Products

6.1.3 VinSmart’s operation model

6.2 Midea Group Co.

6.2.1 History of Midea Group Co.

6.2.2 Main Products of Midea Group Co.

6.2.3 Operation model of Midea Group Co.

6.3 Haier Group

6.3.1 Development history of Haier Group

6.3.2 Main products of Haier Group

6.3.3 Operation model of Haier Group

6.4 Toshiba Group

6.4.1 History of Toshiba Group

6.4.2 Main products of Toshiba Group

6.4.3 Operating Model of Toshiba Group

6.5 Matsushita Electric Industrial Co.

6.5.1 History of Matsushita Electric Industrial Co.

6.5.2 Major Products of Matsushita Electric Industrial Co.

6.5.3 Mode of Operation of Panasonic Corporation

6.6 Sharp Corporation

6.6.1 History of Sharp Corporation

6.6.2 Major products of Sharp Corporation

6.6.3 Operation mode of Sharp Corporation

6.7 Zhuhai Gree Electric Co.

6.7.1 History of Zhuhai Gree Electric Co.

6.7.2 Main Products of Zhuhai Gree Electric Appliance Co.

6.7.3 Operation mode of Zhuhai Gree Electric Appliance Co.

6.8 Zhejiang Subaru Co.

6.8.1 Development history of Zhejiang Subaru Co.

6.8.2 Main products of Zhejiang Subaru Co.

6.8.3 Operation mode of Zhejiang Subaru Co.

6.9 Samsung Electronics

6.9.1 History of Samsung Electronics

6.9.2 Main products of Samsung Electronics

6.9.3 Operation model of Samsung Electronics

6.10 AQUA

6.10.1 History of AQUA

6.10.2 AQUA’s main products

6.10.3 AQUA’s Operating Model

 

7 Vietnam Home Appliance Industry Outlook 2022-2031

7.1 Vietnam Home Appliance Industry Development Factors Analysis

7.1.1 Drivers and Development Opportunities of Vietnam Home Appliance Industry

7.1.2 Threats and Challenges to Vietnam Home Appliance Industry

7.2 Vietnam Home Appliance Industry Supply Forecast

7.3 Vietnam home appliance market demand forecast

7.4 Vietnam home appliance import and export forecast

 

List of some charts

Chart Vietnam Total Population 2006-2021

Chart Vietnam GDP per capita 2011-2021

Chart Related Policies of Home Appliance Industry Issued by Vietnam Government 2008-2021

Chart Vietnam Electric Refrigerator Production 2016-2021

Chart Vietnam Production of Washing Machine 2016-2021

Chart Domestic Consumption of Home Appliances in Vietnam 2005-2021

Chart Import of Home Appliances in Vietnam 2005-2021

Chart Import Value of Household Appliances in Vietnam 2010-2021

Chart Import Country and Import Amount of Household Appliances in Vietnam 2018-2021

Chart Export volume of home appliances in Vietnam in 2005-2021

Chart Export value of home appliances in Vietnam in 2010-2021

Chart Export countries and export amount of home appliances in Vietnam in 2018-2021

Chart Vietnam Home Appliance Production Forecast 2022-2031

Chart Vietnam Domestic Appliance Market Size Forecast 2022-2031

Chart Vietnam Appliance Import Forecast 2022-2031

Chart Export Forecast of Home Appliances in Vietnam from 2022-2031

Companies Mentioned

1 VinSmart
2 Midea Group Co.
3 Haier Group
4 Toshiba Group
5 Matsushita Electric Industrial Co.
6 Sharp Corporation
7 Zhuhai Gree Electric Co.
8 Zhejiang Subaru Co.
9 Samsung Electronics
10 AQUA

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