Consumer Electronics in Vietnam

Consumer Electronics in Vietnam
Euromonitor International
July 2023
CONSUMER ELECTRONICS IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

Consumer Electronics In Vietnam - Industry Overview ................................................................ 1
EXECUTIVE SUMMARY .............................................................................................................. 1
Consumer Electronics In 2023: The Big Picture ....................................................................... 1
2023 Key Trends ...................................................................................................................... 1
Competitive Landscape ............................................................................................................ 1
Retailing Developments ............................................................................................................ 2
What Next For Consumer Electronics?..................................................................................... 2
MARKET DATA ............................................................................................................................ 3
Table 1 Sales of Consumer Electronics by Category: Volume 2018-2023 ................ 3
Table 2 Sales of Consumer Electronics by Category: Value 2018-2023 ................... 3
Table 3 Sales of Consumer Electronics by Category: % Volume Growth 2018-
2023 ............................................................................................................. 4
Table 4 Sales of Consumer Electronics by Category: % Value Growth 2018-
2023 ............................................................................................................. 4
Table 5 NBO Company Shares of Consumer Electronics: % Volume 2019-
2023 ............................................................................................................. 4
Table 6 LBN Brand Shares of Consumer Electronics: % Volume 2020-2023 ........... 5
Table 7 Distribution of Consumer Electronics by Channel: % Volume 2018-
2023 ............................................................................................................. 6
Table 8 Forecast Sales of Consumer Electronics by Category: Volume 2023-
2028 ............................................................................................................. 7
Table 9 Forecast Sales of Consumer Electronics by Category: Value 2023-
2028 ............................................................................................................. 7
Table 10 Forecast Sales of Consumer Electronics by Category: % Volume
Growth 2023-2028 ....................................................................................... 7
Table 11 Forecast Sales of Consumer Electronics by Category: % Value
Growth 2023-2028 ....................................................................................... 7
DISCLAIMER ............................................................................................................................... 8
SOURCES.................................................................................................................................... 8
Summary 1 Research Sources ........................................................................................ 8
Computers And Peripherals In Vietnam - Category Analysis ....................................................... 9
KEY DATA FINDINGS.................................................................................................................. 9
2023 DEVELOPMENTS ............................................................................................................... 9
Computers And Peripherals Sees A Drop In In Demand In 2023 ............................................. 9
Players Continue To Launch New Models In Laptops Despite Falling Demand ....................... 9
Distribution Landscape Expanding Both Online And Offline ................................................... 10
PROSPECTS AND OPPORTUNITIES....................................................................................... 10
Further Opportunities For Growth As Consumers Use Computers More Often ...................... 10
Screen Is The Most Attractive Upgraded Part To Convince Consumers ................................ 11
E-commerce Still Showing Strong Potential For Further Growth In Sales Of Computers And
Peripherals.............................................................................................................................. 11
CATEGORY DATA ..................................................................................................................... 11
Table 12 Sales of Computers and Peripherals by Category: Volume 2018-2023 ..... 11
Table 13 Sales of Computers and Peripherals by Category: Value 2018-2023 ........ 12
Table 14 Sales of Computers and Peripherals by Category: % Volume Growth
2018-2023 .................................................................................................. 12
© Euromonitor International
CONSUMER ELECTRONICS IN VIETNAM Passport ii
Table 15 Sales of Computers and Peripherals by Category: % Value Growth

2018-2023 .................................................................................................. 12
Table 16 Sales of Computers by Category: Business Volume 2018-2023 ................ 12
Table 17 Sales of Computers by Category: Business Value MSP 2018-2023 .......... 13
Table 18 Sales of Computers by Category: Business Volume Growth 2018-
2023 ........................................................................................................... 13
Table 19 Sales of Computers by Category: Business Value MSP Growth 2018-
2023 ........................................................................................................... 13
Table 20 NBO Company Shares of Computers and Peripherals: % Volume
2019-2023 .................................................................................................. 13
Table 21 LBN Brand Shares of Computers and Peripherals: % Volume 2020-
2023 ........................................................................................................... 14
Table 22 Distribution of Computers and Peripherals by Channel: % Volume
2018-2023 .................................................................................................. 15
Table 23 Forecast Sales of Computers and Peripherals by Category: Volume
2023-2028 .................................................................................................. 15
Table 24 Forecast Sales of Computers and Peripherals by Category: Value
2023-2028 .................................................................................................. 16
Table 25 Forecast Sales of Computers and Peripherals by Category: %
Volume Growth 2023-2028 ........................................................................ 16
Table 26 Forecast Sales of Computers and Peripherals by Category: % Value
Growth 2023-2028 ..................................................................................... 16
Table 27 Forecast Sales of Computers by Category: Business Volume 2023-
2028 ........................................................................................................... 17
Table 28 Forecast Sales of Computers by Category: Business Value MSP
2023-2028 .................................................................................................. 17
Table 29 Forecast Sales of Computers by Category: Business Volume Growth
2023-2028 .................................................................................................. 17
Table 30 Forecast Sales of Computers by Category: Business Value MSP
Growth 2023-2028 ..................................................................................... 17
In-Car Entertainment In Vietnam - Category Analysis ................................................................ 19
KEY DATA FINDINGS................................................................................................................ 19
2023 DEVELOPMENTS ............................................................................................................. 19
Demand For In-car Entertainment Rises As Vehicle Sales Increase In 2022 And 2023 ......... 19
Sales Continue To Grow Despite These Products Facing Stiff Competition From Other
Devices ................................................................................................................................... 19
Kiki Brings A Local Voice To In-car Entertainment ................................................................. 20
In-car Entertainment Set To Benefit From Boom In Car Ownership ....................................... 20
Higher Demand On New Technologies Among In-Car Entertainment .................................... 21
E-commerce Set For Further Gains But Requirement For Installation An Obstacle To Growth21
CATEGORY DATA ..................................................................................................................... 21
Table 31 Sales of In-Car Entertainment by Category: Volume 2018-2023................ 21
Table 32 Sales of In-Car Entertainment by Category: Value 2018-2023................... 22
Table 33 Sales of In-Car Entertainment by Category: % Volume Growth 2018-
2023 ........................................................................................................... 22
Table 34 Sales of In-Car Entertainment by Category: % Value Growth 2018-
2023 ........................................................................................................... 22
CONSUMER ELECTRONICS IN VIETNAM Passport iii
Table 35 NBO Company Shares of In-Car Entertainment: % Volume 2019-

2023 ........................................................................................................... 22
Table 36 LBN Brand Shares of In-Car Entertainment: % Volume 2020-2023 ........... 23
Table 37 Distribution of In-Car Entertainment by Channel: % Volume 2018-
2023 ........................................................................................................... 23
Table 38 Forecast Sales of In-Car Entertainment by Category: Volume 2023-
2028 ........................................................................................................... 24
Table 39 Forecast Sales of In-Car Entertainment by Category: Value 2023-
2028 ........................................................................................................... 24
Table 40 Forecast Sales of In-Car Entertainment by Category: % Volume
Growth 2023-2028 ..................................................................................... 24
Table 41 Forecast Sales of In-Car Entertainment by Category: % Value Growth
2023-2028 .................................................................................................. 24
Home Audio And Cinema In Vietnam - Category Analysis ......................................................... 26
2023 DEVELOPMENTS ............................................................................................................. 26
Home Audio And Cinema In Decline With Soundbars The Only Bright Spot .......................... 26
Always On Promotional Programs From Brands And Retailers .............................................. 26
Dolby Atmos Appeals To High-income Consumers Looking For A Cinematic Experience ..... 27
Home Cinema And Speaker Systems Likely To Remain Key To Growth With Sales Backed
By New Innovations ................................................................................................................ 27
Innovative Technologies Expected To Become More Affordable To The Mass Market .......... 28
Consumers Likely To Retain A Try-before-you-buy Attitude To Home Audio And Cinema .... 28
CATEGORY DATA ..................................................................................................................... 28
Table 42 Sales of Home Audio and Cinema by Category: Volume 2018-2023 ......... 28
Table 43 Sales of Home Audio and Cinema by Category: Value 2018-2023 ............ 29
Table 44 Sales of Home Audio and Cinema by Category: % Volume Growth
2018-2023 .................................................................................................. 29
Table 45 Sales of Home Audio and Cinema by Category: % Value Growth
2018-2023 .................................................................................................. 29
Table 46 NBO Company Shares of Home Audio and Cinema: % Volume 2019-
2023 ........................................................................................................... 29
Table 47 LBN Brand Shares of Home Audio and Cinema: % Volume 2020-
2023 ........................................................................................................... 30
Table 48 Distribution of Home Audio and Cinema by Channel: % Volume 2019-
2023 ........................................................................................................... 30
Table 49 Forecast Sales of Home Audio and Cinema by Category: Volume
2023-2028 .................................................................................................. 31
Table 50 Forecast Sales of Home Audio and Cinema by Category: Value 2023-
2028 ........................................................................................................... 31
Table 51 Forecast Sales of Home Audio and Cinema by Category: % Volume
Growth 2023-2028 ..................................................................................... 32
Table 52 Forecast Sales of Home Audio and Cinema by Category: % Value
Growth 2023-2028 ..................................................................................... 32
Home Video In Vietnam - Category Analysis.............................................................................. 33
2023 DEVELOPMENTS ............................................................................................................. 33
Home Video In Decline In 2022-2023 With OLED TVs The Only Bright Spot......................... 33
CONSUMER ELECTRONICS IN VIETNAM Passport iv
Higher Competition On OLED TV ........................................................................................... 33

Samsung Retains Its Leading Position In Home Video Thanks To Innovation, Competitive
Pricing And Strong Marketing And Promotional Support ........................................................ 34
Home Video Still Has Growth Potential Backed By New Innovation And Promotional Activity 34
New Premium Technologies Are Shifting To Mass Models As Competition Heats Up ........... 34
Store-based Sales Remain Important To Home Video But E-commerce Set To Win Further
Share ...................................................................................................................................... 35
CATEGORY DATA ..................................................................................................................... 35
Table 53 Sales of Home Video by Category: Volume 2018-2023 ............................. 35
Table 54 Sales of Home Video by Category: Value 2018-2023 ................................ 36
Table 55 Sales of Home Video by Category: % Volume Growth 2018-2023 ............ 36
Table 56 Sales of Home Video by Category: % Value Growth 2018-2023 ............... 36
Table 57 Sales of LCD TVs by Network Connectivity: % Retail Volume 2018-
2023 ........................................................................................................... 37
Table 58 NBO Company Shares of Home Video: % Volume 2019-2023 .................. 37
Table 59 LBN Brand Shares of Home Video: % Volume 2020-2023 ........................ 37
Table 60 Distribution of Home Video by Channel: % Volume 2018-2023 ................. 38
Table 61 Forecast Sales of Home Video by Category: Volume 2023-2028 .............. 38
Table 62 Forecast Sales of Home Video by Category: Value 2023-2028 ................. 39
Table 63 Forecast Sales of Home Video by Category: % Volume Growth 2023-
2028 ........................................................................................................... 39
Table 64 Forecast Sales of Home Video by Category: % Value Growth 2023-
2028 ........................................................................................................... 40
Table 65 Forecast Sales of LCD TVs by Network Connectivity: % Retail
Volume 2023-2028 ..................................................................................... 40
Headphones In Vietnam - Category Analysis ............................................................................. 41
2023 DEVELOPMENTS ............................................................................................................. 41
Online Working And A Desire For Entertainment At Home And On The Move Helps Boost
Sales Of Headphones ............................................................................................................. 41
Strong Competition Drives Innovation With Apple Continuing To Lead .................................. 41
Trusted Brands Gaining Share While Distribution Dictated By Price ...................................... 42
Headphones Still Full Of Potential Heading Into The Forecast Period.................................... 42
New Innovations Expected To Be Seen As Competition Grows ............................................. 43
The Distribution Landscape For Headphones Is Set To Continue Growing And Expanding .. 43
CATEGORY DATA ..................................................................................................................... 43
Table 66 Sales of Headphones by Category: Volume 2018-2023............................. 43
Table 67 Sales of Headphones by Category: Value 2018-2023 ............................... 44
Table 68 Sales of Headphones by Category: % Volume Growth 2018-2023 ............ 44
Table 69 Sales of Headphones by Category: % Value Growth 2018-2023 ............... 45
Table 70 NBO Company Shares of Headphones: % Volume 2019-2023 ................. 45
Table 71 LBN Brand Shares of Headphones: % Volume 2020-2023 ........................ 45
Table 72 Distribution of Headphones by Channel: % Volume 2018-2023................. 46
Table 73 Forecast Sales of Headphones by Category: Volume 2023-2028 .............. 46
Table 74 Forecast Sales of Headphones by Category: Value 2023-2028 ................. 47
Table 75 Forecast Sales of Headphones by Category: % Volume Growth 2023-
2028 ........................................................................................................... 47
CONSUMER ELECTRONICS IN VIETNAM Passport v
Table 76 Forecast Sales of Headphones by Category: % Value Growth 2023-

2028 ........................................................................................................... 47
Imaging Devices In Vietnam - Category Analysis ....................................................................... 49
2023 DEVELOPMENTS ............................................................................................................. 49
Imaging Devices Rapidly Losing Relevance In Vietnam Due To Improvements Being Seen In
Smartphone Cameras ............................................................................................................. 49
Canon Remain Its Leading Position........................................................................................ 49
Looping A Popular TikTok Trend Among Young Consumers ................................................. 50
Bleak Outlook For Imaging Devices As Smartphones Swallow Up The Market Demand ....... 50
Players Will Need To Target New Consumer Groups Such As Influencers And Content
Creators If They Are To Stay Relevant ................................................................................... 50
E-commerce Winning Over Consumers With Competitive Pricing ......................................... 51
CATEGORY DATA ..................................................................................................................... 51
Table 77 Sales of Imaging Devices by Category: Volume 2018-2023 ...................... 51
Table 78 Sales of Imaging Devices by Category: Value 2018-2023 ......................... 51
Table 79 Sales of Imaging Devices by Category: % Volume Growth 2018-2023 ...... 51
Table 80 Sales of Imaging Devices by Category: % Value Growth 2018-2023 ......... 52
Table 81 NBO Company Shares of Imaging Devices: % Volume 2019-2023 ........... 52
Table 82 LBN Brand Shares of Imaging Devices: % Volume 2020-2023 .................. 52
Table 83 Distribution of Imaging Devices by Channel: % Volume 2018-2023 .......... 53
Table 84 Forecast Sales of Imaging Devices by Category: Volume 2023-2028........ 53
Table 85 Forecast Sales of Imaging Devices by Category: Value 2023-2028 .......... 53
Table 86 Forecast Sales of Imaging Devices by Category: % Volume Growth
2023-2028 .................................................................................................. 54
Table 87 Forecast Sales of Imaging Devices by Category: % Value Growth
2023-2028 .................................................................................................. 54
Mobile Phones In Vietnam - Category Analysis .......................................................................... 55
2023 DEVELOPMENTS ............................................................................................................. 55
Smartphone Dropped In 2022 ................................................................................................ 55
Brands Launched Various New Smartphone In Vietnam ........................................................ 55
Distribution Landscape Continues To Expand As Vietnam Shows Large Appetite For
Smartphones .......................................................................................................................... 56
Smartphones Predicted To Deliver Strong Growth Over The Forecast Period ....................... 56
Smartphone Design And Screen Quality Likely To Be Refreshed And Upgraded .................. 57
E-commerce Offering Good Value And Greater Convenience ............................................... 57
CATEGORY DATA ..................................................................................................................... 57
Table 88 Sales of Mobile Phones by Category: Volume 2018-2023 ......................... 57
Table 89 Sales of Mobile Phones by Category: Value 2018-2023 ............................ 57
Table 90 Sales of Mobile Phones by Category: % Volume Growth 2018-2023 ........ 58
Table 91 Sales of Mobile Phones by Category: % Value Growth 2018-2023 ........... 58
Table 92 Sales of Smartphones by Screen Size: % Retail Volume 2020-2023 ........ 58
Table 93 NBO Company Shares of Mobile Phones: % Volume 2019-2023 .............. 58
Table 94 LBN Brand Shares of Mobile Phones: % Volume 2020-2023 .................... 59
Table 95 Distribution of Mobile Phones by Channel: % Volume 2018-2023 ............. 59
CONSUMER ELECTRONICS IN VIETNAM Passport vi
Table 96 Forecast Sales of Mobile Phones by Category: Volume 2023-2028 .......... 60

Table 97 Forecast Sales of Mobile Phones by Category: Value 2023-2028 ............. 60
Table 98 Forecast Sales of Mobile Phones by Category: % Volume Growth
2023-2028 .................................................................................................. 61
Table 99 Forecast Sales of Mobile Phones by Category: % Value Growth 2023-
2028 ........................................................................................................... 61
Table 100 Forecast Sales of Smartphones by Screen Size: % Retail Volume
2023-2028 .................................................................................................. 61
Portable Players In Vietnam - Category Analysis ....................................................................... 62
2023 DEVELOPMENTS ............................................................................................................. 62
Wireless Speaker Recorded A Slower Growth Than Previous ............................................... 62
Players Forced To Invest In Innovation, New Product Development And Innovations As
Competition Heats Up ............................................................................................................. 62
Distribution Increasingly Moving Online .................................................................................. 63
Wireless Speakers Still Full Of Promise With Consumers Demanding More Features........... 63
New Designs Are Focusing By Brands ................................................................................... 64
E-commerce Set To Win Further Share As Offer Expands ..................................................... 64
CATEGORY DATA ..................................................................................................................... 64
Table 101 Sales of Portable Players by Category: Volume 2018-2023....................... 64
Table 102 Sales of Portable Players by Category: Value 2018-2023.......................... 65
Table 103 Sales of Portable Players by Category: % Volume Growth 2018-2023 ...... 65
Table 104 Sales of Portable Players by Category: % Value Growth 2018-2023 ......... 65
Table 105 NBO Company Shares of Portable Players: % Volume 2019-2023 ........... 65
Table 106 LBN Brand Shares of Portable Players: % Volume 2020-2023 .................. 66
Table 107 Distribution of Portable Players by Channel: % Volume 2018-2023 ........... 66
Table 108 Forecast Sales of Portable Players by Category: Volume 2023-2028 ........ 67
Table 109 Forecast Sales of Portable Players by Category: Value 2023-2028 ........... 67
Table 110 Forecast Sales of Portable Players by Category: % Volume Growth
2023-2028 .................................................................................................. 67
Table 111 Forecast Sales of Portable Players by Category: % Value Growth
2023-2028 .................................................................................................. 68
Wearable Electronics In Vietnam - Category Analysis ............................................................... 69
2023 DEVELOPMENTS ............................................................................................................. 69
Wearable Electronics Continues To Thrive In Vietnam ........................................................... 69
High Competition Among Wearable Electronics ..................................................................... 69
E-commerce Retailers And Appliances And Electronics Specialists Both Investing In
Expanding And Improving Their Offer ..................................................................................... 70
Bright Outlook For Wearable Electronics Thanks To Broad Target Audience ........................ 71
Smart Wearables Offering Functionality To Meet The Needs Of Different Consumers .......... 71
Distribution Likely To Continue Growing Both Online And Offline As Retailers Look To Satisfy
Demand And Maximise Profits ................................................................................................ 71
CATEGORY DATA ..................................................................................................................... 72
Table 112 Sales of Wearable Electronics by Category: Volume 2018-2023 ............... 72
Table 113 Sales of Wearable Electronics by Category: Value 2018-2023 .................. 72
CONSUMER ELECTRONICS IN VIETNAM Passport vii
Table 114 Sales of Wearable Electronics by Category: % Volume Growth 2018-

2023 ........................................................................................................... 73
Table 115 Sales of Wearable Electronics by Category: % Value Growth 2018-
2023 ........................................................................................................... 73
Table 116 NBO Company Shares of Wearable Electronics: % Volume 2019-
2023 ........................................................................................................... 73
Table 117 LBN Brand Shares of Wearable Electronics: % Volume 2020-2023 .......... 73
Table 118 Distribution of Wearable Electronics by Channel: % Volume 2018-
2023 ........................................................................................................... 74
Table 119 Forecast Sales of Wearable Electronics by Category: Volume 2023-
2028 ........................................................................................................... 74
Table 120 Forecast Sales of Wearable Electronics by Category: Value 2023-
2028 ........................................................................................................... 75
Table 121 Forecast Sales of Wearable Electronics by Category: % Volume
Growth 2023-2028 ..................................................................................... 75
Table 122 Forecast Sales of Wearable Electronics by Category: % Value Growth
2023-2028 .................................................................................................. 75
CONSUMER ELECTRONICS IN VIETNAM Passport 1
CONSUMER ELECTRONICS IN
VIETNAM - INDUSTRY OVERVIEW
EXECUTIVE SUMMARY
Consumer Electronics In 2023: The Big Picture

Overall, sales of consumer electronics have seen a return to growth in retail volume terms in
Vietnam in 2023 after a steep decline in the previous year. However, the results within the
different categories are mixed. With COVID-19 restrictions now lifted and consumers returning
to more active lifestyles it is products that are linked to more active lifestyles that are seeing
among the strongest performances, such as headphones, in-car entertainment, smartphones
and wearable electronics. A desires for entertainment on the move is partly behind this but it is
also linked to the ever expanding digital world. Consumers are embracing cashless payments
and looking for ways to track and monitor their health and fitness, as well as wanting
increasingly convenient ways to communicate with friends, family and work.
In contrast products linked to entertainment in the home such as televisions, video players
and home audio and cinema are seeing declining sales. This is in part due to consumers
sending less time at home than during the pandemic, but it is also due to the challenging
economic environment. Many low- to mid-income households have seen their disposable
income squeezed due to the fallout from the pandemic and the elevated inflation being seen in
the country. These consumers are exercising greater caution when it comes to non-essential
products, but especially big ticket items like a new television. Nonetheless, there is also a small
base of wealthier consumers who are supporting the growth of high-tech consumer electronics
such as OLED TVs, gaming laptops, high-end smartphones and designer smart wearables.
2023 Key Trends

With the pandemic now over consumers are spending more time pursuing family activities,
while being conservative with their spending, with this limiting growth in consumer electronics in
2023. Consumers are also tending to be more sophisticated in their product choices and are
prioritising those which are the most fit for purpose. For example, some consumers are focused
on purchasing products that can help them care for their family members. This has increased
the demand for wearable electronics for children which can allow parents to track their
movements and outdoor activities and help them to communicate when necessary. Meanwhile,
for older people consumers are paying more attention to health tracking functions such as blood
pressure and heart rate.
There is also stronger competition being seen in specialised laptops, smartphones and
headphones as the number of gamers in Vietnam continues to increase across all consumer
segments. For example, there is a large variety of headphones targeted at gamers that are
being offered by various different brands with features such as excellent noise cancellation and
conversation functions. The design normally includes LED lights or colourful bands made from
soft leather padding for comfort while they also have a long battery life.
Competitive Landscape
In general, it is large global players such as Samsung, Apple and Xiaomi that continue to lead
sales in most areas of consumer electronics in Vietnam while the presence of local players is
still very limited. These global players are constantly developing new products with annual
launches seen in key categories such as smartphones and smart wearables. These help to
keep consumers excited and interested with some brands even introducing exclusive models
targeted at Vietnamese consumers in terms of design. Furthermore, some brands cooperate
with retailers to prioritise displays of their products and to secure strong shelf positioning, as well
as launching various discount programmes to control inventory better and to create space for
the newest products. Players are also opening official online stores on key e-commerce
platforms such as Shopee, Lazada, and Tiki in order to remain visible and to benefit from the
sharp rise in online sales. They are encouraging people to visit these online stores through the
offer of deep discounts, quick warranty services, and most importantly fast and efficient delivery
services.
Research and development is also being carried out by brands as they look to better
understand consumer insights. This is providing the groundwork for players to develop product
features, new technologies, and designs to meet the needs of different groups of consumers.
When it comes to laptops players have been focusing on offering light/thin designs that can be
easily rotated, while the screen size has been gradually upgraded from 16:09 to 16:10, or OLED
screens, with this being seen in smartphones as well as laptops.
Players continue to launch new products across consumer electronics while they are also
focused on making high-end technologies more affordable to a wider audience, with this pattern
being seen in OLED TVs, for instance. For example, Samsung entered OLED TVs in 2022 with
it launching its OLED 4K S95C model, with this being followed by the Samsung Neo QLED 8K
QN900C/QN800C in 2023. Meanwhile, in 2023, LG expanded its range of OLED TVs with its
new LG evo G3 model, while Sony launched two new models: Sony A80L and X80L. Casper
and TCL have also offered OLED TVs in Vietnam since 2023.
Retailing Developments
The biggest player in the appliances and electronics specialists channel is domestic retailer
Mobile World JSC which now has 3,385 stores spread across all of Vietnam’s provinces. Within
this number, its most recent business model, its Supermini chain, has surpassed 1,000 stores
while its TopZone chain has become the biggest retailer of Apple products in Vietnam with it
operating 100 stores. The retailer has also successfully grown its e-commerce and mobile
commerce business with it reporting among the highest website traffic in Vietnam. After
successfully expanding into Cambodia, Mobile World JSC has continued to expand its sales
outside of Vietnam with it opening new stores in Indonesia under the EraBlue banner.
Elsewhere, another local company, FPT, has reached 300 stores in 2023 with it aiming to
open 600 stores by the end of this year. The company is targeting the laptops market, with it
placing a strong emphasis on marketing activities for the “back to school season” that takes
place around August and September. It is also looking to boost demand for gaming laptops.
FPT is not only looking to increase its sales but it is also looking to build a trustworthy image in
eyes of local people.
In general terms, O2O (Online to Offline) models are still the main business direction for all of
the big retailers in Vietnam that are looking to expand their services, inventory and deliver better
cost control. With retail e-commerce continuing to deliver strong gains across consumer
electronics it is becoming increasingly important both for retailers and brands to have a strong
online presence.
What Next For Consumer Electronics?

According to the government, the average income in Vietnam grew by 9.5% in 2022, which
points towards a more promising outlook for the economy. Urbanisation and income per capita
are expected to increase in the coming years, especially among middle and high class
consumer groups, and this projected to benefit sales of consumer electronics. These income
groups will still remain the key target audience for brands/retailers who will look to improve their
products and develop suitable marketing activities to help them to differentiate themselves from
the competition.
The strong competition in the market will, however, likely also help to make some
technologies and innovations which have previously only been seen in high-end products
gradually appear in the mass/mid-price segment. The entry of more affordable brands from
China and other markets will likely also help to make consumer electronics more accessible to a
wider audience and thus help to drive volume sales. OLED TVs for example are becoming more
affordable as more brands enter the category such as Samsung, Casper, and TCL. The
development of Vietnam’s 5G network is also expected to help drive growth in consumer
electronics, but especially in smartphones. Players will likely focus on launching new models
that can take advantage of 5G capability, while consumers will likely be attracted to the faster
speeds on offer.
With the rapid rise in popularity of gaming in Vietnam this will likely also continue to play a
major role in the growth and development of consumer electronics in the country. Consumers
will likely show a willingness to spend more in categories such as home video and audio,
laptops, smartphones and headphones in order to improve their gaming experience and
potentially give them an edge over the competition. With eSports taking off and serious prizes
on offer this is an area that is full of potential.
MARKET DATA
Table 1 Sales of Consumer Electronics by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
Portable Consumer 25,467.8 25,588.4 26,466.3 26,372.5 24,182.0 25,061.7

Electronics
In-Home Consumer 4,157.4 4,244.2 4,258.5 4,220.1 4,011.5 3,837.8
Electronics
In-Car Entertainment 139.2 144.0 137.0 135.7 139.8 144.7
Computers and Peripherals 2,673.6 2,593.7 2,749.8 2,915.6 2,629.5 2,429.1
Consumer Electronics 32,438.1 32,570.3 33,611.5 33,643.8 30,962.8 31,473.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Consumer Electronics by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

Electronics
In-Home Consumer 33,165.9 35,904.3 37,343.7 38,859.1 37,295.8 35,880.6
Electronics
Table 3 Sales of Consumer Electronics by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
Portable Consumer Electronics 3.6 -0.3 -1.6

In-Home Consumer Electronics -4.3 -1.6 -7.7
In-Car Entertainment 3.5 0.8 3.9
Computers and Peripherals -7.6 -1.9 -9.1
Consumer Electronics 1.6 -0.6 -3.0
Table 4 Sales of Consumer Electronics by Category: % Value Growth 2018-2023
% current value growth

2022/23 2018-23 CAGR 2018/23 Total
Portable Consumer Electronics 7.5 4.2 22.9

In-Home Consumer Electronics -3.8 1.6 8.2
Computers and Peripherals -5.9 2.1 10.9
Consumer Electronics 3.2 3.4 18.0
Table 5 NBO Company Shares of Consumer Electronics: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023
Samsung Vina Electronics 23.1 22.0 25.2 25.8 26.3

Co Ltd
Guangdong OPPO Mobile 13.1 13.6 15.9 16.5 17.0
Telecommunications Corp Ltd
Apple Inc 7.2 7.0 8.2 10.5 11.6
Xiaomi Corp 4.8 6.4 8.6 9.0 9.4
Microsoft Corp 8.7 7.7 6.6 6.2 5.1
Sony Electronics Vietnam 4.7 4.1 4.0 4.3 4.3
Ltd
Vivo Communication 2.4 2.9 4.7 3.0 3.1
Technology Co Ltd
LG Electronics Vietnam Co 2.5 2.5 2.3 2.4 2.3
Ltd
Lenovo Group Ltd 2.8 2.5 1.2 1.3 1.2
TCL Vietnam Corp Ltd 0.9 0.9 1.0 1.1 1.2
Asus Technology (Vietnam) 1.0 1.1 1.2 1.2 1.1
Co Ltd
Hewlett-Packard (Vietnam) 0.6 0.7 0.7 0.7 0.7
Ltd
Dell Vietnam Inc 0.7 0.7 0.7 0.8 0.7
Canon Vietnam Co Ltd 0.5 0.5 0.5 0.5 0.5
Harman International 0.7 0.5 0.4 0.3 0.3
Industries Inc
Acer Vietnam Co Ltd 0.1 0.2 0.2 0.2 0.2

Fitbit Inc 0.0 0.1 0.1 0.1 0.2
Seiko Epson Corp 0.2 0.2 0.2 0.2 0.2
Sennheiser Electronic 0.1 0.1 0.1 0.1 0.1
GmbH & Co KG
Panasonic Vietnam Co Ltd 0.2 0.1 0.1 0.1 0.1
OKI Electric Industry Co 0.1 0.1 0.1 0.1 0.1
Ltd
Pioneer Electronics Asia 0.2 0.1 0.1 0.1 0.1
Centre Pte Ltd
Nikon Corp 0.1 0.1 0.1 0.1 0.1
JVC Vietnam Ltd 0.2 0.2 0.0 0.0 0.0
Huawei Technologies 3.2 2.9 0.6 0.3 0.0
Vietnam Co Ltd
VinGroup JSC 1.8 5.8 1.9 0.0 -
HTC Corp 0.3 - - - -
BlackBerry Ltd 0.0 - - - -
Toshiba Consumer Products 0.0 - - - -
Vietnam Co Ltd
Sharp Electronics 0.0 - - - -
(Vietnam) Co Ltd
Others 19.5 17.0 15.3 15.0 14.1
Total 100.0 100.0 100.0 100.0 100.0
Table 6 LBN Brand Shares of Consumer Electronics: % Volume 2020-2023
% retail volume
Brand (GBO) Company (NBO) 2020 2021 2022 2023
Samsung (Samsung Corp) Samsung Vina Electronics 22.0 25.2 25.8 26.3
Co Ltd
Oppo (BBK Electronics Guangdong OPPO Mobile 11.9 13.0 13.5 13.9
Corp Ltd) Telecommunications Corp Ltd
Xiaomi Xiaomi Corp 6.4 8.6 9.0 9.4
iPhone Apple Inc 4.1 4.8 6.6 7.5
Nokia (Nokia Corp) Microsoft Corp 7.7 6.6 6.2 5.1
Sony (Sony Corp) Sony Electronics Vietnam Ltd 4.1 4.0 4.3 4.3
Realme (BBK Guangdong OPPO Mobile 1.7 2.8 3.0 3.1
Electronics Corp Ltd) Telecommunications Corp Ltd
Vivo (BBK Electronics Vivo Communication 2.9 4.7 3.0 3.1
Corp Ltd) Technology Co Ltd
LG (LG Corp) LG Electronics Vietnam Co 2.5 2.3 2.4 2.3
Ltd
AirPods Apple Inc 1.2 1.3 1.7 1.8
Lenovo Lenovo Group Ltd 2.5 1.2 1.3 1.2
TCL (TCL Corp) TCL Vietnam Corp Ltd 0.9 1.0 1.1 1.2
Asus (AsusTek Asus Technology (Vietnam) 1.1 1.2 1.2 1.1
Computer Inc) Co Ltd
iPad Apple Inc 1.0 1.0 1.1 1.1
Apple Watch Apple Inc 0.7 0.9 1.0 1.1
HP (HP Inc) Hewlett-Packard (Vietnam) 0.7 0.7 0.7 0.7
Ltd
Dell (Dell Dell Vietnam Inc 0.7 0.7 0.8 0.7
Technologies Inc)
Canon (Canon Inc) Canon Vietnam Co Ltd 0.5 0.5 0.5 0.5
JBL (Samsung Corp) Harman International 0.5 0.4 0.3 0.3
Industries Inc
Acer (Acer Inc) Acer Vietnam Co Ltd 0.2 0.2 0.2 0.2
Fitbit (Alphabet Inc) Fitbit Inc - 0.1 0.1 0.2
Epson Seiko Epson Corp 0.2 0.2 0.2 0.2
Sennheiser Sennheiser Electronic 0.1 0.1 0.1 0.1
GmbH & Co KG
Panasonic (Panasonic Panasonic Vietnam Co Ltd 0.1 0.1 0.1 0.1
Corp)
Oki OKI Electric Industry Co Ltd 0.1 0.1 0.1 0.1
Nikon Nikon Corp 0.1 0.1 0.1 0.1
Pioneer (Onkyo Corp) Pioneer Electronics Asia 0.1 0.1 0.1 0.1
Centre Pte Ltd
iPod Apple Inc 0.1 0.1 0.1 0.1
JVC (JVC Kenwood Corp) JVC Vietnam Ltd 0.2 0.0 0.0 0.0
Huawei (Huawei Huawei Technologies 2.9 0.6 0.3 0.0
Technologies Co Ltd) Vietnam Co Ltd
Vsmart (Masan Group VinGroup JSC 5.8 1.9 0.0 -
Corp)
Others Others 17.2 15.3 15.1 14.2
Total Total 100.0 100.0 100.0 100.0
Table 7 Distribution of Consumer Electronics by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 90.4 89.6 86.9 82.3 79.8 78.2
-- Grocery Retailers - - - - - -
--- Convenience Retail - - - - - -
--- Supermarkets - - - - - -
--- Hypermarkets - - - - - -
--- Discounters - - - - - -
--- Warehouse Clubs - - - - - -
--- Food/drink/tobacco - - - - - -
specialists
--- Small Local Grocers - - - - - -
-- Non-Grocery Retailers 90.4 89.6 86.9 82.3 79.8 78.2
--- General Merchandise - - - - - -
Stores
--- Apparel and - - - - - -
Footwear Specialists
--- Appliances and 90.0 89.2 86.5 82.0 79.4 77.8
Electronics Specialists
--- Home Products - - - - - -
Specialists
--- Health and Beauty - - - - - -
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery 0.4 0.4 0.4 0.3 0.4 0.4
Retailers
-- Vending - - - - - -
-- Direct Selling - - - - - -
- Retail E-Commerce 9.6 10.4 13.1 17.7 20.2 21.8
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 8 Forecast Sales of Consumer Electronics by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028

Electronics
In-Home Consumer 3,837.8 3,842.4 3,875.2 3,920.7 3,999.8 4,125.2
Electronics
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 9 Forecast Sales of Consumer Electronics by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

Electronics
In-Home Consumer 35,880.6 36,403.3 37,169.2 38,120.8 39,358.9 41,002.9
Electronics
trade sources
Table 10 Forecast Sales of Consumer Electronics by Category: % Volume Growth 2023-

2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

In-Home Consumer Electronics 0.1 1.5 7.5
trade sources
Table 11 Forecast Sales of Consumer Electronics by Category: % Value Growth 2023-

2028
% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total
In-Home Consumer Electronics 1.5 2.7 14.3

trade sources
DISCLAIMER
Forecast and scenario closing date: 10 July 2023
Report closing date: 20 July 2023
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2023 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.
SOURCES
Sources used during research include the following:
Summary 1 Research Sources

Official Sources General Statistics Office
Ministry of Information & Communications
Trade Associations Vietnam Electronics Industries Association
Trade Press DNA Branding
Entrepreneur Forum
PC World Vietnam
Saigon Times
The Business Review
Tuoi Tre
Vietnam Business Forum
Vietnam Business News
Vietnam Chamber of Commerce & Industry
Vietnam Economy Times
Vietnam Investment Review
Vn Express
Source: Euromonitor International
COMPUTERS AND PERIPHERALS IN

VIETNAM - CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales fall by 8% in 2023 to 2.4 million units

▪ Peripherals is the best performing category in 2023, with retail volume sales still decreasing
by 5% to 241,000 units
▪ Samsung Vina Electronics Co Ltd is the leading player in 2023, with a retail volume share of
17%
▪ Retail volume sales are set to decrease at a CAGR of 1% over the forecast period to 2.3
million units
2023 DEVELOPMENTS
Computers And Peripherals Sees A Drop In In Demand In 2023

Sales of computers and peripherals peaked during the pandemic in 2020 and 2021 thanks to
a spike in demand as consumers switched to working and studying from home. Such was the
demand that some retailers struggled to keep up with demand with supply shortages being
reported at various points. However, computers and peripherals recorded a significant drop in
most categories in retail volume terms in 2022 as schools started to reopen while many
consumers returned to the workplace. This pattern has continued into 2023 with fewer
consumers in need of new laptops, tablets, or desktops. Business sales are stagnating in 2023
despite consumers returning to the workplace in greater numbers and Vietnam seeing an uptick
in economic activity. Due to the prevailing economic uncertainty being seen in 2023 many
businesses are looking to avoid any unnecessary expenditure, which includes upgrading their
computers.
With demand dropping sharply in 2022/2023 retailers have found themselves with high
inventories which has forced brands and retailers to launch various deep discount programmes
in an attempt to boost sales and clear old stock. Even though inflation in Vietnam has been
relatively well contained compared to many other markets, this has not been enough to
incentivise many consumers to purchase new computers. Many consumers had already
purchased new and replacement computers and peripherals during 2020-2021 and thus had
reset the replacement cycle. Therefore, only more serious users are showing a willingness to
upgrade their existing computers, with most consumers happy to continue using their existing
ones.
Players Continue To Launch New Models In Laptops Despite Falling

Demand
Despite the drop in demand players within computers and peripherals continue to focus on
launching new and ever more powerful products to their portfolios. For example, during 2022,
several new models of laptops were launched with these covering all price segments as players
upped their efforts to remain competitive. The design and technologies in these laptops were
customised to meet the needs of different target groups. For example, laptops for office workers
and students focused on elite/thin/light designs that are easily transportable and with a long
lasting battery and stable cooling system. Meanwhile, manufacturers of gaming laptops focused
on delivering faster processing speeds and improved graphics capabilities.
In terms of new product launches in 2022/2023, Asus has introduced a range of OLED
laptops in Vietnam which includes the Zenbook 14 OLED, Zenbook 14 Flip OLED, Vivobook
14/15 OLED and Vivobook S 14 Flip. The price of these laptops ranges from the mid to upper
mid segment. Asus is continuously looking to impress consumers through new innovations such
as these with the brand expected to extend its lead in laptops in 2023. Dell also launched a new
range of laptops which includes the XPS 13 Plus, XPS 17, Inspiron 16, Inspiron 14 2-trong-1
and Alienware m5 R7 in Vietnam. This new range is targeted at general users and gamers with
Dell looking to reach as wide an audience as possible. Meanwhile, MSI, a brand of laptops from
Taiwan, has been gaining positive feedback among students and youths with its products
considered to be very good value for money. The brand offers the latest technologies and great
designs but often at more affordable prices than the better established global brands. MSI offers
various product models targeting multiple audiences from office workers and student to gamers.
Nonetheless, as it stands the brand has only a small share in the market with most consumers
still preferring to purchase computers from well-known brands like Asus, Dell, HP and Lenovo.
Distribution Landscape Expanding Both Online And Offline

Despite the difficulties facing computers and peripherals during 2022 and 2023, the larger
retailers are still trying to expand their stores and improve the customers’ shopping experience
by offering a wide selection of brands and models at competitive prices, as well as free delivery
when shopping on their website or mobile application.
The Gio Di Dong is the leading retailer of computers and peripherals in the country with it
having outlets located all over the country’s provinces, FPT is another important player while
TopZone opened its 100th store in Vietnam with it selling Apple products.
Nonetheless, while appliances and electronics specialists dominate sales of computers and
peripherals in Vietnam these stores continued to lose share to retail e-commerce in 2022 with
this set to continue into 2023. Consumers are becoming increasingly comfortable shopping
online while many consumers also visit a physical outlet first to examine the product before later
ordering it online where prices are often more competitive.
PROSPECTS AND OPPORTUNITIES
Further Opportunities For Growth As Consumers Use Computers More

Often
Despite computers and peripherals having reached a certain degree of maturity, sales are still
expected to grow at a steady pace in retail volume terms in the key categories of laptops and
desktops. This is in part thanks to the wider demand for laptops for working, studying and the
desire to be creative and create content among younger consumers. Since the pandemic there
has been a much greater focus on remote learning and working with many consumers
continuing to spend at least part of their week working or studying from home. This has
expanded the potential consumer base for laptops in particular with these supporting these
more flexible arrangements.
For many schools having access to a computer at home has become a must have item for
studying and completing homework assignments and this is another factor that should support
growth. Besides which, higher income levels and new technologies/designs is also helping to
attract more users to upgrade their existing computers to more powerful and premium options.
When choosing which computers to buy consumers are increasingly looking for products with
more advanced built-in cameras and microphones and faster processing speeds which can help
support online meetings and video conferencing, with this having become increasingly
commonplace in work and education.
Screen Is The Most Attractive Upgraded Part To Convince Consumers

Increasing the screen size from 16:09 to 16:10 is becoming an increasingly appealing way for
manufacturers to upgrade their new generations of laptops with this making them more suitable
for any task. Within gaming laptops some players have started using OLED and mini LED
technology for their new models since 2022. The use of these new technologies is likely to
increasingly feed through to low priced as well as high-end models in the coming years not only
for laptops but also for tablets and monitors, with this predicted to create a new standard.
For premium models, the market will likely see laptops with 2-in-1 folding screens or 360-
degree rotation with these impressive features expected to be seen from multiple brands in the
market. For faster connection, it is predicted that USB Type-C ports will completely replace the
old ports on new generation laptops thanks to the convenience these ports offer in connecting
and long lasting usage.
E-commerce Still Showing Strong Potential For Further Growth In Sales

Of Computers And Peripherals
Many consumers already trust the larger appliances and electronics specialists such as The
Gio Di Dong and FPT when shopping through their websites or mobile applications. As such,
consumers are expected to gradually alter their shopping behaviour over the forecast period and
will likely increasingly shop around to get the best prices whether online or in physical stores.
Consumers will, however, likely continue to prefer buying online through the websites of larger
retailers, trustworthy stores or brands with official stores on platforms such as Shopee, Lazada
or Tiki. These main distribution channels often offer attractive discounts and free delivery, while
they also often offer after sales service and free returns. While many people will continue
window shopping offline to see the products first hand and to seek advice from sales staff, an
increasing number will then use e-commerce to complete the purchase. As such, e-commerce is
expected to become an increasingly important distribution channel for computer and peripherals
over the forecast period.
CATEGORY DATA
Table 12 Sales of Computers and Peripherals by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
- Printers 197.8 194.2 189.4 185.1 175.3 168.0

- Monitors 85.3 79.3 81.2 82.2 77.1 72.8
Peripherals 283.0 273.5 270.6 267.3 252.4 240.7
-- Tablets 1,619.2 1,538.2 1,599.2 1,661.6 1,508.2 1,386.3
-- Laptops 639.4 654.7 735.9 821.7 717.3 658.6
- Portable Computers 2,258.5 2,192.9 2,335.1 2,483.3 2,225.5 2,044.9
- Desktops 132.0 127.3 144.1 165.0 151.5 143.4
Computers 2,390.6 2,320.2 2,479.2 2,648.3 2,377.0 2,188.3
Table 13 Sales of Computers and Peripherals by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
- Printers 588.5 574.0 558.9 553.3 536.3 524.3

- Monitors 202.3 204.0 215.8 229.6 222.5 217.6
Peripherals 790.7 778.0 774.8 782.9 758.8 741.9
-- Tablets 9,081.1 10,052.1 10,797.3 11,687.4 10,826.7 10,200.7
-- Laptops 9,245.9 9,438.0 10,667.1 12,239.8 10,911.5 10,192.9
- Desktops 1,716.9 1,689.4 1,927.0 2,219.0 2,074.6 1,979.8
Computers 20,043.9 21,179.5 23,391.3 26,146.2 23,812.8 22,373.4
Table 14 Sales of Computers and Peripherals by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Printers -4.2 -3.2 -15.1

- Monitors -5.6 -3.1 -14.7
Peripherals -4.6 -3.2 -14.9
-- Tablets -8.1 -3.1 -14.4
-- Laptops -8.2 0.6 3.0
- Portable Computers -8.1 -2.0 -9.5
- Desktops -5.3 1.7 8.6
Computers -7.9 -1.8 -8.5
Table 15 Sales of Computers and Peripherals by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total
- Printers -2.2 -2.3 -10.9

- Monitors -2.2 1.5 7.6
-- Tablets -5.8 2.4 12.3
-- Laptops -6.6 2.0 10.2
- Portable Computers -6.2 2.2 11.3
- Desktops -4.6 2.9 15.3
Computers -6.0 2.2 11.6
Table 16 Sales of Computers by Category: Business Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
-- Tablets 50.6 59.4 65.5 85.3 100.2 107.2

-- Laptops 185.3 189.2 191.2 192.6 195.4 197.3
- Portable Computers 235.9 248.6 256.8 277.9 295.6 304.4
- Desktops 628.8 619.4 610.5 608.5 607.4 599.7
Computers 864.8 868.0 867.3 886.4 903.0 904.2
Table 17 Sales of Computers by Category: Business Value MSP 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
-- Tablets 310.9 518.6 564.0 729.0 888.9 999.1

-- Laptops 2,706.5 2,551.5 2,438.7 2,296.0 2,162.5 2,293.3
- Desktops 4,562.5 4,034.8 4,098.5 4,154.1 4,220.3 4,397.2
Computers 7,579.9 7,104.8 7,101.2 7,179.1 7,271.7 7,689.6
Table 18 Sales of Computers by Category: Business Volume Growth 2018-2023
% business volume growth

2022/23 2018-23 CAGR 2018/23 Total
-- Tablets 6.9 16.2 111.7

-- Laptops 1.0 1.3 6.5
- Portable Computers 3.0 5.2 29.0
- Desktops -1.3 -0.9 -4.6
Computers 0.1 0.9 4.6
Table 19 Sales of Computers by Category: Business Value MSP Growth 2018-2023
% current business value growth msp

2022/23 2018-23 CAGR 2018/23 Total
-- Tablets 12.4 26.3 221.4

-- Laptops 6.0 -3.3 -15.3
- Desktops 4.2 -0.7 -3.6
Table 20 NBO Company Shares of Computers and Peripherals: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023

Co Ltd
Lenovo Group Ltd 13.1 13.4 13.9 14.7 15.4
Asus Technology (Vietnam) 12.3 13.0 13.9 13.9 14.7
Co Ltd
Apple Inc 12.6 12.6 12.6 13.9 14.5
Hewlett-Packard (Vietnam) 7.7 8.4 8.5 8.5 8.7
Ltd
Dell Vietnam Inc 8.7 8.5 8.6 9.0 8.7
Acer Vietnam Co Ltd 1.8 2.0 2.4 2.4 2.3
Seiko Epson Corp 2.0 1.9 1.8 1.9 2.0
OKI Electric Industry Co 1.6 1.5 1.3 1.4 1.4
Ltd
Huawei Technologies 9.8 10.0 6.5 3.1 0.4
Vietnam Co Ltd
Ltd
AOC International 0.3 0.3 0.3 0.3 0.3
ViewSonic Corp 0.1 0.2 0.2 0.2 0.2
Toshiba Consumer Products 0.4 - - - -
Vietnam Co Ltd
Others 13.3 12.7 13.2 12.6 12.0
Total 100.0 100.0 100.0 100.0 100.0
Table 21 LBN Brand Shares of Computers and Peripherals: % Volume 2020-2023
% retail volume
Co Ltd
Lenovo Lenovo Group Ltd 13.4 13.9 14.7 15.4
Asus (AsusTek Asus Technology (Vietnam) 13.0 13.9 13.9 14.7
Computer Inc) Co Ltd
iPad Apple Inc 12.0 12.0 13.2 13.9
HP (HP Inc) Hewlett-Packard (Vietnam) 8.4 8.5 8.5 8.7
Ltd
Dell (Dell Dell Vietnam Inc 8.5 8.6 9.0 8.7
Technologies Inc)
Acer (Acer Inc) Acer Vietnam Co Ltd 2.0 2.4 2.4 2.3
Epson Seiko Epson Corp 1.9 1.8 1.9 2.0
Oki OKI Electric Industry Co Ltd 1.5 1.3 1.4 1.4
MacBook Apple Inc 0.5 0.6 0.7 0.7
Huawei (Huawei Huawei Technologies 10.0 6.5 3.1 0.4
Ltd
AOC (TPV Technology AOC International 0.3 0.3 0.3 0.3
Ltd)
Viewsonic ViewSonic Corp 0.2 0.2 0.2 0.2
Dell (Dell Inc) Dell Vietnam Inc - - - -
HP (Hewlett-Packard Hewlett-Packard (Vietnam) - - - -
Development Co LP) Ltd
Toshiba (Toshiba Corp) Toshiba Consumer Products - - - -
Vietnam Co Ltd
Others Others 12.7 13.2 12.6 12.0
Total Total 100.0 100.0 100.0 100.0
Table 22 Distribution of Computers and Peripherals by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 96.3 96.2 94.5 91.4 90.1 88.8
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 96.3 96.2 94.5 91.4 90.1 88.8
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery - - - - - -
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 23 Forecast Sales of Computers and Peripherals by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028
- Printers 168.0 161.5 156.2 152.5 149.5 146.8

- Monitors 72.8 74.1 75.7 77.8 80.6 83.8
Peripherals 240.7 235.6 231.8 230.3 230.0 230.6
-- Tablets 1,386.3 1,293.3 1,225.2 1,174.7 1,136.1 1,102.9
-- Laptops 658.6 676.9 698.8 725.7 758.1 794.5
- Desktops 143.4 144.2 145.3 147.2 149.4 151.8
Computers 2,188.3 2,114.4 2,069.3 2,047.5 2,043.6 2,049.3

trade sources
Table 24 Forecast Sales of Computers and Peripherals by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
- Printers 524.3 515.3 506.8 499.0 491.9 486.9

- Monitors 217.6 222.2 227.8 235.2 245.4 258.0
Peripherals 741.9 737.5 734.7 734.2 737.3 744.9
-- Tablets 10,200.7 9,452.0 8,890.2 8,423.1 8,071.9 7,795.8
-- Laptops 10,192.9 10,656.9 11,193.3 11,833.8 12,555.9 13,338.3
- Desktops 1,979.8 1,998.6 2,021.2 2,054.2 2,100.3 2,137.9
Computers 22,373.4 22,107.5 22,104.8 22,311.1 22,728.1 23,272.0
trade sources
Table 25 Forecast Sales of Computers and Peripherals by Category: % Volume Growth

2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
- Printers -3.8 -2.7 -12.6

- Monitors 1.8 2.9 15.2
-- Tablets -6.7 -4.5 -20.4
-- Laptops 2.8 3.8 20.6
- Portable Computers -3.7 -1.5 -7.2
- Desktops 0.5 1.1 5.9
Computers -3.4 -1.3 -6.4
trade sources
Table 26 Forecast Sales of Computers and Peripherals by Category: % Value Growth

2023-2028

2023/2024 2023-28 CAGR 2023/28 Total
- Printers -1.7 -1.5 -7.1

- Monitors 2.1 3.5 18.6
Peripherals -0.6 0.1 0.4
-- Tablets -7.3 -5.2 -23.6
-- Laptops 4.6 5.5 30.9
- Portable Computers -1.4 0.7 3.6
- Desktops 0.9 1.5 8.0
Computers -1.2 0.8 4.0
trade sources
Table 27 Forecast Sales of Computers by Category: Business Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028
-- Tablets 107.2 112.8 117.3 120.6 123.2 125.5

-- Laptops 197.3 200.0 203.1 206.4 210.0 214.0
- Portable Computers 304.4 312.8 320.4 327.0 333.2 339.5
- Desktops 599.7 591.3 579.3 566.0 546.5 525.3
Computers 904.2 904.1 899.7 893.0 879.7 864.8
Table 28 Forecast Sales of Computers by Category: Business Value MSP 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
-- Tablets 999.1 1,060.1 1,102.9 1,130.7 1,152.8 1,172.2

-- Laptops 2,293.3 2,331.2 2,377.3 2,426.4 2,489.3 2,559.0
- Desktops 4,397.2 4,345.8 4,299.3 4,250.1 4,184.2 4,100.2
Computers 7,689.6 7,737.0 7,779.5 7,807.1 7,826.3 7,831.5
trade sources
Table 29 Forecast Sales of Computers by Category: Business Volume Growth 2023-2028
% business volume growth

2023/24 2023-28 CAGR 2023/28 Total
-- Tablets 5.3 3.2 17.1

-- Laptops 1.4 1.6 8.5
- Desktops -1.4 -2.6 -12.4
Computers 0.0 -0.9 -4.4
trade sources
Table 30 Forecast Sales of Computers by Category: Business Value MSP Growth 2023-
2028
% constant business value growth msp
2023/24 2023-28 CAGR 2023/28 Total
-- Tablets 6.1 3.2 17.3

-- Laptops 1.6 2.2 11.6
- Desktops -1.2 -1.4 -6.8
trade sources
IN-CAR ENTERTAINMENT IN VIETNAM

- CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales rise by 4% in 2023 to 145,000 units

▪ In-dash media players is the best performing category in 2023, with retail volume sales
growing by 4% to 101,000 units
▪ Tuan Hung Gia Lai Trading JSC is the leading player in 2023, with a retail volume share of
16%
▪ Retail volume sales are set to increase at a CAGR of 5% over the forecast period to 182,000
units
2023 DEVELOPMENTS
Demand For In-car Entertainment Rises As Vehicle Sales Increase In

2022 And 2023
Car ownership in Vietnam has been increasing in 2022-2023 since the pandemic subsided.
As consumers have returned to more active lives they have had more incentive to buy new and
second-hand cars and other vehicles. Furthermore, the government looked to support the car
industry by reducing registration fees by 50% for domestically manufactured/assembled cars in
the first half of 2022 which helped to deliver remarkable results in terms of the numbers of cars
sold. Finally, 2022/2023 has also seen the launch of large numbers of new car models, with
hybrid models proving particularly popular.
The majority of the cars being sold fall into the mid-priced segment which is partially behind
the recovery of in-car entertainment in 2022 and 2023 with these vehicles typically having less
sophisticated in-built navigation systems and speakers, while many do not have in-dash media
players pre-installed. Therefore, with consumers spending more time in their cars again there
has been an increased willingness to invest in upgrading or adding in-car entertainment to new
and existing vehicles.
Sales Continue To Grow Despite These Products Facing Stiff

Competition From Other Devices
In-car navigation has become more competitive recently with a wide variety of brands that can
be found easily in the market and which are available across the price spectrum with this
helping to support moderate growth in retail volume terms in 2023. Buying in-car navigation in
Vietnam is strongly controlled by the government with regard to personal private data tracking
with consumers having to sign an agreement on the purpose for using these products before
buying in-car navigation. This has limited the appeal of in-car navigation somewhat with it still
being a relatively niche area of the market. Another challenge is the strong competition these
products face from smartphones which can be paired with navigation apps such as Google
Maps to fulfil similar tasks.
In-dash media players remains the largest and most dynamic category within in-car
entertainment, albeit seeing slower growth than before the pandemic. Many car dealers now
offer in-dash media players with new cars while some consumers use their smartphones or
tablets to fulfil the functions offered by these products. Nonetheless, in-dash media players still
continue to find an audience with most consumers looking for fast connection with their
smartphones and added features such as tracking/notifications for potential traffic violations.
Kiki Brings A Local Voice To In-car Entertainment

Alexa, Siri, and Google Assistant have been available in Vietnam for a long time but they
have still not fully adapted to the local languages and dialects, with this proving an obstacles to
the growth of products that use these virtual assistants. However, Kiki is a new local AI-based
virtual assistant which supports a variety of Vietnamese accents and brings a local voice to in-
car entertainment, with it being designed specifically for Vietnamese consumers including their
language, culture and habits.
Officially launched in 2021 this new virtual assistant has given consumers an excuse to
upgrade their in-car entertainment in Vietnam. Kiki can now be integrated with a wider selection
of brands including Zestech and Gotech for their new generation of devices. Users can ask Kiki
to carry out a range of voice-controlled tasks from finding locations, sending text messages,
giving directions, reading the latest news and weather, looking up information, or even turning
on the car’s air conditioner. Kiki is seen to be a significant development with it already being
integrated into smart cars in Vietnam and it will be important that any new in-car entertainment
products are compatible with the service if they are to find significant success.
In-car Entertainment Set To Benefit From Boom In Car Ownership

It is predicted that car ownership in Vietnam will increase over the forecast period as incomes
rise and the standard of living improves, while more people will likely also be encouraged to own
a car due to urbanisation and as the quality of the roads and infrastructure in the country
improves. Nonetheless, it is likely that many people will only be able to afford lower-priced cars
or second-hand cars, many of which have only basic speakers and typically lack in-car
navigation and in-dash media players. As such, this offers significant scope for the development
of the category, with some drivers likely to be keen to update or add in-car entertainment to
improve their driving experience during commuting or long car journeys. Based on this it is
expected that in-car entertainment will see strong growth in retail volume terms over the forecast
period.
Vietnamese brand VinFast has seen rapid growth with cars featuring luxury modern designs
and prices suitable for the average income level in the country. Thanks to its smart marketing
campaigns and attractive sales policies (eg zero interest financing) VinFast is attracting more
interest from the younger population by making car ownership easier than ever. Also, the
younger generation is expected to remain the primary target for in-car speakers. This is because
these consumers have higher standards, always looking to update their devices and demanding
an excellent musical experience in their car. Therefore, they are generally more ready to spend
on in-car entertainment in general and are especially willing to invest heavily in in-car speakers
to fulfil their needs. However, these consumers also research the products very carefully, and
hence can become difficult to convince, as they expect to see higher-quality items at better
prices than many present in the market.
Higher Demand On New Technologies Among In-Car Entertainment

Besides entertainment purposes, when it comes to in-car entertainment products there is
likely to be a growing focus on products that can help make the driving experience safer and
more secure. For instance, consumers will likely to be attracted to products that can alert the
driver of potential dangers ahead, detect when a car may need to be repaired or when
maintenance is, or to record traffic violation fees. To achieve this products will need to be
compatible with apps like Kiki which can provide the latest updates and which can communicate
in the local language.
Nonetheless, these products will likely continue to face strong competition from smartphones
which for many consumers fulfil the basic tasks they are looking for. This is especially true for in-
car navigation with consumers easily able to download apps such as Google Maps onto their
smartphones to help them find and receive directions. Furthermore, for newer vehicle models
there is often a basic range of in-car entertainment with consumers also often able to pair their
smartphone with their vehicle to access connected features. As such, in-car entertainment will
likely increasingly target the second-hand vehicle market.
E-commerce Set For Further Gains But Requirement For Installation An

Obstacle To Growth
Since in-car entertainment products generally require installation after purchase, garages and
car dealers still remain an important sales channel for this category. However, e-commerce is
challenging the dominance of this channel with consumers often able to find a wider selection of
brands and products online and often at cheaper price. Additionally, consumers can now access
online tutorials on platforms such as YouTube which provide instructions on how to install a
wide range of products at home. However, despite this, self-installation is something that only
relatively experienced car owners will likely want to attempt and who will be willing to buy these
products online.
Understanding the key consumers of in-car speakers, the majority of key players in the
category will likely continue to cooperate with garage owners and car dealers to launch
promotional and advertising activities in order to target the right customers. As consumers
typically turn to garages to help fit their new in-car entertainment they also generally trust their
opinion when deciding which product to buy. However, younger consumers are also expected to
increasingly go online when searching for in-car entertainment, using the advice and
recommendations of car enthusiasts and influencers to help them make their purchasing
decision.
CATEGORY DATA
Table 31 Sales of In-Car Entertainment by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
In-Dash Media Players 99.7 104.4 96.5 94.5 97.6 101.3

In-Car Speakers 29.8 30.3 31.4 32.2 33.2 34.3
In-Car Navigation 9.7 9.3 9.1 8.9 9.0 9.1
Table 32 Sales of In-Car Entertainment by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

In-Car Speakers 75.7 79.1 84.4 89.1 92.1 95.7
Table 33 Sales of In-Car Entertainment by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
In-Dash Media Players 3.8 0.3 1.5

In-Car Speakers 3.3 2.9 15.1
In-Car Navigation 1.5 -1.2 -5.8
Table 34 Sales of In-Car Entertainment by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

In-Car Navigation 2.3 0.0 0.0
Table 35 NBO Company Shares of In-Car Entertainment: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023
Tuan Hung Gia Lai Trading 14.7 14.0 14.1 15.6 16.4
JSC
Kovan International Co Ltd 8.9 10.3 10.6 11.1 11.2
Ltd
Kenwood Electronics 11.7 10.3 10.0 8.9 9.6
Singapore Pte Ltd
JVC Vietnam Ltd 8.3 7.3 6.8 6.9 7.1
Centre Pte Ltd
Alps Alpine Co Ltd 5.3 5.7 5.8 5.7 5.6
Alpine Electronics Inc - - - - -
Others 35.8 36.3 36.1 34.8 32.9
Total 100.0 100.0 100.0 100.0 100.0
Table 36 LBN Brand Shares of In-Car Entertainment: % Volume 2020-2023
% retail volume
Caska (Coagent Group) Tuan Hung Gia Lai Trading 14.0 14.1 15.6 16.4
JSC
Kovan Kovan International Co Ltd 10.3 10.6 11.1 11.2
Kenwood (JVC Kenwood Kenwood Electronics 10.3 10.0 8.9 9.6
Corp) Singapore Pte Ltd
JVC (JVC Kenwood Corp) JVC Vietnam Ltd 7.3 6.8 6.9 7.1
Pioneer (Pioneer Corp) Pioneer Electronics Asia 6.5 6.7 6.6 6.6
Centre Pte Ltd
Alpine Alps Alpine Co Ltd 5.7 5.8 5.7 5.6
Alpine Alpine Electronics Inc - - - -
Others Others 36.3 36.1 34.8 32.9
Total Total 100.0 100.0 100.0 100.0
Table 37 Distribution of In-Car Entertainment by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 88.5 88.8 86.8 83.0 81.0 79.2
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and - - - - - -
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
--- Other Non-Grocery 88.5 88.8 86.8 83.0 81.0 79.2
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 38 Forecast Sales of In-Car Entertainment by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028

In-Car Speakers 34.3 35.5 36.9 38.6 40.6 42.8
trade sources
Table 39 Forecast Sales of In-Car Entertainment by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

In-Car Speakers 95.7 99.3 103.9 109.0 115.1 122.2
trade sources
Table 40 Forecast Sales of In-Car Entertainment by Category: % Volume Growth 2023-

2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

trade sources
Table 41 Forecast Sales of In-Car Entertainment by Category: % Value Growth 2023-

2028

2023/2024 2023-28 CAGR 2023/28 Total
In-Dash Media Players -0.3 2.5 13.4

trade sources
HOME AUDIO AND CINEMA IN

KEY DATA FINDINGS
▪ Retail volume sales decrease by 1% in 2023 to 361,000 units

▪ Home cinema and speaker systems is the best performing category in 2023, with retail
volume sales growing by 4% to 100,000 units
31%
▪ Retail volume sales are set to fall at a CAGR of 2% over the forecast period to 329,000 units
2023 DEVELOPMENTS
Home Audio And Cinema In Decline With Soundbars The Only Bright
Spot
The outbreak of COVID-19 and the subsequent home seclusion provided a boost to sales of
some home audio and cinema products in Vietnam as consumers placed more focus on
entertainment at home. Products related to karaoke were in particularly high demand, with this
being one of the most popular family activities in Vietnam. However, since the latter part of 2021
life has gradually been returning to normal with consumers returning to the workplace and
resuming social activities away from the home, as well as pursuing more outdoor activities. This
has had a negative knock-on effect on demand for home cinema and audio in 2022 and 2023,
with sales declining in retail volume terms.
Major categories within home audio and cinema have suffered losses in 2022-2023 due to
lower demand and category maturity. Furthermore, prevailing economic uncertainty has caused
many consumers to exercise caution in their spending behaviour and to limit non-essential
purchases. At the other end of the scale, some products are also facing competition from
developments in other categories. For instance, some larger sized televisions (<55-inches) with
thinner and more elegant styles have influenced consumers to purchase TV and soundbar
combinations. This behaviour has benefited sales of soundbars though with some brands
offering significant discounts and free gifts when ordering online to attract sales. In contrast,
sales of audio separates and Hi-Fi systems are in a downwards spiral with demand now largely
limited to those living in rural areas. Digital media player docks have largely vanished from the
market with these products being replaced by Bluetooth/wireless speakers.
Always On Promotional Programs From Brands And Retailers

To boost sales and to help clear excess store inventory, retailers and brands are constantly
offering discount programs of up to 60% and gift combos such as OLED TVs + soundbar. This
has helped to boost interest in soundbars which are increasingly seen as an effective, stylish
and space saving solution for those looking to improve the audio quality of their home
entertainment. Responding to this demand players are increasingly focusing on launching
soundbars to completement other products in their portfolio. For example, Samsung introduced
its new flagship Neo QLED TV and soundbar at Unbox & Discover 2022 in Vietnam, while it also
entered OLED TVs with the launch of its S95B model. Meanwhile, LG launched its new flagship
soundbar the USC9S. This new model directly competes with other soundbars such as the
Sennheiser Ambeo Sound bar Plus, B&W Panorama 3 and Bose Smart soundbar 900.
In 2022, Sony Electronics, Samsung’s closest rival in home audio and cinema, introduced its
new soundbar, the Sony HT-S40R, which uses Dolby Digital technologies. The launch was
accompanied by various extra promotional programmes to encourage consumers to buy this
new soundbar, with it being promoted as helping consumers to better enjoy music and movies
with more powerful sound. Younger Vietnamese consumers were also excited by the new TV
Soundbar from Xiaomi which comes with 430W 3.1 inch Dolby Audio and which also claims to
provide a powerful sound but at a more affordable price than some of its competitors.
Dolby Atmos Appeals To High-income Consumers Looking For A

Cinematic Experience
High-income consumers in Vietnam are always looking to invest in quality home
entertainment and they are often willing to pay for the latest innovations both as a sign of status
but also improve their viewing and audio experience. For instance, some of these wealthier
consumers are buying televisions with bigger screens of 65+ inches, with the latest OLED TVs
often paired with soundbars and the use of Dolby Atmos to create a cinematic experience in the
home. Awareness of Dolby Atmos is increasing thanks to promotions, advertising and reviews
on social media platforms like TikTok and Facebook. Many soundbar manufacturers have
already launched products featuring Dolby Atmos, including leading brands Samsung and Sony.
Home cinema and speaker systems is the one area of home audio and cinema which is still
seen to have growth potential, due in large part to these advancements being seen in
soundbars. Furthermore, as the competition grows these products are becoming cheaper with
more models constantly appearing online. Some popular brands such as Optoma, ViewSonic,
Vivitek, Sony, and BenQ are now facing stronger competition from lower-cost brands such as
Xgimi, Jmgo, Tyco, and Salange, among others.
Home Cinema And Speaker Systems Likely To Remain Key To Growth

With Sales Backed By New Innovations
Home cinema and speaker systems is the one category within home audio and cinema that is
still seen to have growth potential over the forecast period despite these products already
having relatively high penetration. This demand is being driven by the advancement of new
technologies and innovation which is helping to improve audio quality. With consumers,
especially younger ones, increasingly focused on providing home entertainment for groups of
family and friends there is a growing willingness to invest in products that can help create the
cinematic experience at home. Features such as Dolby Atmos have made a real difference and
thus should help to sustain growth in the category over the forecast period.
Rising income levels and a rapidly ageing population are also expected to lead some
consumers to invest in home cinema and speaker systems for their parents benefit. Consumers
will likely appreciate products that help them and their parents to relax at home with demand
expected to focus on smart controls that are available in the local language/dialect and which
older consumers can use easily without the need for additional support.
Innovative Technologies Expected To Become More Affordable To The

Mass Market
The minimalist lifestyles seen among many younger consumers is likely to affect their
shopping behaviour over the forecast period. In line with this, consumers are expected to prefer
to have thin or hidden designs when it comes to soundbars that they can pair with large
televisions with thin screens. Consumers will likely prefer products which can limit clutter and
which do not leave trailing wires. These younger consumers are also unlikely to have any
significant interest in audio separates and Hi-Fi systems which are seen as old fashioned and
unnecessary.
The high-end features being seen in soundbars will likely gradually shift to the mid-priced
segment with stronger competition from new brands likely to force the leading players to find
new ways of differentiating their offer. For example, the superior sound quality offered by
technologies like Dolby Atmos will likely no longer be confined to the high-end price segment
and will likely enter and become popular in the mid-priced segment. This will be key in driving
volume sales.
Consumers Likely To Retain A Try-before-you-buy Attitude To Home

Audio And Cinema
When it comes to home audio and cinema consumers in Vietnam still generally prefer to
physically view the products and test their quality before buying. As such, it is expected that
appliances and electronics specialists will remain the dominant distribution channel, despite
further gains being predicted for e-commerce. Due to the new and innovative technology being
seen in these products consumers appreciate being able to hear for themselves the difference it
can make, while they also see value in seeking the advice of a trained sales assistant. For
premium products, consumers are often more demanding and they prefer going to a brand’s
showroom to experience the product and to receive a consultation about the product feature and
whether the design will match with their living space. Nonetheless, at the lower end of the price
spectrum some consumers are becoming increasingly interested in shopping for home audio
and cinema online where they can often access exclusive promotions and discounts as well as
a much wider variety of brands and products, some of which are cheaper and not available in
appliances and electronics specialists.
CATEGORY DATA
Table 42 Sales of Home Audio and Cinema by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
- Other Home Audio and 101.0 106.1 110.8 115.2 118.1 119.7
Cinema
- Speakers 46.8 46.2 44.2 42.9 41.8 41.0
- Home Cinema and 77.5 82.8 88.7 93.2 96.8 100.2
Speaker Systems
- Hi-Fi Systems 38.7 38.3 35.3 32.3 29.5 26.8
- Digital Media Player - - - - - -
Docks
- Audio Separates 97.8 95.3 90.1 85.1 79.1 73.5
Home Audio and Cinema 361.8 368.6 369.1 368.7 365.3 361.2
Table 43 Sales of Home Audio and Cinema by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Cinema
- Speakers 355.9 352.0 339.7 329.6 322.8 316.7
- Home Cinema and 786.5 849.0 924.4 982.9 1,035.2 1,079.4
Speaker Systems
- Hi-Fi Systems 184.0 189.6 178.5 166.8 155.4 142.4
Docks
- Audio Separates 1,012.0 1,033.1 1,025.6 1,008.3 974.0 945.8
Home Audio and Cinema 2,523.4 2,617.2 2,667.7 2,690.5 2,693.1 2,692.3
Table 44 Sales of Home Audio and Cinema by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Other Home Audio and Cinema 1.3 3.5 18.5

- Speakers -2.1 -2.6 -12.5
- Home Cinema and Speaker Systems 3.5 5.3 29.3
- Hi-Fi Systems -9.0 -7.1 -30.8
- Digital Media Player Docks - - -
- Audio Separates -7.0 -5.6 -24.8
Home Audio and Cinema -1.1 0.0 -0.2
Table 45 Sales of Home Audio and Cinema by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total
- Other Home Audio and Cinema 1.2 2.4 12.5

- Speakers -1.9 -2.3 -11.0
- Hi-Fi Systems -8.4 -5.0 -22.6
Home Audio and Cinema 0.0 1.3 6.7
Table 46 NBO Company Shares of Home Audio and Cinema: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023

Co Ltd
Ltd
Ltd
Bose Corp 8.1 8.0 8.1 8.1 7.9
Centre Pte Ltd
Koninklijke Philips 3.7 2.9 2.5 1.9 1.6
Electronics NV
Others 8.3 9.2 10.5 11.3 14.5
Total 100.0 100.0 100.0 100.0 100.0
Table 47 LBN Brand Shares of Home Audio and Cinema: % Volume 2020-2023
% retail volume
Co Ltd
Ltd
Corp)
Bose Bose Corp 8.0 8.1 8.1 7.9
Centre Pte Ltd
Philips (Koninklijke Koninklijke Philips 2.9 2.5 1.9 1.6
Philips NV) Electronics NV
Pioneer (Pioneer Corp) Pioneer Electronics Asia - - - -
Centre Pte Ltd
Others Others 9.2 10.5 11.3 14.5
Total Total 100.0 100.0 100.0 100.0
Table 48 Distribution of Home Audio and Cinema by Channel: % Volume 2019-2023
% retail volume
2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0

- Retail Offline 87.8 86.2 81.9 80.3 79.4
-- Grocery Retailers - - - - -
--- Convenience Retail - - - - -
--- Supermarkets - - - - -
--- Hypermarkets - - - - -
--- Discounters - - - - -
--- Warehouse Clubs - - - - -
--- Food/drink/tobacco - - - - -
specialists
--- Small Local Grocers - - - - -

-- Non-Grocery Retailers 87.8 86.2 81.9 80.3 79.4
--- General Merchandise - - - - -
Stores
--- Apparel and Footwear - - - - -
Specialists
--- Appliances and 87.8 86.2 81.9 80.3 79.4
--- Home Products - - - - -
Specialists
--- Health and Beauty - - - - -
Specialists
--- Leisure and Personal - - - - -
Goods Specialists
--- Other Non-Grocery - - - - -
Retailers
-- Vending - - - - -
-- Direct Selling - - - - -
- Retail E-Commerce 12.2 13.8 18.1 19.7 20.6
Total 100.0 100.0 100.0 100.0 100.0
Table 49 Forecast Sales of Home Audio and Cinema by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028
Cinema
- Speakers 41.0 40.1 39.5 39.0 38.5 38.1
- Home Cinema and 100.2 103.3 106.2 108.3 110.4 112.1
Speaker Systems
- Hi-Fi Systems 26.8 23.9 21.2 18.5 16.1 13.7
Docks
- Audio Separates 73.5 68.5 64.1 60.2 57.0 54.1
Home Audio and Cinema 361.2 355.5 350.0 343.1 336.3 329.2
trade sources
Table 50 Forecast Sales of Home Audio and Cinema by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
Cinema
- Speakers 316.7 311.7 307.3 303.6 300.8 299.0
- Home Cinema and 1,079.4 1,125.4 1,168.9 1,207.9 1,243.3 1,275.2
Speaker Systems
- Hi-Fi Systems 142.4 128.8 114.7 99.3 84.9 71.3
Docks
- Audio Separates 945.8 920.5 900.2 883.2 867.7 856.8
Home Audio and Cinema 2,692.3 2,693.3 2,693.8 2,689.4 2,684.1 2,680.2
trade sources
Table 51 Forecast Sales of Home Audio and Cinema by Category: % Volume Growth
2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
- Other Home Audio and Cinema 0.0 -1.5 -7.1

- Speakers -2.0 -1.4 -7.0
- Hi-Fi Systems -10.9 -12.6 -48.9
Home Audio and Cinema -1.6 -1.8 -8.9
trade sources
Table 52 Forecast Sales of Home Audio and Cinema by Category: % Value Growth 2023-
2028

2023/2024 2023-28 CAGR 2023/28 Total
- Other Home Audio and Cinema -0.5 -3.1 -14.5

- Speakers -1.6 -1.1 -5.6
- Hi-Fi Systems -9.6 -12.9 -50.0
Home Audio and Cinema 0.0 -0.1 -0.5
trade sources
HOME VIDEO IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales decrease by 5% in 2023 to 3.5 million units

▪ Televisions is the best performing category in 2023, with retail volume sales still falling by 5%
to 3.4 million units
39%
▪ Retail volume sales are set to increase at a CAGR of 2% over the forecast period to 3.8
million units
2023 DEVELOPMENTS
Home Video In Decline In 2022-2023 With OLED TVs The Only Bright
Spot
Despite seeing an uptick in economic activity in Vietnam after the pandemic peaking, sales of
home video products have been declining during 2022-2023. This is partially due to category
maturity and a high penetration rate, which has limited demand, but also because many
consumers have felt the need to tighten their belts due to prevailing economic uncertainty and a
lack of job security. In an effort to drive demand and clear stocks many brands and retailers
launched various deep discount programmes towards the end of 2022. For example, multiple
brands offered large 55-inch televisions with discounts of up to 50% during the run up to the
2023 AFF Cup but this did not have a significant impact on sales.
The only bright spot in home video in 2023 is OLED TVs with the category recorded positive
growth in retail volume terms for the second consecutive year. This growth stems from the entry
of new brands to the category, such as Samsung, the use of discount programmes, and the
presence of prices that are both appealing and accessible for some upper income consumers.
Nonetheless, despite this positive performance these products are still expensive for most
consumers and thus sales remain very limited in retail volume terms, especially in comparison
to LCD TVs.
Higher Competition On OLED TV

Overall, sales of televisions declined over the review period despite players continuing to
launch new models. Players looked to give consumers more choice while also focusing on
improving the home viewing experience with the focus being on the upper to premium price
segment, in which OLEDs TV has been the most dynamic category during 2022-2023.
Samsung offers the largest selection of televisions in Vietnam and in 2023 it introduced a new
line of OLED TVs to Vietnam. These included the Samsung OLED 4K S95C and the Samsung
Neo QLED 8K QN900C/QN800C. Casper also joined the OLED TVs race with it launching its
55CGS810 and 65CGS810 models which offer impressive edge-to-edge design and are priced
from VND29 million. Previously, Sony and LG were the only two significant players in the
category and in response to the new competition both players have launched new models. For
instance, LG has launched its LG evo G3 while Sony has launched two new models, the Sony
A80L and the X80L. Sony also launched the new generation of BRAVIA XR 2022 TVs, including
X95K 4K Mini LED, A90K (Master Series), A80K 4K OLED and X90K 4K (Full Array LED) at the
end of April 2022. Elsewhere, TCL launched its new QLED 4K C645 series which provides more
affordable prices from VND10 million.
Samsung Retains Its Leading Position In Home Video Thanks To

Innovation, Competitive Pricing And Strong Marketing And Promotional
Support
Samsung remains the leading player in home video with the company always looking to
improve its products and the customer shopping experience. This includes offering larger
screens at more affordable prices, which have become a benchmark in the competitive
landscape. The company has also been very dynamic in terms of its promotional activities. For
example, it offered deep discounts for users planning to buy new high-end televisions before the
2022 FIFA World Cup. Specifically, Samsung models sized from 65-75 inches were discounted
by up to 35%. This helped Samsung to deliver growth in 2022 when many of its competitors saw
a decline.
Aside from discounting activity, Samsung also offers various free popular TV applications, a
three year warranty and supports a 0% interest instalment payment. Interestingly, customers
only need to pay VND7.5 million in advance for a new 75-inch Samsung high-end TV and
VND6.5 million for a 65-inch TV, followed by instalments of VND750,000/month for the
remaining cost. This has helped to encourage more consumers to invest in upgrading their
televisions. For the premium segment, Samsung is also working to expand its 8K content with
this still being relatively limited in Vietnam. It is also focusing on launching products using new
and more sustainable materials to better serve the global goal of reducing waste, saving energy
and reducing carbon emissions.
Home Video Still Has Growth Potential Backed By New Innovation And
Promotional Activity
Urbanisation, higher income levels and improving living standards are all factors that should
help boost sales of home video over the forecast period with the category set to see a return to
growth after a difficult review period. Televisions have become a must have item in Vietnam but
especially for those with elderly people and children who are looking for entertainment when at
home. With an ageing population consumers are expected to look to invest in new televisions
not just for themselves but also for their elderly relatives, all of which should benefit sales.
It is expected that consumers will look for larger sized screens 55+ inches that deliver higher
quality results (4K, 8K etc) with the increasingly competitive OLED TVs category expected to
help driver growth in the coming years. Attractive promotional campaigns will likely also continue
to appear around popular events such as the FIFA World Cup and SEA games, as well as
around the end of year period when many consumers look to upgrade their televisions.
New Premium Technologies Are Shifting To Mass Models As

Competition Heats Up
Competition is expected to increase over the forecast period and as such players will need to
find new ways to stand out in the market. Aside from discounts and promotions, this will likely
also see a gradual shift in technologies which were previously only seen in premium segment
moving to the mid-priced segment. There are two factors that brands place a lot of focus on,
those being the screen and the refresh rate. For high-end televisions it is expected that we will
see the combination of many technologies to improve the display such as OLED with Quantum
Dot and QLED with Mini LED. Meanwhile, for the smoother display of games and action movies
with various fast-moving scenes, instead of using the standard LCD speed of 50-60Hz, players
will likely look offer a higher refresh rate 120Hz or 144Hz.
With video streaming becoming increasingly popular in Vietnam consumers have become
keen to be able to recreate the cinema experience in the home, especially since the pandemic,
and some consumers are becoming willing to pay more to achieve this. Meanwhile, with gaming
becoming increasingly popular consumers are keen to have televisions which can support their
hobby. Added to this, televisions are increasingly becoming the central hub of the home and
thus products which are connected and which can easily pair with other devices in the home are
likely to prove among the most appealing.
Store-based Sales Remain Important To Home Video But E-commerce

Set To Win Further Share
When it comes to home video consumers in Vietnam still generally prefer to see the products
in person before making a purchase. Consumers will typically visit appliances and electronics
specialists to get a feel for the size of the television and how it might fit into their home as well
as to experience the quality of the picture and the audio and compare it to other units in the
store. Major players in the appliances and electronics specialists channel like Dienmayxanh
account for a significant share of sales in the country with these retailers increasingly taking an
omnichannel approach whereby consumers can walk into a physical store to see the models on
offer and then return home and buy the product online to get a better price.
Consumers in some regions have also become more open to buying televisions through
major e-commerce platforms like Lazada and Shopee. Consumers tend to choose products
from a brand’s official store on these platforms to ensure they receive authentic, quality products
and at the best prices. As such, while appliances and electronics specialists is projected to
remain the key distribution channel for home video over the forecast period e-commerce is
expected to continue gaining share.
CATEGORY DATA
Table 53 Sales of Home Video by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
-- Video Recorders - - - - - -
-- DVD Players 67.3 57.5 39.5 26.5 19.0 14.1
-- BD Players 50.8 49.0 48.1 47.1 45.6 43.3
- Video Players 118.1 106.5 87.6 73.7 64.6 57.4
-- TV Combis - - - - - -
-- Other TVs - - - - - -
-- Plasma TVs - - - - - -
-- OLED TVs - 17.2 16.4 15.7 16.4 17.1
-- LCD TVs 3,677.4 3,751.9 3,785.5 3,762.0 3,565.2 3,402.1
-- Analogue TVs - - - - - -
- Televisions 3,677.4 3,769.1 3,801.8 3,777.8 3,581.6 3,419.2
Home Video 3,795.6 3,875.6 3,889.4 3,851.4 3,646.2 3,476.6
Table 54 Sales of Home Video by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
-- DVD Players 62.8 54.4 38.0 25.8 18.8 14.4
-- BD Players 103.3 95.4 90.5 85.6 82.6 80.0
- Video Players 166.1 149.8 128.4 111.3 101.4 94.5
-- TV Combis - - - - - -
-- Other TVs - - - - - -
-- Plasma TVs - - - - - -
-- OLED TVs - 727.8 764.7 787.9 821.9 865.8
-- LCD TVs 30,476.4 32,409.4 33,782.9 35,269.4 33,679.5 32,228.0
- Televisions 30,476.4 33,137.2 34,547.6 36,057.3 34,501.3 33,093.8
Home Video 30,642.5 33,287.1 34,676.1 36,168.6 34,602.7 33,188.3
Table 55 Sales of Home Video by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
-- Video Recorders - - -
-- DVD Players -26.1 -26.9 -79.1
-- BD Players -5.0 -3.2 -14.8
- Video Players -11.2 -13.4 -51.4
-- TV Combis - - -
-- Other TVs - - -
-- Plasma TVs - - -
-- OLED TVs 4.5 - -
-- LCD TVs -4.6 -1.5 -7.5
-- Analogue TVs - - -
- Televisions -4.5 -1.4 -7.0
Home Video -4.7 -1.7 -8.4
Table 56 Sales of Home Video by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total
-- DVD Players -23.4 -25.5 -77.0
-- BD Players -3.1 -5.0 -22.6
- Video Players -6.9 -10.7 -43.1
-- TV Combis - - -
-- Other TVs - - -
-- Plasma TVs - - -
-- OLED TVs 5.3 - -
-- LCD TVs -4.3 1.1 5.7
- Televisions -4.1 1.7 8.6
Home Video -4.1 1.6 8.3
Table 57 Sales of LCD TVs by Network Connectivity: % Retail Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Internet Smart TVs 51.5 57.2 66.0 68.7 70.0 73.0

Non-Internet TVs 48.5 42.8 34.0 31.3 30.0 27.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 58 NBO Company Shares of Home Video: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023

Co Ltd
Ltd
Ltd
TCL Vietnam Corp Ltd 7.8 8.2 8.5 9.6 10.7
Centre Pte Ltd
JVC Vietnam Ltd 1.2 1.1 - - -
Sharp Electronics 0.3 - - - -
(Vietnam) Co Ltd
Others 19.2 19.8 18.7 13.8 11.2
Total 100.0 100.0 100.0 100.0 100.0
Table 59 LBN Brand Shares of Home Video: % Volume 2020-2023
% retail volume
Co Ltd
Ltd
TCL (TCL Corp) TCL Vietnam Corp Ltd 8.2 8.5 9.6 10.7
Centre Pte Ltd
Corp)
JVC (JVC Kenwood Corp) JVC Vietnam Ltd 1.1 - - -

Pioneer (Pioneer Corp) Pioneer Electronics Asia - - - -
Centre Pte Ltd
Sharp (Hon Hai Sharp Electronics - - - -
Precision Industry Co (Vietnam) Co Ltd
Ltd)
Sharp (Sharp Corp) Sharp Electronics - - - -
(Vietnam) Co Ltd
Others Others 19.8 18.7 13.8 11.2
Total Total 100.0 100.0 100.0 100.0
Table 60 Distribution of Home Video by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 90.7 90.5 88.5 84.4 83.0 82.1
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 90.7 90.5 88.5 84.4 83.0 82.1
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 61 Forecast Sales of Home Video by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028
-- DVD Players 14.1 10.3 7.6 5.5 4.0 2.9
-- BD Players 43.3 38.0 33.3 29.1 25.4 22.1
- Video Players 57.4 48.4 40.9 34.6 29.4 25.0
-- TV Combis - - - - - -
-- Other TVs - - - - - -
-- Plasma TVs - - - - - -
-- OLED TVs 17.1 18.0 19.0 20.3 21.8 23.5
-- LCD TVs 3,402.1 3,420.5 3,465.2 3,522.6 3,612.3 3,747.5
- Televisions 3,419.2 3,438.5 3,484.2 3,542.9 3,634.0 3,771.0
Home Video 3,476.6 3,486.9 3,525.1 3,577.6 3,663.4 3,796.0
trade sources
Table 62 Forecast Sales of Home Video by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
-- DVD Players 14.4 11.0 8.4 6.2 4.7 3.5
-- BD Players 80.0 68.9 59.2 50.8 43.5 37.3
- Video Players 94.5 79.9 67.5 57.0 48.2 40.8
-- TV Combis - - - - - -
-- Other TVs - - - - - -
-- Plasma TVs - - - - - -
-- OLED TVs 865.8 914.2 958.6 1,019.8 1,089.5 1,166.1
-- LCD TVs 32,228.0 32,716.0 33,449.2 34,354.6 35,537.1 37,115.7
- Televisions 33,093.8 33,630.1 34,407.8 35,374.4 36,626.6 38,281.8
Home Video 33,188.3 33,710.0 34,475.3 35,431.4 36,674.8 38,322.7
trade sources
Table 63 Forecast Sales of Home Video by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
-- DVD Players -26.5 -27.1 -79.4
-- BD Players -12.1 -12.6 -49.0
- Video Players -15.7 -15.3 -56.4
-- TV Combis - - -
-- Other TVs - - -
-- Plasma TVs - - -
-- OLED TVs 5.3 6.5 37.2
-- LCD TVs 0.5 2.0 10.2
- Televisions 0.6 2.0 10.3
Home Video 0.3 1.8 9.2
trade sources
Table 64 Forecast Sales of Home Video by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total
-- DVD Players -23.8 -24.8 -75.9
-- BD Players -13.9 -14.1 -53.3
- Video Players -15.4 -15.4 -56.8
-- TV Combis - - -
-- Other TVs - - -
-- Plasma TVs - - -
-- OLED TVs 5.6 6.1 34.7
-- LCD TVs 1.5 2.9 15.2
- Televisions 1.6 3.0 15.7
Home Video 1.6 2.9 15.5
trade sources
Table 65 Forecast Sales of LCD TVs by Network Connectivity: % Retail Volume 2023-
2028
% retail volume
2023 2024 2025 2026 2027 2028
Internet Smart TVs 73.0 78.0 80.0 82.0 86.0 88.0

Non-Internet TVs 27.0 22.0 20.0 18.0 14.0 12.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
trade sources
HEADPHONES IN VIETNAM -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales rise by 5% in 2023 to 4.2 million units

▪ TWS earbuds is the best performing category in 2023, with retail volume sales growing by
10% to 3.3 million units
▪ Apple Inc is the leading player in 2023, with a retail volume share of 14%
million units
2023 DEVELOPMENTS
Online Working And A Desire For Entertainment At Home And On The

Move Helps Boost Sales Of Headphones
While the World Health Organisation declared the pandemic to be over in early 2023 and
restrictions are no longer in place many consumers are still spending relatively more time at
home than before the pandemic. As such, they have been indulging in various entertainment
activities such as gaming, listening to music, and consuming content through various media
platforms. Additionally, there has been an increase in people working and studying from home,
all of which has contributed to the popularisation of noise-cancelling headphones in the market.
These help consumers to isolate from their surroundings and to concentrate on the task at hand.
Along with active noise cancellation, brands are also offering other features such as a
conversational function, Bluetooth connectivity, eye-catching designs (eg LED lights or colourful
bands), the use of soft leather to create a more comfortable wearing experience and a long
battery life.
Both mass and premium TWS earbuds continue to record dynamic growth in retail volume
terms in 2023 with convenience being a key selling point. Vietnamese people love their music
and listen to it anytime, especially when driving a motorbike or working. Additionally, podcasts
have become hugely popular with consumers appreciating being able to listen to these when at
home or when on the move, with this being a further growth driver for TWS earbuds. Normally,
the younger generations will use headphones that are sold together with their smartphone
package and only replace these when they are broken or when they want to experience higher-
quality models. Using AirPods and Galaxy Buds is also considered a style statement in Vietnam.
Such headphones are must-have items when people own an iPhone or Samsung smartphone.
However, brands such as Xiaomi have registered significant growth from largely targeting the
mass market.
Strong Competition Drives Innovation With Apple Continuing To Lead

Headphones is a highly competitive category with a large number of well-known and smaller,
cheaper brands competition for share online and in stores. In order to stay ahead of the
competition the leading players regularly launch new and updated product lines with new and
improved features. For example, Sony officially launched its new WF-C700N series of noise-
cancelling wireless headphones in Vietnam in 2023, with the emphasis being on the product’s
low price and the offer of multiple colour options (black, white and lavender) really exciting
young segment. The new range also offers a battery life of up to 15 hours, water resistance and
a Multipoint connection feature that allows the headphones to connect to two devices
simultaneously for multitasking.
Apple continues to lead headphones in 2023 thanks to the popularity of its AirPods. Apple’s
AirPods 2 line of TWS earbuds remains popular despite being launched in Vietnam in 2019.
This is because the unit price of these products is considered very good value for money while
more recent versions of AirPods have not delivered any significant new innovations. On the
other hand, Apple fans are also very excited about AirPods Lite. This new version is predicted to
have newer technologies at a potentially more affordable price although there has not yet been
any official information about when AirPods Lite may be launched in the country.
Trusted Brands Gaining Share While Distribution Dictated By Price

Vietnamese consumers have a wide selection of headphones to choose from with products
available across the price spectrum and through both offline retailers and e-commerce sites.
However, consumers are now tending to buy branded products to ensure the product quality,
with smaller players (listed under “others”) losing share as more people shift to trusted brands
such as Apple’s AirPods, Sony, Samsung and Xiaomi. These brands also continue to benefit
from new product launches as they look to keep up with the latest trends and technological
developments.
For trustworthy brands of headphones in the mid-priced segment, consumers generally prefer
to purchase through official brand stores when shopping on e-commerce sites such as Lazada
and Shopee in order to benefit from significant discounts and free gifts. For mass headphones
valued at under VND1 million, Vietnamese consumers tend to purchase them online as there is
a wider variety of models to choose from compared to in store-based retailers while they can
also generally benefit from lower prices. However, for premium headphones, many consumers
still prefer to purchase these products in trusted store-based retailers such as such as
Mainguyen and The Sound World, although even these retailers are looking to direct consumers
towards their online stores.
Headphones Still Full Of Potential Heading Into The Forecast Period

Hybrid working styles are likely to remain popular and could even become more
commonplace over the forecast period with many consumers preferring to have online meetings
which should benefit sales of wireless headphones. This is likely to fuel demand for products
which support multitasking and which are comfortable to wear over long periods, as well as
having a long battery life to avoid disruption. There are various brands and products available to
meet the needs of different consumers with higher income consumers likely to be willing to pay
more to achieve the best results while still looking for good value for money.
Vietnamese consumers are also paying more attention to their health, especially since the
COVID-19 pandemic, and many have started to exercise more frequently, such as running and
going to the gym. This trend is also likely to boost sales of headphones, but especially those
designed specifically for those taking part in sport and fitness activities. These consumers will
likely look for headphones which are compact, comfortable, and convenient to use when
exercising. Over the forecast period, more players are expected to launch models that are
adapted to meet this demand. For example, Sony launched its LinkBuds S range of headphones
in Vietnam in mid-2022 with consumers excited by its small, light and comfortable design, which
makes it suitable even when doing exercise. This new range also offers trendy technologies
such as speak-to-chat, adaptive sound control and noise cancellation.
New Innovations Expected To Be Seen As Competition Grows

Younger consumers are typically more demanding and will look for the latest technologies
and innovations when purchasing wireless headphones. For example, Bluetooth 5.2 is expected
to become a common feature in wireless headphones with this next generation feature helping
to save battery life while also offering a fast connection. Active noise cancelling is also expected
to become more commonplace in the mid- to upper-mid-priced segments whereas before it has
only been seen in products priced over VND5 million. Furthermore, consumers will likely also
look for products offering multiple activity modes such as for taking calls, gaming or watching
movies.
TWS earbuds is expected to remain the largest and most dynamic category within
headphones over the forecast period fuelled by increasing demand from young consumers who
appreciate the design and convenience of these products. While Apple’s AirPods and
Samsung’s Galaxy Earbuds are considered high-end options, the market does also offer a
growing number of mass alternatives from smaller brands that are more affordable. This has
helped to boost competition within the low to mid-price segment and this competition is
expected to benefit consumers over the forecast period with more options across different price
points to choose from.
Wireless headbands is also expected to see growth over forecast period in retail volume
terms, albeit at a more modest pace. Sales are set to be supported by increasing demand for
products with high-quality noise cancellation that allow the user to have a more immersive
experience and also enables them to isolate from their surrounding environment. This feature is
likely to attract remote workers, students and gamers. Wireless headbands are also seen as
more comfortable by some consumers, especially for activities carried out at home, or when at
the gym.
The Distribution Landscape For Headphones Is Set To Continue

Growing And Expanding
The presence of counterfeit products in the market is a serious concern for consumers when
shopping for headphones in Vietnam. To ensure a product is authentic, consumers are
generally choosing to shop on a brand’s official store on e-commerce sites like Shoppe or
Lazada, or through trustworthy retailers such as Dienmayxanh and FPT. This is especially true
for AirPods and other premium brands. TopZone is gradually expanding its distribution share
thanks to its rapid store expansion with it aiming to reach 200 outlets, although the launch of
Apple’s official online store in 2023 could put a dent in the chain’s growth.
While mass products can be easily bought online through various e-commerce sites, with
various brands available online, when it comes to premium headphones consumers generally
want to try then before they make the purchase, with this trend set to continue over the forecast
period. As such, the distribution of headphones is likely to become increasingly split between
appliances and electronics specialists and e-commerce.
CATEGORY DATA
Table 66 Sales of Headphones by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
-- Premium TWS Earbuds 490.0 943.6 1,285.0 1,467.6 1,628.2 1,797.3

-- Mass TWS Earbuds 290.0 697.0 999.8 1,249.7 1,399.0 1,544.3
- TWS Earbuds 780.0 1,640.6 2,284.8 2,717.3 3,027.1 3,341.5
-- Premium Wireless 567.3 290.1 131.0 51.3 45.6 39.8
Earphones
-- Mass Wireless 1,655.6 1,487.5 1,022.6 644.1 476.3 368.6
Earphones
- Wireless Earphones 2,222.8 1,777.6 1,153.6 695.4 521.9 408.4
Headbands
-- Mass Wireless 312.1 332.4 352.5 363.1 373.8 381.2
Headbands
- Wireless Headbands 359.1 387.9 413.2 426.2 440.6 449.0
Headphones 3,361.9 3,806.1 3,851.5 3,838.8 3,989.6 4,199.0
Table 67 Sales of Headphones by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
-- Premium TWS Earbuds 1,764.0 3,566.8 4,988.5 5,833.9 6,581.8 7,345.5

-- Mass TWS Earbuds 232.0 579.9 856.8 1,099.9 1,273.9 1,460.4
- TWS Earbuds 1,996.0 4,146.7 5,845.2 6,933.8 7,855.7 8,805.9
-- Premium Wireless 1,645.0 822.7 364.5 140.2 106.8 91.2
Earphones
-- Mass Wireless 2,205.0 2,057.4 1,448.5 932.5 691.7 546.5
Earphones
- Wireless Earphones 3,850.1 2,880.1 1,813.1 1,072.7 798.5 637.7
Headbands
-- Mass Wireless 327.7 358.1 388.1 427.5 461.0 490.0
Headbands
Headphones 6,347.6 7,600.0 8,294.0 8,706.3 9,411.9 10,244.4
Table 68 Sales of Headphones by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
-- Premium TWS Earbuds 10.4 29.7 266.8

-- Mass TWS Earbuds 10.4 39.7 432.5
- TWS Earbuds 10.4 33.8 328.4
-- Premium Wireless Earphones -12.6 -41.2 -93.0
-- Mass Wireless Earphones -22.6 -26.0 -77.7
- Wireless Earphones -21.7 -28.7 -81.6
-- Premium Wireless Headbands 1.4 7.6 44.2
-- Mass Wireless Headbands 2.0 4.1 22.1
- Wireless Headbands 1.9 4.6 25.0
Headphones 5.2 4.5 24.9
Table 69 Sales of Headphones by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

- TWS Earbuds 12.1 34.6 341.2
Table 70 NBO Company Shares of Headphones: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023
Apple Inc 8.4 10.4 11.7 12.8 13.7

Ltd
Co Ltd
Xiaomi Corp 7.6 9.2 9.1 9.4 9.8
Industries Inc
Sennheiser Electronic 0.7 0.8 0.9 1.0 1.0
GmbH & Co KG
Others 60.9 56.5 55.2 53.8 50.6
Total 100.0 100.0 100.0 100.0 100.0
Table 71 LBN Brand Shares of Headphones: % Volume 2020-2023
% retail volume
AirPods Apple Inc 10.4 11.7 12.8 13.7

Co Ltd
Industries Inc
Sennheiser Sennheiser Electronic 0.8 0.9 1.0 1.0
GmbH & Co KG
Others Others 56.5 55.2 53.8 50.6
Total Total 100.0 100.0 100.0 100.0
Table 72 Distribution of Headphones by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 86.4 84.0 82.0 78.0 68.8 66.0
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 86.4 84.0 82.0 78.0 68.8 66.0
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 73 Forecast Sales of Headphones by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028

-- Mass TWS Earbuds 1,544.3 1,697.6 1,860.8 2,016.8 2,165.7 2,307.7
- TWS Earbuds 3,341.5 3,673.2 4,015.2 4,358.3 4,694.7 5,028.1
Earphones
-- Mass Wireless 368.6 294.7 237.5 194.7 161.0 135.8
Earphones
- Wireless Earphones 408.4 329.3 267.2 219.7 182.0 153.1
Headbands
-- Mass Wireless 381.2 387.8 394.1 398.3 401.8 404.2

Headbands
Headphones 4,199.0 4,459.9 4,747.2 5,048.0 5,351.1 5,658.5
trade sources
Table 74 Forecast Sales of Headphones by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

-- Mass TWS Earbuds 1,460.4 1,640.4 1,821.7 2,017.4 2,216.4 2,418.4
- TWS Earbuds 8,805.9 9,744.5 10,723.9 11,724.4 12,774.6 13,807.4
Earphones
-- Mass Wireless 546.5 439.2 360.3 298.4 253.4 220.2
Earphones
- Wireless Earphones 637.7 516.1 424.9 351.9 297.3 255.7
Headbands
-- Mass Wireless 490.0 517.2 538.1 558.8 574.8 586.9
Headbands
Headphones 10,244.4 11,108.2 12,036.0 12,999.0 14,024.4 15,038.5
trade sources
Table 75 Forecast Sales of Headphones by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- TWS Earbuds 9.9 8.5 50.5
trade sources
Table 76 Forecast Sales of Headphones by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

- TWS Earbuds 10.7 9.4 56.8

trade sources
IMAGING DEVICES IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales fall by 7% in 2023 to 160,000 units

▪ Digital camcorders is the best performing category in 2023, with retail volume sales still falling
by 7% to 9,000 units
▪ Canon Vietnam Co Ltd is the leading player in 2023, with a retail volume share of 66%
▪ Retail volume sales are set to decrease at a CAGR of 6% over the forecast period to 119,000
units
2023 DEVELOPMENTS
Imaging Devices Rapidly Losing Relevance In Vietnam Due To

Improvements Being Seen In Smartphone Cameras
Sales of imaging devices continue to decline in retail volume terms in 2023, continuing the
pattern seen over the review period. Despite increasing numbers of young Vietnamese people
participating on social media platforms such as YouTube and TikTok the demand for imaging
devices continues to drop at a rapid pace in 2023. Additionally, while consumers have started to
travel and take part in outdoor activities again now that the pandemic is over, and thus having
more opportunities to create content, this has done little to reverse the long-term decline in
demand for imaging devices.
The main factor behind the ongoing decline of imaging devices in Vietnam is the growing
competition these products face from the latest generation of smartphones which now come
equipped with cameras that can take increasingly high-quality photos and video. There are also
a growing array of apps – many of which are free – that allow consumers to edit photos and
videos directly on their smartphones, thus making it easier to create content for personal or
public use. This preference is also being reinforced by the drop in disposable income for certain
segments of the population, with many people focusing only devices that they cannot do
without.
Canon Remain Its Leading Position

Canon Vietnam Co Ltd dominates category sales in retail volume terms thanks to its wide
range of products and reputation for offering high-quality products and accessories, such as a
wide range of camera lenses. Canon also provides consumers with various choices to fit their
purpose and budget, with products targeted at amateurs all the way up to professional
photographers. Canon Vietnam has also maintained its leading position in imaging devices
thanks to its good reputation and strong distribution network, as well as its active presence on
popular e-commerce sites.
While some players are shifting away from imaging devices as demand drops Canon remains
committed to the category with it continuing to invest in new products and innovations which is
helping it win further category share. For instance, Canon launched its new EOS R5C model in
2022 which is the first EOS model to support 8K RAW video recording at 30 frames per second.
With small/handy digital cameras being a current trend, Canon also launched its EOS R7 and
EOS R10 models in mid-2022 which are targeted at more experienced photographers looking to
capture dynamic/moving subjects, such as people taking part in running, dancing or playing
sports, for example.
Canon’s closest rival in imaging devices in Vietnam is Nikon. However, unlike Canon, Nikon
has seen fewer new product developments in the market while reports also appeared during
2022 that it planned to officially stop production of its digital single-lens reflex (DSLR) cameras,
with these being popular photography professionals. Due to the bulkier nature of DSLR cameras
there has been a growing shift towards mirrorless digital cameras which are lighter and which
have seen significant improvements in quality.
Looping A Popular TikTok Trend Among Young Consumers

The desire to record outdoor recreational experiences such as hiking, extreme sports,
trekking, climbing, swimming, diving, and camping is helping to convince some young people to
buy digital cameras and digital camcorders. Within this field on of the most popular brands has
been GoPro which saw significant gains over the review period while other more traditional
category players such as Sony lost share. One of the most interesting features to capture
consumers’ attention recently has been the looping mode from GoPro which has gained
significant attention as a trend on TikTok. This mode allows consumers to continuously record
footage with the mode recording over old footage once the device runs out of memory. Looping
is typically used when trying to capture a moment such as a bay’s first steps or a stunt.
Bleak Outlook For Imaging Devices As Smartphones Swallow Up The

Market Demand
Smartphone penetration has been increasing rapidly in Vietnam and this will remain a
significant threat to the future of imaging devices in Vietnam. Smartphones offer consumers the
convenience of being able to take photos or record video and then edit and post them directly
onto social networks without much effort. As such, there is likely to limited demand from
consumers looking for simple point and shoot cameras, with this demand likely to almost
completely replaced by the use of smartphones. Digital SLR cameras will likely also begin
disappearing in the coming years as players such as Nikon turn their attention to digital
mirrorless cameras amid the stronger competition from smartphone cameras
While most consumers are shifting away from purchasing imaging devices sales are still being
supported by more serious photography enthusiasts and professionals, with this trend set to
continue over the forecast period. For example, young Vietnamese white-collar workers and
students in university continue to explore new hobbies as a means to learn a new skill, with
some taking up photography. These budding amateur photographers often look for special
camera features, simple manual and automatic functions and reasonable pricing. Brands are
using targeted advertising to reach these consumers, often accompanied by price discounting
and promotional activity to encourage consumers to purchase their digital cameras. However,
as the cameras on smartphones become increasingly advanced this threatens sales even to
these enthusiasts and hobbyists.
Players Will Need To Target New Consumer Groups Such As

Influencers And Content Creators If They Are To Stay Relevant
With smartphones considered to be a convenient alternative to digital cameras players will
need to find new ways of appealing to consumers, not only in terms of new technologies but
also in terms of product design. For instance, handy, smaller, lightweight designs are expected
to be appealing to younger consumers and those looking for a camera to use when travelling.
Furthermore, the rising number of influencers and content creators could help to support sales
of mass model imaging devices, especially if brands can produce features tailored to this
audience. To engage with this trend brands will also need to utilise smart marketing activities to
create new trends on TikTok or Facebook, such as tapping into the nostalgia around these
products, which has been a recent trend in the country. Looping mode is also expected to
remain a key differentiator for imaging devices which could help these products remain relevant
even as smartphone ownership continues to rise.
E-commerce Winning Over Consumers With Competitive Pricing

Buying imaging devices is considered a big decision because they are increasingly being
purchased by more serious photography enthusiasts. These consumers will therefore generally
visit a physical store where they can see and try out the digital camera or digital camcorder prior
to purchase, as well as seeking the advice of trained sales staff. However, an increasing
number of consumers are now making their purchases online after viewing and testing products
in a physical outlet, with some people being attracted by the bigger discounts available on e-
commerce sites such as Tiki, Lazada and Shopee. These online retailers run constant discount
offers, often ranging from 20-50%. The share of e-commerce is thus catching up with appliances
and electronics specialists, though the latter will likely remain dominant over the forecast period.
This is also being driven by the fact that the main appliances and electronics specialists have
already established an online presence and thus are able to offer products both online and in
store.
CATEGORY DATA
Table 77 Sales of Imaging Devices by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
- Digital Camcorders 14.8 12.8 11.6 10.7 10.0 9.3

- Digital Cameras 233.3 207.8 191.1 177.7 162.2 150.2
Imaging Devices 248.0 220.6 202.7 188.4 172.2 159.5
Table 78 Sales of Imaging Devices by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

- Digital Cameras 2,303.3 2,174.7 2,011.9 1,908.5 1,832.2 1,742.5
Imaging Devices 2,428.2 2,284.9 2,105.4 1,998.3 1,917.9 1,824.6
Table 79 Sales of Imaging Devices by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Digital Camcorders -6.8 -8.8 -37.0

- Digital Cameras -7.4 -8.4 -35.6
Imaging Devices -7.3 -8.5 -35.7
Table 80 Sales of Imaging Devices by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

Source: Euromonitor International from official statistics, trade associations, trade
press, company research, store checks, trade interviews, trade sources
Table 81 NBO Company Shares of Imaging Devices: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023

Nikon Corp 19.2 18.8 19.2 17.8 17.3
Ltd
GoPro Inc 1.5 1.5 1.6 1.6 1.6
Olympus Corp 2.5 - - - -
Samsung Vina Electronics - - - - -
Co Ltd
Others 11.5 13.2 7.9 7.0 6.2
Total 100.0 100.0 100.0 100.0 100.0
Table 82 LBN Brand Shares of Imaging Devices: % Volume 2020-2023
% retail volume
Nikon Nikon Corp 18.8 19.2 17.8 17.3
GoPro GoPro Inc 1.5 1.6 1.6 1.6
Corp)
Olympus Olympus Corp - - - -
Samsung (Samsung Corp) Samsung Vina Electronics - - - -
Co Ltd
Others Others 13.2 7.9 7.0 6.2
Total Total 100.0 100.0 100.0 100.0
Table 83 Distribution of Imaging Devices by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 88.2 87.1 85.0 82.2 81.2 80.8
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 88.2 87.1 85.0 82.2 81.2 80.8
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 84 Forecast Sales of Imaging Devices by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028

- Digital Cameras 150.2 140.2 131.5 123.9 117.3 111.5
Imaging Devices 159.5 148.9 139.8 131.9 125.0 119.0
trade sources
Table 85 Forecast Sales of Imaging Devices by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

- Digital Cameras 1,742.5 1,676.8 1,625.9 1,579.0 1,539.4 1,508.4
Imaging Devices 1,824.6 1,755.6 1,702.5 1,653.8 1,612.5 1,580.1
trade sources
Table 86 Forecast Sales of Imaging Devices by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

trade sources
Table 87 Forecast Sales of Imaging Devices by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

trade sources
MOBILE PHONES IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales grow by 3% in 2023 to 19 million units

▪ Smartphones is the best performing category in 2023, with retail volume sales rising by 6% to
16 million units
30%
▪ Retail volume sales are set to grow at a CAGR of 2% over the forecast period to 21 million
units
2023 DEVELOPMENTS
Smartphone Dropped In 2022

Smartphones recorded a significant drop in demand in 2022 after peaking in 2020/2021 due
to the switch to online working and studying. This steep decline was despite brands and retailers
offering deep discount programmes. Mid-priced models saw particularly low demand, despite
the inflation rate being relatively well controlled by the government. This decline was in part due
to increased price sensitivity but it was also due to the replacement cycle having been reset
during the pandemic when many people purchased new or replacement handsets.
After a disappointing year, the demand for smartphones has bounced back in 2023 with the
category seeing strong growth in retail volume terms. Although the category has strong
penetration in Vietnam there is still some room for growth and expansion as more consumers
switch from feature phones, while younger consumers purchase their first smartphones at ever
younger ages. Growth is also being driven by the arrival of new technologies, product innovation
and new designs, such as handsets with larger screens. The multifunctionality of smartphones
is particularly appealing with consumers attracted to the idea of being able to not only
communicate via these devices but also shop online, listen to music, watch videos, take photos,
play games and check email, among many other things. Rather than having to buy various
separate consumer electronics consumers can now meet many of their needs by just
purchasing a smartphone. Furthermore, the growing presence of more affordable smartphones
is making these products accessible to a wider audience.
Brands Launched Various New Smartphone In Vietnam

Smartphones is one of the most fiercely contested areas of consumer electronics in Vietnam
with a relatively small number of brands competing for share. Products within the VND4-7
million price bracket are among the best-selling models from Samsung, Oppo, and Xiaomi, but
the big winner in 2023 has been Apple with its popular iPhone range. The company not only
launched its new iPhone 14 range in 2023 in Vietnam but in May it also launched its first online
store in the country making its products even more accessible to shoppers. Through its online
store consumers can also customise their orders and obtain online advice from Apple’s team of
experts, with the company also offering 24 months financing on products including its range of
iPhone products.
Gaming phones in Vietnam were never really popular and even disappeared during the
review period as standard smartphones are now powerful enough to help users have a good
gaming experience. The market for gaming phones is therefore a niche with these products
being too expensive to convince many consumers to invest.
The high level of competition means that players launch new models of smartphones across
all price segments on an annual basis. Some of the key factors which are now gradually
becoming standards in the latest launches include having RAM and ROM that has to be over
6/128GB, a HD+ screen and a long-lasting battery. With this in mind, Samsung has retained its
leading position in smartphones in 2023 with it launching various new models including the
Samsung Galaxy A54, Samsung Galaxy A34, and Samsung Galaxy A14. Meanwhile, Xiaomi
has launched its Xiaomi Redmi 12C, Xiaomi 13 Lite 5G, and Xiaomi 13 Pro. Oppo remains
Samsung’s closest rival with it exciting consumers with its Oppo Find N2 Flip line of folding
smartphones.
Distribution Landscape Continues To Expand As Vietnam Shows Large

Appetite For Smartphones
Mobile World JSC (Thegioididong, Dien May Xanh, and FPT) remains one of the leading
retailers in Vietnam with over 3,000 stores located across all of Vietnam’s provinces. The retailer
is known to provide a very professional service and is always looking to improve its after sales
service and activities. The retailer is also looking to attract more shoppers to its online store and
mobile application by constantly offering discount programmes, the option to pre-order new
products, and the option of one-hour delivery in some areas. Its TopZone chain of stores sells
Apple products and it impressively increased its reach to 100 stores in 2022 having only been
established in 2021. In the lead up to the iPhone 14 launch it received over 50,000 pre-orders
which helped to increase awareness of this retail banner. The rapid expansion of the TopZone
chain is also paying dividends to Apple with its iPhone brand regaining some of the share it lost
earlier in the review period as competition intensified.
Smartphones Predicted To Deliver Strong Growth Over The Forecast

Period
Sales of smartphones are expected to continue recovering over the forecasted period backed
by positive economic growth, stable inflation and increased consumer confidence. As income
levels rise consumers are likely to become more willing to invest in higher quality smartphones
in the upper-middle to premium price segments. This is likely to mean that the average unit price
of smartphones will increase. Younger consumers in both urban and rural areas are also
becoming increasingly obsessed with creating online content such as photos and short videos
which will likely also have a really big impact on the demand for premium smartphones with
these consumers likely to be attracted by the great camera quality these products offer. The
rollout of 5G in the country is also expected to reach a mass audience from 2024 which will
further support the growth of smartphones while putting further downward pressure on sales of
features phones which will likely gradually disappear from retailers’ shelves as demand
plummets.
Smartphone Design And Screen Quality Likely To Be Refreshed And

Upgraded
Hybrid working arrangements have become far more commonplace since the pandemic and
this trend is also having a positive impact on smartphones as consumers have an increased
need to be able to keep in touch. In line with this trend consumers are highly focused on the
quality of the screen display but they also want convenience for when trying to juggle more than
one task. Aside from work related functionality consumers are also showing a strong interest in
new and innovative designs. For example, folding designs are exciting the interest of younger
consumers in the premium segment with this being partially influenced by Korean dramas which
have featured these products heavily. As such, more brands are expected to offer more folding
designs across a wider price range, while they will likely also look to improve their product
durability.
The screens of new generations of smartphones within the mid- to upper-mid price segment
are expected to be upgraded with stronger OLED or AMOLED displays, with these having
already appeared on high-end smartphones for several years. As competition grows more
advanced features like these will be required in order for players to differentiate their offer, with
consumers in Vietnam often keen to source the best value for money products.
E-commerce Offering Good Value And Greater Convenience

In the past consumers have been afraid of buying smartphones online with several reported
cases on social media where consumers purchased and paid for an iPhone online but then
received a broken brick in the post. However, delivery services for smartphones are now
ensured by retailers and brands to provide consumers with peace of mind when ordering online.
With safety and security concerns diminishing consumers are becoming increasingly attracted
to the idea of buying smartphones online. This is in part due to the regular use of attractive
online promotions, especially when new products are being launched, as well as the offer of
highly competitive prices. Furthermore, consumers appreciate the fact that they do not have to
wait in a long queue when new models of smartphones are released. For example, many people
pre-ordered the new iPhone 14 online, with this behaviour increasing compared to the launch of
iPhone 13 the previous year.
Major appliances and electronics specialists are also investing in the online arm of their
operations which is also boosting online sales of mobile phones, with these retailers also having
a trusted reputation. Furthermore, consumers appreciate the fact that they can choose to either
order online and have it delivered, or they can collect their order in store.
CATEGORY DATA
Table 88 Sales of Mobile Phones by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
- Smartphones 15,853.4 16,091.2 17,409.8 17,614.5 15,555.3 16,432.0

- Feature Phones 5,279.5 4,663.3 3,834.0 3,181.3 2,671.2 2,265.2
Mobile Phones 21,132.8 20,754.5 21,243.8 20,795.8 18,226.5 18,697.2
Table 89 Sales of Mobile Phones by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
- Smartphones 80,704.3 89,050.0 90,692.5 92,987.8 87,163.0 93,082.9

- Feature Phones 4,481.7 3,548.9 3,143.1 2,612.1 2,211.0 1,912.1
Mobile Phones 85,186.0 92,598.8 93,835.5 95,599.9 89,374.0 94,994.9
Table 90 Sales of Mobile Phones by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Smartphones 5.6 0.7 3.6

- Feature Phones -15.2 -15.6 -57.1
Mobile Phones 2.6 -2.4 -11.5
Table 91 Sales of Mobile Phones by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

- Feature Phones -13.5 -15.7 -57.3
Mobile Phones 6.3 2.2 11.5
Table 92 Sales of Smartphones by Screen Size: % Retail Volume 2020-2023
% retail volume
2020 2021 2022 2023
<4.7 inch 16.0 14.0 13.0 12.0

4.7 inch - 5.49 inch 40.0 38.0 36.0 37.0
>= 5.5 inch 44.0 48.0 51.0 51.0
Total 100.0 100.0 100.0 100.0
Table 93 NBO Company Shares of Mobile Phones: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023

Co Ltd
Guangdong OPPO Mobile 20.6 21.6 25.7 28.0 28.6
Telecommunications Corp Ltd
Apple Inc 7.4 6.5 7.7 11.1 12.6

Xiaomi Corp 5.4 7.4 11.0 11.7 11.9
Microsoft Corp 13.7 12.2 10.6 10.5 8.5
Vivo Communication 3.8 4.5 7.6 5.0 5.2
Technology Co Ltd
Ltd
VinGroup JSC 2.9 9.2 3.1 0.0 -
Huawei Technologies 3.8 3.3 - - -
Vietnam Co Ltd
Lenovo Group Ltd 2.8 2.2 - - -
HTC Corp 0.5 - - - -
Sony Electronics Vietnam 0.2 - - - -
Ltd
BlackBerry Ltd 0.1 - - - -
Others 11.4 8.0 4.7 3.5 2.5
Total 100.0 100.0 100.0 100.0 100.0
Table 94 LBN Brand Shares of Mobile Phones: % Volume 2020-2023
% retail volume
Co Ltd
Oppo (BBK Electronics Guangdong OPPO Mobile 18.9 21.1 22.9 23.4
Corp Ltd) Telecommunications Corp Ltd
iPhone Apple Inc 6.5 7.7 11.1 12.6
Nokia (Nokia Corp) Microsoft Corp 12.2 10.6 10.5 8.5
Realme (BBK Guangdong OPPO Mobile 2.7 4.6 5.1 5.3
Electronics Corp Ltd) Telecommunications Corp Ltd
Vivo (BBK Electronics Vivo Communication 4.5 7.6 5.0 5.2
Corp Ltd) Technology Co Ltd
Ltd
Vsmart (Masan Group VinGroup JSC 9.2 3.1 0.0 -
Corp)
Huawei (Huawei Huawei Technologies 3.3 - - -
Lenovo Lenovo Group Ltd 2.2 - - -
Blackberry BlackBerry Ltd - - - -
HTC HTC Corp - - - -
Sony (Sony Corp) Sony Electronics Vietnam Ltd - - - -
Others Others 8.0 4.7 3.5 2.5
Total Total 100.0 100.0 100.0 100.0
Table 95 Distribution of Mobile Phones by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0
- Retail Offline 90.4 89.8 86.6 81.5 80.0 78.8

specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 90.4 89.8 86.6 81.5 80.0 78.8
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 96 Forecast Sales of Mobile Phones by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028
- Smartphones 16,432.0 17,195.1 17,806.4 18,391.5 18,923.7 19,335.1

- Feature Phones 2,265.2 1,928.1 1,663.4 1,456.0 1,292.8 1,160.8
Mobile Phones 18,697.2 19,123.2 19,469.7 19,847.4 20,216.4 20,495.8
trade sources
Table 97 Forecast Sales of Mobile Phones by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
- Smartphones 93,082.9 98,773.1 104,516.9 109,453.8 114,069.2 118,428.5

- Feature Phones 1,912.1 1,674.8 1,487.6 1,327.6 1,202.5 1,101.2
Mobile Phones 94,994.9 100,447.9 106,004.6 110,781.5 115,271.7 119,529.8
trade sources
Table 98 Forecast Sales of Mobile Phones by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- Feature Phones -14.9 -12.5 -48.8
trade sources
Table 99 Forecast Sales of Mobile Phones by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

- Feature Phones -12.4 -10.4 -42.4
trade sources
Table 100 Forecast Sales of Smartphones by Screen Size: % Retail Volume 2023-2028
% retail volume
2023 2024 2025 2026 2027 2028
<4.7 inch 12.0 11.0 9.0 6.0 3.0 1.0

4.7 inch - 5.49 inch 37.0 35.0 34.0 30.0 27.0 25.0
>= 5.5 inch 51.0 54.0 57.0 64.0 70.0 74.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
trade sources
PORTABLE PLAYERS IN VIETNAM -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail volume sales increase by 5% in 2023 to 169,000 units

▪ Wireless speakers is the best performing category in 2023, with retail volume sales growing
by 10% to 137,000 units
▪ Sony Electronics Vietnam Ltd is the leading player in 2023, with a retail volume share of 19%
▪ Retail volume sales are set to grow at a CAGR of 5% over the forecast period to 217,000
units
2023 DEVELOPMENTS
Wireless Speaker Recorded A Slower Growth Than Previous

Portable players continues to see healthy growth in retail volume terms in 2023, although this
is being entirely driven by the strong demand for wireless speakers. Consumers appreciate the
convenience of being able to create a fast connection between wireless speakers and their
laptops, tablets and smartphones. Additionally, they are also easy to move around the home
and normally have a very long battery life which means they can be taken on trips outside the
home, such as to the beach, on picnics or to the workplace, for example. Vietnamese
consumers are also karaoke enthusiasts and often take part in this activity at home with friends
and family. The market for wireless speakers with a karaoke connection is therefore also very
attractive consumers, especially those in rural areas during traditional gatherings on national
holidays.
There are countless brands of wireless speakers present in the market, spanning the low-
priced to premium segments with these offering a wide range of sophisticated functions and
technologies. This ensures that wireless speakers are accessible to consumers across the
income spectrum. Advanced features such as voice activated controls and multi-room speakers
which allow consumers to either play music all around the home or different music in each room
is also convincing consumers to buy mid-high priced wireless speakers over cheaper models.
Despite various deep discount programmes, the demand for portable media players continues
to decline sharply in 2023 with these products losing relevance as consumers switch to more
modern alternatives. Meanwhile, e-readers has a negligible presence with this situation unlikely
to change over the forecast period.
Players Forced To Invest In Innovation, New Product Development And

Innovations As Competition Heats Up
Wireless speakers has a relatively fragmented competitive landscape with new and existing
players keen to take advantage of the surge in demand for these products. Alongside the use of
promotions and competitive prices players are constantly looking to launch ever more innovative
features and attractive designs as they look to stand out in an increasingly competitive
marketplace. In line with this, Sony has introduced various new products in 2022/2023 all of
which have very long lasting batteries. These include the SRS-XG300, SRS-XE300 and SRS-
XE200 models, among others. It has also launched the Sony SRS-XV900 line of wireless
speakers which has a standard black design combined with a dynamic LED light that presents a
modern and youthful appearance while it is also the loudest and most powerful output to ever
appear in Sony’s X-Series. This modern design coupled with a powerful audio output makes it
an ideal option for parties and gatherings.
JBL is a significant rival of Sony in wireless speakers with the brand offering a wide selection
of quality products across the price spectrum. Like Sony it also benefits from regular investment
in new product development. For instance, the brand’s new PartyBox 300 series of wireless
speakers which was launched in 2022 comes equipped with a sensor LED system which moves
according to the music playing to add colour to parties and gatherings. The product range is
designed in part for those looking to take part in karaoke with this being another important
attraction.
Distribution Increasingly Moving Online

Despite the ongoing growth being seen in e-commerce, appliances and electronics specialists
continue to dominate the distribution of portable players in Vietnam. During the review period,
price discounts helped to drive sales, while wireless speakers were also often offered as free
gifts when consumers purchased bigger items such as televisions, laptops and smartphones
through Mobile World JSC stores. It is likely that similar activity will be seen over the forecast
period as retailers look to attract shoppers back into their stores.
While appliances and electronics specialists remains the dominant distribution channel it
continues to lose share to e-commerce in 2023. E-commerce platforms like Shopee, Tiki and
Lazada frequently offer promotions and deep discounts, such as 30% off, while they also run
monthly and daily sales events which sometimes include wireless speakers and which are
attractive to consumers looking for the best deals. Such events help to boost sales, while these
platforms also host official online brand stores which help to reassure consumers that they are
buying official products of a good quality. Additionally, brands sometimes use these official
stores to offer exclusive deals to help drive sales and build loyalty.
Many retailers such as Dienmayxanh are also deploying an effective omnichannel approach
to sales. For instance, the retailer regularly launches promotional programmes offering up to
30% of the price of its portable players to clear inventory, while its physical stores cover all
provinces in Vietnam and are even present in some rural areas. This large store network also
contributes towards the fast delivery of its online orders.
Wireless Speakers Still Full Of Promise With Consumers Demanding

More Features
Continuing the pattern seen over the review period, portable players is projected to continue
recording healthy growth in retail volume terms over the forecast period with this continuing to
be solely driven by demand for wireless speakers. Wireless speakers is expected to see strong
growth with a higher demand for products within the mid-priced to premium segments. Wi-Fi
connected wireless speakers are expected to see stronger growth as these products offer the
most convenience as they can be connected with multiple devices around the home while they
also typically deliver better sound quality than Bluetooth of NFC products due to faster
connection speeds. Consumers also appreciate than some Writing instruments-Fi connected
wireless speakers offer voice activated controls which allow them to carry out a range of tasks.
When it comes to Bluetooth wireless speakers manufacturers are set to upgrade their
connection speed from Bluetooth 4.2 to 5.2 to help improve the quality of the audio produced by
these devices.
Young consumers remain the key target audience for wireless speakers as they enjoy sharing
music with friends and frequently have parties at home. With consumers also often looking to
take their wireless speakers to the beach, to picnics or on other trips outside the home it is
becoming increasingly important for wireless speakers to have features such as water
resistance and a very long-lasting battery. These features are increasingly expected to be
offered in all price ranges and not just premium products.
New Designs Are Focusing By Brands

With the pandemic now over consumers are paying more attention to how to provide home
entertainment to friends and family including outdoor activities and parties. As such, the demand
for small/handy wireless speakers are in higher demand thanks to the convenience of these
products which are easy to carry and which can deliver audio wherever you want inside or
outside the home. Many of the latest products are offering new technologies such as voice
control, IP67 water/dust resistance, and LED light changing (in response to music) to help make
home entertainment even easier. Products which support on enhance the karaoke experience
are also likely to find favour among locals due to the popularity of karaoke in Vietnam.
Furthermore, design is also becoming increasingly important to many consumers who want
wireless speakers that not only sound good but which also fit with their preferred aesthetic
tastes. For instance, some young people prefer to have classic, vintage designs that are
incorporated into the design of their room which provide visible appeal as well as allowing them
to listen to music and podcasts. Marshall is a great example of this trend thanks to its hand-
made materials and classic designs that are associated with rock music.
E-commerce Set To Win Further Share As Offer Expands

While appliances and electronics specialists still remains the dominant distribution channel for
portable players it is likely to continue losing share over the forecast period. Physical stores
often only have a limited range of wireless speakers and do not always have the latest models
in stock. In contrast, the increasing number of official brand stores on e-commerce sites such as
Shoppe, Lazada, and Tiki ensures that consumers now have better choice when shopping
online. Additionally, as the online offer expands so too does the competition for sales with this
supporting discount programmes, free shipping, and improved warranty schemes, as retailers
compete for the attention of shoppers.
CATEGORY DATA
Table 101 Sales of Portable Players by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
- Wireless Speakers 67.0 76.3 93.0 112.3 124.7 136.6

-- Other Portable Media 48.6 43.0 35.5 30.0 25.7 22.5
Players
-- Portable Multimedia 21.2 18.9 15.2 12.9 11.3 10.1
Players
- Portable Media Players 69.9 61.9 50.7 42.9 37.0 32.6
- E-Readers - - - - - -
Portable Players 136.9 138.2 143.7 155.1 161.7 169.2
Table 102 Sales of Portable Players by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023

Players
Players
- E-Readers - - - - - -
Table 103 Sales of Portable Players by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Wireless Speakers 9.5 15.3 103.8

-- Other Portable Media Players -12.6 -14.3 -53.8
-- Portable Multimedia Players -10.2 -13.7 -52.2
- Portable Media Players -11.9 -14.1 -53.3
- E-Readers - - -
Portable Players 4.6 4.3 23.6
Table 104 Sales of Portable Players by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

- E-Readers - - -
Table 105 NBO Company Shares of Portable Players: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023

Ltd
Divoom Europe GmbH 14.6 15.9 16.4 17.4 17.6

Industries Inc
Apple Inc 15.2 13.5 11.9 10.6 9.5
Google Inc 2.0 3.3 3.7 4.2 4.6
Amazon.com Inc 2.1 2.7 2.9 3.2 3.5
Samsung Vina Electronics - - - - -
Co Ltd
Others 42.7 38.0 37.8 36.1 35.3
Total 100.0 100.0 100.0 100.0 100.0
Table 106 LBN Brand Shares of Portable Players: % Volume 2020-2023
% retail volume
Divoom Divoom Europe GmbH 15.9 16.4 17.4 17.6
Industries Inc
iPod Apple Inc 13.5 11.9 10.6 9.5
Google Home (Alphabet Google Inc 3.3 3.7 4.2 4.6
Inc)
Amazon Echo Amazon.com Inc 2.7 2.9 3.2 3.5
JBL Harman International - - - -
Industries Inc
Samsung (Samsung Corp) Samsung Vina Electronics - - - -
Co Ltd
Others Others 38.0 37.8 36.1 35.3
Total Total 100.0 100.0 100.0 100.0
Table 107 Distribution of Portable Players by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 88.0 87.9 85.5 81.9 80.7 79.8
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 88.0 87.9 85.5 81.9 80.7 79.8
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 108 Forecast Sales of Portable Players by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028

Players
Players
- E-Readers - - - - - -
trade sources
Table 109 Forecast Sales of Portable Players by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028

Players
Players
- E-Readers - - - - - -
trade sources
Table 110 Forecast Sales of Portable Players by Category: % Volume Growth 2023-2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

- E-Readers - - -
trade sources
Table 111 Forecast Sales of Portable Players by Category: % Value Growth 2023-2028

2023/2024 2023-28 CAGR 2023/28 Total

- E-Readers - - -
trade sources
WEARABLE ELECTRONICS IN
KEY DATA FINDINGS
▪ Retail volume sales rise by 13% in 2023 to 1.8 million units

▪ Activity wearables is the best performing category in 2023, with retail volume sales growing by
14% to 957,000 units
▪ Apple Inc is the leading player in 2023, with a retail volume share of 18%
million units
2023 DEVELOPMENTS
Wearable Electronics Continues To Thrive In Vietnam

Wearable electronics continues to see dynamic double-digit growth in retail volume terms in
2023, supported by rising health awareness among consumers and improving living standards.
The COVID-19 pandemic provided further fuel to the growing health and wellness trend with a
growing number of consumers investing in developing healthier routines such as exercising and
becoming more active in general. This has helped to drive demand for wearable electronics that
allow consumers to track their activity levels.
Wearable electronics that can monitor your heartbeat, breathing and sleep patterns, among
other things, are proving particularly popular with older people. For instance, the Apple Watch
Series 7 can even generate an ECG similar to a single-lead cardiogram, with it being promoted
as the “ultimate device for a healthy life”. Meanwhile, younger consumers are generally more
attracted to other features when shopping for wearable electronics, including a fashionable
design, longer battery life, a wide variety of applications and good connectivity. Along with this,
sleep quality is also becoming a concern for young people – driving higher demand for sleep
tracker functions – with this feature gradually becoming a new standard for smart wearables.
Although consumers in Vietnam still largely prefer to pay by cash there has been a shift
towards cashless payments in urban areas. The shift to cashless payments was boosted by the
pandemic which created fears around handling cash. The Vietnamese government also has a
four-year plan (2021-2025) to expand and improve the cashless payment network in the
country, with it even looking to reach rural areas. This focus on cashless payments has also
provided a small boost to sales of smart wearables, with consumers now able to pay using
these devices in some retailers.
High Competition Among Wearable Electronics

Apple Inc continues to hold a narrow lead in wearable electronics in Vietnam in 2023 through
its Apple Watch. Younger consumers in particular are attracted to the advanced tools offered by
the latest Apple Watch models but they also find the design appealing and attach a level of
status to owning an Apple Watch. However, the brand faces strong competition from Xiaomi and
Samsung, which follow closely behind in second and third place in the rankings, respectively.
These brands enjoy widespread familiarity and trust from consumers who are already familiar
with their smartphones and other products.
There are a wide range of options to choose from within wearable electronics in Vietnam
spread across different price ranges, with new products continuing to be launched at all price
levels. Oppo, for instance, introduced the Oppo Watch Free brand of smart wearables in
Vietnam in 2022, with this product targeting younger generations. The new product offers a
stylish design and comes equipped with OSleep for sleep monitoring and analysis, along with
multiple sports modes and other health functions, as well as a battery that can last for up to 14
days.
In terms of new product development, Samsung did not make any significant upgrades for its
new Galaxy Watch 5 but it is still perceived to be the best smartwatch for Android users, with
this being reflected in the strong growth being recorded by the brand. Other notable new product
launches within wearable electronics in 2022/2023 have included the Xiaomi Redmi Watch 3
42.6mm, Garmin Forerunner, and Amazfit GTS. Meanwhile, Huawei has seemingly increased
its focus on smart wearables, headphones, computers and monitors in Vietnam after struggling
to raise demand for its smartphones. The two products that have contributed the most to the
company's sales are the Watch GT3 and Band 7 which have received a lot of good feedback
from consumers.
E-commerce Retailers And Appliances And Electronics Specialists Both

Investing In Expanding And Improving Their Offer
E-commerce continues to grow and expand within wearable electronics with consumers able
to access a much wider selection of products and brands when shopping online. This includes
cheaper options from smaller brands which often absent from the main appliances and
electronics specialists. At the other end of the price spectrum, Apple launched its first online
store in Vietnam in May 2023 meaning consumers can now order its products online, including
its Apple Watch products. Consumers are able to access online support from trained sales staff
while they can also get financing for up to 24 months to help them purchase Apple products,
including an Apple Watch.
Despite the rise of e-commerce many consumers still continue to purchase wearable
electronics in appliances and electronics specialists many of which continue to invest in
expanding their store networks in order to reach a wider consumer base. These store-based
retailers are also using shop-in-shop strategies to reduce costs and expand their own store
networks – a concept that is being applied by retailers such as Thegioididiong and Dien May
Xanh – with this enabling them to display smart wearables across all of their stores.
Garmin Brand Store – a premium chain offering Garmin products in Vietnam – was built and
developed by FPT Shop in cooperation with Garmin cooperation with it opening its second store
in Ho Chi Minh City in May 2022. To attract in-store traffic the new outlet ran promotions and
offers like discounts of up to 50% and buy one get one free. These offers were limited and
priority was given on a first come first serve basis which helped to draw consumers into the
store. Meanwhile, Mobile World JSC collaborated with Apple to open mono-brand stores under
the TopZone brand which specialises in selling Apple products, including Apple Watch. The
chain is looking to expand to 200 outlets across all provinces within Vietnam which should
provide a big boost to sales of Apple Watch.
Bright Outlook For Wearable Electronics Thanks To Broad Target

Audience
Although growth is projected to slow as the category becomes more mature, sales of
wearable electronics in Vietnam are still expected to continue registering strong growth in retail
volume terms over the forecast period. Rising income levels, improving living standards and
increasing health awareness are all expected to fuel growth, along with technological
advancements within smart wearables which are adding to the list of uses and benefits. For
general purposes, it is predicted that among the most popular options will be mid-price wearable
electronics offering basic health and fitness tracking features in a lightweight design with a long
battery life, and which are easy to connect with the iOS or Android system.
Vietnamese consumers are increasingly looking to follow healthier lifestyles and are paying
greater attention to existing or potential health problems. Wearable electronics are therefore
expected to be in demand since these devices offer health functions such as recording and
analysing heart rate, monitoring breathing rhythms and tracking sleep, among other features.
While features like activity/fitness/ exercise tracking are appealing to fitness buffs, features like
health monitoring are appealing to children of ageing parents as a means to monitor their health
(especially those with chronic diseases).
Smart Wearables Offering Functionality To Meet The Needs Of Different

Consumers
To help differentiate their products, when it comes to smart wearables it is expected that
players will increasingly look to offer extra customised features based on specific needs and
activities. For example, this could include smart wearables that support and track sports such as
swimming (eg number of strokes, number of laps etc), surfing (eg tracking the number of waves,
surfing time, maximum speed etc), mountain biking (eg track details of number of climbs, climb
time, mountain slope, health difficulty etc). Vietnam’s ageing population is also creating a niche
of wearable electronics for the elderly which can help young, busy people stay connected with
their parents/relatives more frequently, with these devices allowing them to track their parent’s
health while also providing possible solutions.
The desire to remain connected with their children along with the ability to monitor their health
is creating demand among Vietnamese parents for smart wearables for their kids. In addition to
features like GPS tracking, calling and messaging support (to help maintain contact), cashless
payments, and the ability to track various wellness and fitness goals should all help to increase
the appeal of purchasing wearable electronics for kids. Along with this, rising education
standards and growing awareness among kids is also making them demand wearable
electronics, partly as something to show off among friends but also due to the practical
purposes these products serve.
Recognising the potential of developing wearable electronics for kids some brands and
manufacturers are also investing in this space. For example, Garmin offers its vívofit jr range
which allows parents to reward kids for reaching activity goals, while Huawei’s Huawei Watch
Kids 4 Pro supports HD video calling, GPS tracking and other features such as sunlight
exposure tracking.
Distribution Likely To Continue Growing Both Online And Offline As

Retailers Look To Satisfy Demand And Maximise Profits
It is expected that appliances and electronics specialists will remain the leading distribution
channel for wearable electronics over the forecast period. Nonetheless, these retailers will need
to invest in enhancing their in-store shopping experience as a way to attract shoppers into their
stores. Collaborations between brands and retailers to set up premium shopping spaces, as
already seen with Garmin Brand Store or the TopZone chain, can be fruitful in driving in-store
traffic by offering an enhanced shopping experience. Key will be offering something other online
and offline retailers cannot, such as exclusive products, attractive discounts or specialised
services. In terms of wearable electronics it is likely that these products will start to see a
stronger shelf presence with attractive store displays to promote the latest models. However,
older models will likely be consigned to the retailer’s online platforms.
While appliances and electronics specialists is expected to remain the largest distribution
channel, e-commerce is still expected to continue growing. Consumers will however demand
authenticity and quality checks when purchasing from e-commerce retailers, especially when it
comes to purchasing premium products such as Apple Watch. It is expected that for e-
commerce to develop a more significant presence within wearable electronics online retailers
such as Lazada, Shopee and Tiki will need to strengthen their policies to ensure seller
authenticity, with this still seen to be an obstacle to growth when it comes to many types of
consumer electronics. Nonetheless, it is also expected that more brands will look to launch their
own online stores either through standalone platforms or by opening official online stores on
major platforms. It is likely that price promotions and discounts will remain a key attraction,
although delivery services are also improving significantly thanks to the involvement of third
party companies with consumers now able to receive online orders the same day in some
areas.
CATEGORY DATA
Table 112 Sales of Wearable Electronics by Category: Volume 2018-2023
'000 units
2018 2019 2020 2021 2022 2023
- Smart Wearables 222.5 251.1 472.0 671.3 792.8 879.9

-- Activity Watch 118.0 140.2 182.0 225.3 258.1 284.7
(Digital)
-- Activity Watch 212.4 243.3 337.6 466.8 552.5 645.9
(Analogue)
-- Activity Bands 35.2 34.4 32.9 31.0 28.7 26.4
- Activity Wearables 365.6 418.0 552.5 723.1 839.3 956.9
Wearable Electronics 588.2 669.0 1,024.5 1,394.4 1,632.1 1,836.8
Table 113 Sales of Wearable Electronics by Category: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
- Smart Wearables 2,072.7 2,330.3 4,278.2 6,279.1 7,590.4 9,051.4

-- Activity Watch 150.6 180.1 198.8 238.1 267.9 300.3
(Digital)
-- Activity Watch 948.0 1,089.0 1,463.0 2,011.9 2,448.7 2,916.9
(Analogue)
-- Activity Bands 22.1 21.2 19.8 18.4 17.4 16.3
- Activity Wearables 1,120.7 1,290.3 1,681.6 2,268.3 2,734.0 3,233.5
Wearable Electronics 3,193.4 3,620.6 5,959.8 8,547.4 10,324.5 12,284.9
Table 114 Sales of Wearable Electronics by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Smart Wearables 11.0 31.6 295.4

-- Activity Watch (Digital) 10.3 19.3 141.3
-- Activity Watch (Analogue) 16.9 24.9 204.0
-- Activity Bands -8.2 -5.6 -25.2
- Activity Wearables 14.0 21.2 161.7
Wearable Electronics 12.5 25.6 212.3
Table 115 Sales of Wearable Electronics by Category: % Value Growth 2018-2023

2022/23 2018-23 CAGR 2018/23 Total

-- Activity Bands -6.3 -5.9 -26.2
Table 116 NBO Company Shares of Wearable Electronics: % Volume 2019-2023
% retail volume
Company 2019 2020 2021 2022 2023
Apple Inc 19.8 22.0 21.6 19.4 18.1

Xiaomi Corp 23.0 22.1 18.5 17.9 17.1
Co Ltd
Fitbit Inc 1.7 2.8 2.8 2.7 2.7
U Watch (HK) Co Ltd 2.7 2.0 1.6 1.4 1.4
Fossil Group Inc 2.1 1.5 1.3 1.3 1.3
Others 36.4 37.6 41.7 42.3 42.6
Total 100.0 100.0 100.0 100.0 100.0
Table 117 LBN Brand Shares of Wearable Electronics: % Volume 2020-2023
% retail volume
Apple Watch Apple Inc 22.0 21.6 19.4 18.1

Co Ltd
Fitbit (Alphabet Inc) Fitbit Inc - 2.8 2.7 2.7
Uwatch U Watch (HK) Co Ltd 2.0 1.6 1.4 1.4
Misfit Fossil Group Inc 1.5 1.3 1.3 1.3
Fitbit Fitbit Inc 2.8 - - -
Others Others 37.6 41.7 42.3 42.6
Total Total 100.0 100.0 100.0 100.0
Table 118 Distribution of Wearable Electronics by Channel: % Volume 2018-2023
% retail volume
2018 2019 2020 2021 2022 2023
Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 88.4 87.5 85.9 81.5 79.3 77.1
specialists
Stores
--- Apparel and - - - - - -
--- Appliances and 88.4 87.5 85.9 81.5 79.3 77.1
Specialists
Specialists
--- Leisure and - - - - - -
Personal Goods
Specialists
Retailers
-- Vending - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 119 Forecast Sales of Wearable Electronics by Category: Volume 2023-2028
'000 units
2023 2024 2025 2026 2027 2028
- Smart Wearables 879.9 965.4 1,043.8 1,123.3 1,193.3 1,255.5
-- Activity Watch 284.7 297.7 307.2 315.8 321.3 323.8

(Digital)
-- Activity Watch 645.9 741.5 830.7 921.7 1,018.4 1,104.4
(Analogue)
-- Activity Bands 26.4 23.8 21.3 18.9 16.7 14.7
- Activity Wearables 956.9 1,063.0 1,159.2 1,256.4 1,356.4 1,442.9
trade sources
Table 120 Forecast Sales of Wearable Electronics by Category: Value 2023-2028
VND billion
2023 2024 2025 2026 2027 2028
- Smart Wearables 9,051.4 10,734.5 12,367.0 14,086.1 15,863.7 17,565.0

-- Activity Watch 300.3 314.1 324.1 333.2 339.0 341.6
(Digital)
-- Activity Watch 2,916.9 3,420.2 3,920.5 4,453.9 4,961.5 5,423.0
(Analogue)
-- Activity Bands 16.3 15.6 14.9 14.5 14.1 13.8
- Activity Wearables 3,233.5 3,749.9 4,259.6 4,801.6 5,314.6 5,778.4
trade sources
Table 121 Forecast Sales of Wearable Electronics by Category: % Volume Growth 2023-
2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total

-- Activity Bands -9.7 -11.0 -44.2
trade sources
Table 122 Forecast Sales of Wearable Electronics by Category: % Value Growth 2023-
2028

2023/2024 2023-28 CAGR 2023/28 Total

-- Activity Bands -4.4 -3.2 -15.2
trade sources

Consumer Electronics in Vietnam

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Consumer Electronics in Vietnam

LIST OF CONTENTS AND TABLES

Table 15 Sales of Computers and Peripherals by Category: % Value Growth

Table 35 NBO Company Shares of In-Car Entertainment: % Volume 2019-

Higher Competition On OLED TV ........................................................................................... 33

Table 76 Forecast Sales of Headphones by Category: % Value Growth 2023-

Table 96 Forecast Sales of Mobile Phones by Category: Volume 2023-2028 .......... 60

Table 114 Sales of Wearable Electronics by Category: % Volume Growth 2018-

Consumer Electronics In 2023: The Big Picture

2023 Key Trends

What Next For Consumer Electronics?

Portable Consumer 25,467.8 25,588.4 26,466.3 26,372.5 24,182.0 25,061.7

Table 2 Sales of Consumer Electronics by Category: Value 2018-2023

Portable Consumer 97,388.7 106,341.4 110,451.2 115,148.1 111,354.9 119,707.7

Table 3 Sales of Consumer Electronics by Category: % Volume Growth 2018-2023

Portable Consumer Electronics 3.6 -0.3 -1.6

Table 4 Sales of Consumer Electronics by Category: % Value Growth 2018-2023

% current value growth

Portable Consumer Electronics 7.5 4.2 22.9

Table 5 NBO Company Shares of Consumer Electronics: % Volume 2019-2023

Samsung Vina Electronics 23.1 22.0 25.2 25.8 26.3

Acer Vietnam Co Ltd 0.1 0.2 0.2 0.2 0.2

Table 6 LBN Brand Shares of Consumer Electronics: % Volume 2020-2023

Table 7 Distribution of Consumer Electronics by Channel: % Volume 2018-2023

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

Table 8 Forecast Sales of Consumer Electronics by Category: Volume 2023-2028

Portable Consumer 25,061.7 25,938.7 26,747.9 27,605.4 28,449.7 29,188.6

Table 9 Forecast Sales of Consumer Electronics by Category: Value 2023-2028

Portable Consumer 119,707.7 128,183.4 136,787.4 144,770.4 152,561.1 159,992.3

Table 10 Forecast Sales of Consumer Electronics by Category: % Volume Growth 2023-

Portable Consumer Electronics 3.5 3.1 16.5

Table 11 Forecast Sales of Consumer Electronics by Category: % Value Growth 2023-

% constant value growth

Portable Consumer Electronics 7.1 6.0 33.7

In-Home Consumer Electronics 1.5 2.7 14.3

Summary 1 Research Sources

Ministry of Information & Communications

Trade Associations Vietnam Electronics Industries Association

Trade Press DNA Branding

The Business Review

Vietnam Business Forum

Vietnam Business News

Vietnam Chamber of Commerce & Industry

Vietnam Economy Times

Vietnam Investment Review

Source: Euromonitor International

COMPUTERS AND PERIPHERALS IN

▪ Retail volume sales fall by 8% in 2023 to 2.4 million units

Computers And Peripherals Sees A Drop In In Demand In 2023

Players Continue To Launch New Models In Laptops Despite Falling

Distribution Landscape Expanding Both Online And Offline

PROSPECTS AND OPPORTUNITIES

Further Opportunities For Growth As Consumers Use Computers More

Screen Is The Most Attractive Upgraded Part To Convince Consumers

E-commerce Still Showing Strong Potential For Further Growth In Sales

- Printers 197.8 194.2 189.4 185.1 175.3 168.0

Table 13 Sales of Computers and Peripherals by Category: Value 2018-2023

- Printers 588.5 574.0 558.9 553.3 536.3 524.3

Table 14 Sales of Computers and Peripherals by Category: % Volume Growth 2018-2023

- Printers -4.2 -3.2 -15.1

Table 15 Sales of Computers and Peripherals by Category: % Value Growth 2018-2023

% current value growth