In 2019, consumer electronics is seeing the slowest current value growth of the review period. With incomes having risen during the review period, consumers were better able to afford these items, especially with a wide range of promotional offers and financial assistance packages being on offer.
Vietnam’s real GDP growth remains at a fairly high level, with inflation relatively low and steady. Higher disposable incomes in the population are helping improve living standards and allowing more consumers to explore global brands of consumer electronics and experience the very latest innovations and newest technologies.
As consumer electronics reaches maturity, players are having to make strong investments not only in research and development activities to cope with the needs of consumers, but also in advertising campaigns to boost sales. Maintaining a presence in this increasingly competitive market requires extensive understanding about the needs and trends of each income segment.
There has been a boom in internet retailing in Vietnam, boosted by improved internet infrastructure, higher smartphone penetration and cheaper retail prices compared with store-based outlets. Lazada, Shopee, Sendo and Tiki are the leading e-retailers in the market.
Over the forecast period, consumer electronics is expected to see stagnant retail volume sales overall. Despite increased efforts to advertise and market new products, key brands such as Samsung anticipate slower growth in their sales.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Electronics industry in Vietnam with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Consumer Electronics market research database.