Refrigeration Appliances in Vietnam

PROSPECTS

Inverter technology is now standard; other factors also affect the purchasing decision

Refrigeration appliances continued to see stable retail volume growth in 2019. Due to increased environmental-consciousness, products are increasingly demanded which feature energy-saving technology.

Design and capacity are important to consumers

Refrigeration appliances with attractive designs and practicality are chosen by consumers, with higher demand for new housing and apartments boosting sales of well-designed products. For instance, housewives are more likely to choose appliances with mirrored surfaces, as they look good yet are easy to clean.

Smart technology and connected appliances expected to become more popular

Over the forecast period smart technology will attract more consumers in refrigeration appliances, due to Vietnam’s young population and the rise of smart homes in big cities. This includes the Internet of Things, with refrigeration appliances now increasingly expected to connect with other major appliances and smartphones to allow for easy control online.

COMPETITIVE LANDSCAPE

Aqua maintains its lead, but other players invest, aiming to increase their shares

In 2019, Haier Electrical Appliances Vietnam remained the leading player within refrigeration appliances in retail volume terms, with its Aqua brand. Thanks to offering a wide range of products at various prices the company continued to see the best performance and increased its share.

Demonstrating the future through advertising strategies

Regular promotions help to attract consumers to modern retailers. Promotional offers are widely available via both offline and online channels, with discounts, cashback or vouchers becoming common practices.

Promotions aim to attract consumers to different channels

Television advertising is one of the most common strategies that many big brands, such as Aqua, Samsung, Hitachi, LG and Sharp, utilise to introduce new products and increase consumer awareness. More recently, advertising introduced not only one product, but branded connected product systems, or a smart series of consumer appliances, trying to show consumers the future of home appliances; with brands offering a taste of new technologies which are being used globally.

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