Vietnam is the world's fourteenth most populous country and an emerging market. Its GDP has risen year by year. In recent years, its GDP growth rate has almost exceeded 6%. It is at the stage of economic take-off, which has led to the influx of foreign capital. The booming development of the Vietnamese market is just around the corner. The opportunity for LED lighting in Vietnam, in addition to the economic take-off phase, will also be accompanied by the increase in electricity consumption, led to LEDinside's latest 2017 Vietnam lighting market report by Vietnam's LE TrendForce's Green Energy Division, Vietnam is the world's fourteenth largest country. It is also an emerging market. GDP has risen year by year. In recent years, the GDP growth rate has almost exceeded 6%. It is at the stage of economic take-off, which has led to the influx of foreign capital. The booming development of the Vietnamese market is just around the corner. The opportunity for LED lighting in Vietnam, in addition to the economic take-off phase, will also be accompanied by the increase in electricity consumption, making Vietnam's LED business opportunities should not be underestimated. LEDinside estimates that the LED lighting market will reach US$420 million in 2017, with an annual growth rate of 20.6%. In addition, the Vietnamese smart lighting market started late, and currently has only a small number of applications in outdoor and high-end commercial lighting. In 2017, the smart lighting market will be about 18 million US dollars. By 2020, the Vietnamese smart lighting market will exceed 60 million US dollars. Vietnam's LED lighting market has grown by 20% annually! Overall economic situation analysis Vietnam is the world's fourteenth most populous country, and it is also an emerging market. GDP has risen year by year. In recent years, GDP growth rate has almost exceeded 6%, just as the economy took off. At the stage, foreign capital has poured in, and the booming development of the Vietnamese market is just around the corner. The opportunity for LED lighting in Vietnam, in addition to the economic take-off phase, will also be accompanied by the increase in electricity consumption, making Vietnam's LED business opportunities should not be underestimated. Infrastructure development With the continuous influx of foreign direct investment into Vietnam, the establishment of industrial zones has become an important means for Vietnam to attract foreign direct investment. Vietnam is now striving to modernize industrial productivity. One of the strategies is to develop multiple industrial zones to promote Industrial investment. At present, there are 328 industrial zones in Vietnam, and the operating rate of the industrial parks that have been operated is nearly 73%. Lighting market size and operation analysis Vietnam's traditional lighting market has continued to decline in the past few years, and the LED lighting market has always maintained a rising trend, and the LED lighting market is expected to reach US$420 million in 2017. In terms of product types, due to the relatively light demand for lighting, the LED lighting market in Vietnam currently has the highest application rate of replacement light sources such as light bulbs, lamps and spotlights, accounting for about 78% in 2017. In the past two years, due to the rise of local production and the booming industry, Vietnamese manufacturers began to assemble parts from China to assemble themselves to save costs, resulting in a year-on-year decline in the scale of imports from China. The Vietnamese lighting market is gradually getting rid of the high dependence on imported products and turning to a healthier form. But at the same time, it also has a certain negative impact on the competitiveness of China's LED lighting foundries. The smart lighting market in Vietnam started late and currently has only a small number of applications in outdoor and high-end commercial lighting. In 2017, the smart lighting market was about $18 million. By 2020, the Vietnamese smart lighting market will exceed $60 million. Lighting manufacturer introduction and strategy analysis Vietnam lighting import industry chain structure can be divided into five types: foreign manufacturers provide equipment for local lighting factories, imported components + local assembly, imported light source lighting products + local assembly, foreign OEM direct ODM Shipped to countries and foreign manufacturers own brands through engineering or wholesale channels. In general, due to the lack of local manufacturing capacity, the Vietnamese market still has the highest share of international manufacturers such as Philips and Osram, followed by local manufacturers Rang Dong and Dien Quang. Lighting Exhibition Introduction Famous local exhibitions in Vietnam, including LEDTEC ASIA and Vietnam Professional Sound and Light Exhibition. In view of the scale, LED related manufacturers can participate in LEDTEC ASIA. If you want to specialize in stage lights, stage equipment, or display device manufacturers, you can participate in the Vietnam Professional Sound and Light Exhibition.
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