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The Vietnamese market is booming and the market value of 2020 is over 5.6 billion.
TrendInce's Green Energy Business Unit LEDinside's latest 2017 Vietnam lighting market report shows that Vietnam is the world's fourteenth most populous country and 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. TrendInce's Green Energy Business Unit LEDinside's latest 2017 Vietnam lighting market report shows that Vietnam is the world's fourteenth most populous country and 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. 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. Analysis of the overall economic situation 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%. It is at the stage of economic take-off, which has led to the influx of foreign capital. Flourishing 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. Vietnam's LED lighting market has a production value of over 5.6 billion in 2020. As Vietnam's GDP has risen year after year and its demographic dividend is at the economic take-off stage, it has also driven the Vietnamese LED lighting market. According to data from the Vietnam Lighting Association, the output value of the LED lighting market in Vietnam will reach 854 million US dollars (equivalent to about 5.565 billion yuan) in the next three years, with an annual growth rate of 25%. The LED lighting market is becoming increasingly saturated in Europe and the United States, and there are many suppliers in the Chinese market and fierce competition in prices. The LED lighting market in emerging markets such as India, Southeast Asia, South America and the Middle East is just around the corner. In Southeast Asia, Vietnam's performance is bright. LEDinside's Southeast Asia lighting market report shows that in 2016 Vietnam's lighting market reached 348 million US dollars, penetration rate exceeded 40%, and the penetration rate is expected to reach 51% by 2018. Tran Dinh Bac, vice chairman and secretary general of the Vietnam Chamber of Commerce and Industry, pointed out that currently electricity consumption accounts for about 35% of Vietnam's electricity consumption. If LED bulbs can replace 50% of lighting fixtures, 20.8 billion will be saved by 2020. kWh (kWh / hour), about 9 million tons of carbon dioxide emissions. At present, Vietnamese LED manufacturers are still the largest foreign companies such as Philips and Osram, followed by Vietnamese domestic giants Dien Quang, Rang Dong and Duhal. However, Vietnam's large factories focus on downstream assembly and lack of an overall industrial chain. Therefore, the LED industry chain still has a lot of room for development. There are about 200 domestic LED manufacturers in Vietnam. However, there are still many jagged LED lighting products in the Vietnamese lighting market. The problem lies in the lack of consistent product specifications and monitoring by relevant departments. Tran believes that Vietnam should learn from other countries and establish a set of LED product standards that meet ASEAN and other developed countries. In addition, the government should strengthen supervision to ensure a transparent and open competitive environment.