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Vietnam Consumer Electronics Report Q3 2011
Business Monitor International, May 2011, Pages: 49
Vietnam’s consumer electronics devices market, defined as the addressable computing devices, mobile handsets and video, audio and gaming products, is projected to be worth about US$5.4bn in 2011. This is expected to increase to US$9.5bn by 2015, driven by growing affordability of key products.
The electronics devices market is forecast to increase at an overall compound annual growth rate (CAGR) of 15% through 2015. The country’s vast, underpenetrated rural market offers the most growth potential, with Hanoi and Ho Chi Minh City accounting for most sales.
However, in Q1-Q3 2010 Vietnamese retail demand for some consumer electronics products grew less than expected despite a series of aggressive retail promotions. Following the FIFA World Cup, demand was sluggish, particularly in Ho Chi Minh and other southern markets in many cases, resulting in steep discounting of LCD TV sets and other products.
Computers
Computers accounted for about 32% of Vietnam’s consumer electronics spending in 2010. Following strong growth in 2010, BMI forecasts Vietnamese domestic market computer hardware sales (including notebooks and accessories) of US$1.7bn in 2011, up from US$1.5bn in 2010. Computer hardware CAGR for the 2011-2015 period will be about 15%, with notebooks accounting for more than 30% of shipments currently.
AV devices accounted for about 23% of Vietnamese consumer electronics spending in 2010. Vietnam’s domestic audio, video and gaming device market is forecast at US$1.2bn in 2011. The market is expected to grow at a CAGR of 14% between 2011 and 2015 up to a value of US$2.1bn at the end of the forecast period. The government’s plan for digital TV broadcasting migration by 2020 will encourage replacement TV purchases.
Mobile Handset
Vietnamese mobile handset sales accounted for about 45% of Vietnamese consumer electronics spending in 2010. Total Vietnamese market handset sales are expected to grow at a CAGR of 13% to 31.1mn units in 2015, as mobile subscriber penetration soars towards 302%. The inaugural Vietnamese 3G mobile services launch by VinaPhone will boost the market, but remains dominated by low-priced devices.
According to operator estimates about 95% of mobile users do not own a 3G handset.
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