Vietnam is still the best security monitoring market in 2024
1️⃣ Market potential
Per capita GDP brings unlimited consumption power
In 2022, Vietnam’s gross domestic product (GDP) increased by 8.02%, ranking first among ASEAN countries. Vietnam’s per capita GDP has increased tenfold since 2000 and is currently around US$4,200, surpassing the Philippines and much higher than India. (Per capita GDP exceeds US$3,000, and demand for improved consumption becomes the main theme)
Strong government policy support
In order to attract foreign investment, the Vietnamese government has provided a series of support measures and preferential policies. These policies cover tax exemptions, land use rights, customs facilitation and administrative approval simplification, and the overall business environment has also been continuously improved.
RCEP brings multiple benefits to both countries
RCEP provides a series of preferential conditions for bilateral trade between China and Vietnam, such as tariff exemptions, rules of origin, service trade opening, investment facilitation, etc. This will help improve the scale and efficiency of bilateral trade between China and Vietnam and enhance the competitiveness of the two countries in the global market. Compared with domestic and export markets in Europe and the United States, Vietnam also enjoys various preferential tariff reductions and exemptions.
Huge demographic dividend and market demand
In 2023, Vietnam’s population reached 100 million, second only to Indonesia and the Philippines in Southeast Asia. The rapidly growing population brings huge market demand.
2️⃣ Current situation of Vietnam’s security market
There is a huge demand for cameras, estimated to exceed 150 million units, of which 40% are infrastructure cameras, 30% are commercial cameras, and 20% are home cameras.
In terms of camera usage per capita, Vietnam is still very low compared to the world. It can be said that Vietnam’s camera market still has great potential (Vietnam has 2 cameras per 100 people, in the United States and China, the ratio is 15 per 100 people)
According to statistics from Vietnam Company, the Vietnamese camera market is the fastest growing in Southeast Asia, with an estimated annual cumulative growth rate of 8.6% from 2020 to 2026 (one theory is 12-13%). In 2021, Vietnam imported nearly 5 million cameras, second only to smartphone imports in terms of output.
More than 90% of Vietnam’s camera market share is controlled by foreign brands, mainly from China. If information from surveillance cameras is not secure, then trade secrets, production technology, research and development may be leaked
3️⃣ Vietnam Security IPC
Infrastructure IPC is mainly Hikvision and Dahua brands. Consumer IPCs include TP, EZVIZ, and Lecheng. The white brands are mainly Yoosee, and there are also some niche e-commerce brands. In the future, the production chain will be localized and product upgrades will be obvious.
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Written by Ruibosi Electronic Co., LTD
Ruibosi Electronic Co., LTD is a professional manufacturer of 4g wifi Ubox app solar security cameras, tuya smart app 4g wifi solar security cameras, etc.
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