Vietnam Television Market Outlook to 2028

Vietnam Television Market Overview

• The Vietnam television market is valued at USD 760 million, based on a five-year historical analysis. This valuation is primarily driven by rising consumer demand for high-definition televisions, rapid urbanization, and the increasing shift toward smart TVs. The country's expanding middle class, coupled with increasing disposable incomes, has further fueled the demand for technologically advanced televisions. Additionally, a surge in local manufacturing capabilities has lowered production costs, enhancing affordability for consumers. Government incentives for local production and innovation in display technologies, such as OLED and QLED, are key drivers propelling market growth.

• Cities like Ho Chi Minh City and Hanoi dominate the Vietnam television market due to their large urban populations, higher levels of income, and rapid technological adoption. The dominance of these cities is also fueled by strong consumer preferences for smart and connected televisions. The availability of robust e-commerce platforms and organized retail sectors in these metropolitan areas also enhances consumer access to a wide variety of television brands and models, thereby contributing to market concentration in these regions.
• The Vietnamese government has implemented stringent energy performance standards for televisions, requiring manufacturers to meet efficiency criteria. These regulations are aimed at reducing the overall energy consumption of household electronics. By 2023, all new televisions sold in the country had to comply with the minimum energy performance standards (MEPS). Manufacturers that meet these standards are also eligible for government incentives, such as tax reductions, to encourage compliance and promote sustainable practices

Vietnam Television Market Segmentation

By Product Type: Vietnam's television market is segmented by product type into Smart TVs, LED TVs, OLED TVs, and QLED TVs. Among these, Smart TVs dominate the market due to their integration with various streaming platforms such as Netflix and YouTube, along with the increasing trend of smart home setups. Consumers are increasingly looking for televisions that can connect to the internet, enabling access to apps and content beyond traditional broadcasting. Brands like Samsung and LG have capitalized on this trend by offering smart TVs with enhanced connectivity features.

By Screen Size: The market is also segmented by screen size into below 32 inches, 32-43 inches, 44-55 inches, and above 55 inches. Recently, the 32-43 inches segment has captured a dominant market share in Vietnam, as it offers an optimal balance between price, performance, and screen size, making it highly appealing to middle-class households. This size range also caters well to urban apartments and smaller homes, where space constraints play a critical role in purchasing decisions.

Vietnam Television Market Competitive Landscape

The Vietnam television market is dominated by a few key players, with Samsung, LG, and Sony leading the market, alongside emerging local brands such as Vingroups VinSmart. This consolidation highlights the significant influence of these players due to their extensive distribution networks, strong brand presence, and diverse product offerings.

Vietnam Television Industry Analysis

Growth Drivers

• Urbanization and Increasing Middle-Class Population: Vietnam's rapid urbanization is driving television demand, with 37 million people living in urban areas as of 2023. The expansion of the middle-class population, expected to reach 56 million by 2025, is increasing consumer spending on electronics, including televisions. Urban dwellers, with higher incomes, are more likely to invest in modern smart TVs and high-definition displays, spurred by lifestyle improvements and connectivity infrastructure. This trend is supported by the Vietnamese government's push to develop urban infrastructure, influencing household electronics markets.
• Growing Penetration of Smart TVs: Smart TV penetration in Vietnam has grown significantly due to rising consumer demand for internet-enabled devices. In 2023, about 60% of households in urban areas owned a smart TV, an increase from 48% in 2020. The availability of affordable smart TVs from global brands, combined with improved internet infrastructure, has driven this growth. The Vietnamese governments expansion of 4G and 5G networks has enabled better streaming experiences, further accelerating smart TV adoption. This trend reflects broader global shifts toward connectivity and digital consumption.
• Rising Adoption of OTT Platforms: The adoption of Over-the-Top (OTT) platforms like Netflix and local players such as FPT Play has surged in Vietnam, contributing to television sales. With an estimated 27 million users of OTT services in 2023, the preference for streaming content over traditional cable TV is evident. Smart TV owners increasingly choose OTT services for entertainment, benefiting from integrated apps and superior viewing experiences. This shift aligns with consumer preferences for on-demand content and the rise of the digital economy in Vietnam.

Market Challenges

• Fluctuations in Raw Material Prices: The television manufacturing sector in Vietnam is impacted by fluctuations in the cost of raw materials like semiconductors, LCD panels, and other essential components. The global semiconductor shortage, which affected production throughout 2021 and 2022, continued to influence prices in 2023. The Vietnamese electronics industry relies heavily on imports, making it vulnerable to price hikes in international markets. This has led to increased production costs, affecting profit margins for domestic manufacturers and retail pricing for consumers.
• Intense Market Competition from Global Players: Vietnam's television market is highly competitive, with global brands like Samsung, Sony, and LG dominating. These multinational companies, equipped with better R&D capabilities and supply chains, challenge local manufacturers, which struggle to match their product diversity and pricing strategies. In 2023, global players accounted for nearly 70% of TV sales in Vietnam. This intense competition makes it difficult for smaller local manufacturers to gain significant market share, putting pressure on them to innovate or diversify.

Vietnam Television Market Future Outlook

Over the next five years, the Vietnam television market is expected to witness significant growth driven by continuous technological advancements in television displays, increased penetration of smart home systems, and rising consumer demand for higher resolution televisions such as 4K and 8K. Additionally, the expansion of online retail channels and the increasing availability of affordable, high-quality televisions from both global and local manufacturers are anticipated to propel the market forward. Government incentives supporting domestic manufacturing and the growing trend of integrating AI and IoT in smart TVs will also play a crucial role in shaping the future of this market.

Opportunities

• Growing Demand for Streaming Platforms: The rise in digital content consumption and the expansion of OTT services provide a significant growth opportunity for the Vietnamese television market. In 2023, streaming platforms generated over 10 billion VND in subscription revenue, with further increases anticipated as internet penetration and digital literacy grow. Smart TV sales are closely tied to the proliferation of these platforms, as consumers seek larger screens and better resolution to enhance their viewing experience. This demand is likely to continue with increasing access to diverse digital content.
• Adoption of AI and Voice-Enabled TVs: With the increasing integration of artificial intelligence (AI) and voice recognition technologies, the demand for smart TVs equipped with these features is rising. As of 2023, approximately 30% of smart TVs sold in Vietnam featured voice assistants such as Google Assistant or Amazon Alexa. These TVs offer enhanced interactivity and convenience, aligning with the broader trend of smart home ecosystems. The Vietnamese governments support for digitalization and smart technologies further strengthens this opportunity for manufacturers.