Consumers in Vietnam spend big on technical goods

Consumers in Vietnam spend big on technical goods

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Even though the world is experiencing a major economic slowdown in various sectors, the situation is a bit different in Vietnamese electronics market. It has been reported that four out of seven sectors in the country’s technical consumer goods market have encountered double-digit sales growth during the fourth quarter of 2013.

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Market research company GIK says that consumers in Vietnam spent 30.5 trillion dong – which is US$1.45 billion – on technical consumer goods during the fourth quarter of 2013, which is an increase of 21.6 percent compared to the same period in 2012. The technical market index for 2013 showcased that the rise in sales for the entire 2013 generated revenue for technical consumer goods to 113 trillion dong, which is up by 22.1 percent year-on-year.

On the other hand, photo and office equipment, as well as consumables sectors showed a 16.9 percent and 20 percent decrease in revenue, respectively. The Vietnam Retailers Association earlier in 2014 said that electronics market had great potential, as not even one company accounted for more than 10 percent of the country’s market share.

According to experts, the greatest challenge electronic retailers will face in 2014 is a tough competition from domestic companies, as well as integration into the global economy. Under the commitment to the World Trade Organization, Vietnam will open its market to foreign retailers.

Photo Credits: Tuoitre