Viet Dragon Securities - Vietnam Home Appliance Market – More aggressive competition in the context of saturated phase

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Viet Dragon Securities

Hung Nguyen

Vietnam Home Appliance Market – More aggressive competition in the context of saturated phase

In 9M-2023, total value of Vietnam major & small home appliances market declined respectively by -10.0% & -8.0% YoY. As of which, except air-conditioner segment (+5.8% YoY), remaining segments recorded a negative growth. The main reason is the downturn phase of real estate & the decreasing of disposable incomes on the economic landscape.
The annual boost-sale season will be the primary driver of this market's recovery in Q4-2023, but profit margins for these corporates will be squeezed by the continuously low-pricing strategy & discount/promotion policy to stimulate demand & clear all of hard-to-sell inventories.
In the last 8 years, much more brand/distributor/retailers have entered the Vietnam home appliances market, while some key segments (air conditioner, refrigerator, washing machine) have gradually become saturated with higher-and-higher penetration rates, hence, it may force them to compete more fiercely in terms of price/innovation/coverage rate. We believe that the revenue for all home appliance corporates will barely reach robust growth rate in FY24.

13/12/2023 7 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Hung Nguyen

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Vietnam Home Appliance Market – More aggressive competition in the context of saturated phase

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

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