Viet Dragon Securities - Vietnam Smartphone Market – It is difficult to reach the breakthrough growth in the long-term

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Viet Dragon Securities

Hung Nguyen

Vietnam Smartphone Market – It is difficult to reach the breakthrough growth in the long-term

In 10M-2023, total sales volume of Vietnam smartphone market in offline & online channels declined by -22.2% & -17.3% YoY, respectively under the pressure of macroeconomic headwinds and consumer weakness. However, we expect that smartphone market will create the signal of rebounce in Q4-2023 by the boost from iPhone 15 and the end-year shopping season.
For 2024, Vietnam smartphone market is set to return to grow in 2024 after two years of decline, driven by a recovering Vietnam consumer confidence & purchasing power. Nevertheless, this market has showed saturated signals for a long time, so it is difficult to expect that these corporates (smartphone retail chains/distributors) will reach the breakthrough growth in the long-term.
Apple emerged as a rare highlight in the midst of market saturation. We believe that, in the long run, the growth of the market value will be largely driven by Apple's development, particularly as the Vietnamese Apple user community grows stronger

08/01/2024 8 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 Smartphone Market – It is difficult to reach the breakthrough growth in the long-term

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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