11:16 | 05/12/2016 Investment
(VEN) - According to the Vietnam Lighting Association, Vietnam currently has about 200 manufacturers and traders of light-emitting diode (LED) bulbs, including domestic businesses and foreign branches. The number of businesses participating in this field has strongly increased in recent years.
Fawookidi Technology Co., Ltd. General Director Dinh Van Son said that Vietnam’s LED lighting market has seen strong development. LED bulbs have been popular in many apartments and buildings.
LED bulbs have become a common choice of Vietnamese consumers. In particular, Hanoi has a policy to use LED bulbs for its lighting system.
Compared to incandescent bulbs, LED products have many advantages such as efficiency, life expectancy, durability, safety and energy saving. Le Viet Hoa from the Rang Dong Light Source and Vacuum Flask Joint Stock Company’s Marketing and Technical Department said that the company’s revenues of LED products have constantly increased in recent years.
Vietnam is a large market with more than 90 million people. Thanks to strong urbanization, LED lamps have become popular in residential areas. For that reason, foreign investors have targeted Vietnam as an attractive destination.
The Vietnam International LED/OLED & Lighting Show 2016 (LEDTEC ASIA 2016), which took place in late September in Hanoi, was an ideal solution for companies that desire to expand their overseas business in the new rapidly growing LED lighting market of Vietnam. The event brought together 150 booths from 10 nations such as Thailand, the Republic of Korea, India and Chinese Taipei.
James Han from the Republic of Korea’s Zamled Company said that this was the second time the company participated in the LEDTEC ASIA. In addition to introducing their products, the event was also an opportunity for the company to enter Vietnam, an attractive and emerging LED lighting market.
The participation of foreign investors in the Vietnamese LED lighting market has created fierce competition, forcing Vietnam businesses to innovate their technology and improve product quality in order to meet consumer demand. This is an opportunity for Vietnamese consumers to use LED products with better quality and reasonable prices. However, it also poses challenges for domestic businesses and the authorities. Domestic businesses must improve their technology innovation to gain consumer trust, while the authorities have to enhance their management due to the benefits of consumers.