As Vietnam's GDP rises year after year, the demographic dividend is at the economic take-off stage, and it also drives the Vietnamese LED lighting market. According to data from the Vietnam Lighting Association (Vietnam Lighting Association), the output value of the LED lighting market in Vietnam will reach 854 million US dollars (equivalent to about 5.565 billion yuan) in the next three years, with an annual growth rate of 25%.
The LED lighting market is becoming increasingly saturated in Europe and the United States, and there are many suppliers in the Chinese market. The price competition is fierce. The LED lighting market in emerging markets such as India, Southeast Asia, South America and the Middle East is just around the corner.
In Southeast Asia, Vietnam's performance is bright. LEDinside's Southeast Asian lighting market model shows that in 2016 Vietnam's lighting market reached 348 million US dollars, with a penetration rate of over 40%. It is estimated that the penetration rate will reach 51% by 2018.
Tran Dinh Bac, vice chairman and secretary general of the Vietnam Chamber of Commerce and Industry, pointed out that currently electricity consumption accounts for about 35% of Vietnam's electricity consumption. If LED bulbs can replace 50% of lighting fixtures, 20.8 billion will be saved by 2020. kWh (kWh / hour), about 9 million tons of carbon dioxide emissions.