Market Insight Vietnam, the Fastest-growing Security Market in Southeast Asia

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Market Insight Vietnam, the Fastest-growing Security Market in Southeast Asia August 2017 Saigon Exhibition & Convention Center (SECC), Ho Chi Minh City, Vietnam Vietnam economic
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Market Insight Vietnam, the Fastest-growing Security Market in Southeast Asia August 2017 Saigon Exhibition & Convention Center (SECC), Ho Chi Minh City, Vietnam Vietnam economic situation Comparing to other Southeast Asian countries, relatively high growth is seen in Vietnam s economy; and this also holds true for the country s security industry. However, the market s robustness has also led to an influx of brands, resulting to fierce competition among the security industry. Distributors, therefore, are forced to adopt various strategies in order to stay ahead in this competition. Although Vietnam s economy slowed down a bit during 2012 to 2014 GDP growth slid to around 5 percent and inflation and devaluation are seen in the market, is has prompted the government to take certain measures and fiscal policy to stabilize and revive the economy. To a great extent, these measures work very well. Earlier in 2016, the World Bank forecast Vietnam s GDP growth will reach 6.3 percent, comparing to other countries in the region, be it Malaysia, Indonesia or Thailand, the growth in Vietnam is relatively high. Vietnam security market overview Video surveillance market in Vietnam is expected to grow at a CAGR (compound annual growth rate) of 12.4 percent from 2016 to The demand for security surveillance systems is driven by increasing security concerns in the cities and declining import taxes due to government policy. Under the ASEAN Trade in Goods Agreement (ATIGA), Vietnam s Ministry of Finance has reduced its tariff rates to zero on 90 percent of the goods. With government supports, besides import taxes declining, price reduction over various video surveillance systems and components has been commonly seen in the country, keeping up a positive market overview. Moreover, it is forecast that the demand for IP-based video surveillance systems is rapidly growing in Vietnamese market in the coming years, due to rising awareness, declining prices, and increasing investment in the infrastructure. Analog surveillance system holds the highest adoption rate in Vietnam; however, IP video surveillance takes up the largest segment in terms of revenue and market share. Evidently, lower price is the key factors driving the overall demand of analog surveillance systems in Vietnam. Wider acceptance and deployment of analog systems provide high-end analog cameras with prominent imaging quality promising edge in the market. Local security market insight Government investment The government of Vietnam holds a clear mandate of improving its infrastructure and announced an investment plan of US$300 billion by Aside from infrastructure projects, Vietnam is also seeing more local governments implementing safe city initiatives to boost safety. In 2016, the local government of Danang took the initiative to improve the city s safety and security by installing thousands of surveillance cameras in public places. Similar city surveillance cameras were also deployed in various areas in Hanoi and Ho Chi Minh City for the purpose of traffic monitoring and flood control. Private investment Growth in security has also been sparked by an increase in private investment, especially in the real estate and industrial sectors. The development of properties, both commercial and residential, is big and blooming in Vietnam. This definitely spawns demand for security. Important verticals in Vietnam In Vietnam, real estate and manufacturing facilities are the main growth drivers. Lower labor cost has encouraged the manufacturers to relocate their factories in Vietnam, more industrial parks and factories are built in the region. Thus, it drives the huge demand in access control solutions as to secure the security and monitor the efficiency of the buildings. Retail industry is another booming demand in security, where increasing local and foreign investments are made in malls, department stores, supermarkets and convenience stores in Vietnam. Security solutions become very important in such areas. For example, In the shopping mall requires solutions, as to equip stores with cameras to monitor visitors and transactions. It is convenient for the sellers to monitor their retail chain. More values are in request besides security. Also, the shopping mall demands cameras that can both recorded to the firms own digital video recorders (DVRs) and linked to the command central. So the firm can monitor in an effective way and save more operation cost. Vietnam market is very competitive as it is the one of the key revenue contributing countries in Southeast Asia video surveillance market. Surging construction market, growing government spending, infrastructural development, and increasing FDI in retail and industrial sectors have spurred the demand for electronic security systems including video surveillance systems in Vietnam. All in all, the security market in Vietnam is highly promising and practical in both short and long term. Date: August 2017 (10 th Edition) Venue: Saigon Exhibition & Convention Center (SECC), HCMC, Vietnam Organiser contact Messe Frankfurt New Era Business Media Ltd. Ms Crystal Chen, ext.216
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