Nowadays, household appliances have become an indispensable part of daily life for every family. From basic kitchen appliances to modern smart devices, they all contribute to improving the quality of life and making housework easier. Household appliances not only save time and effort but also bring convenience and comfort to users.
The current home appliance market is booming, with a variety of designs, types, and prices to suit the needs and financial capabilities of many people. Today, consumers not only care about the price but also pay attention to the quality of products and the reputation of brands. This has created a new trend in shopping for home appliances, where high-quality products with commitments from reputable brands are preferred. This shows that consumers are becoming smarter and know how to choose products that suit their needs.
According to the analysis report from the General Statistics Office of Vietnam, each household in Vietnam spends an average of about 8,4 million VND on shopping for household appliances. This is a significant factor promoting the development of the consumer electronics market in Vietnam, especially considering that the population of our country has surpassed the 100 million mark and the demand for consumption continues to increase.
In addition, according to a report from the Ministry of Industry and Trade, the home appliance market in Vietnam is estimated to be worth between 12,5 and 13 billion USD. Home appliances account for up to 9% of the total personal expenditure of Vietnamese people. Among the 11 main commodity groups, home appliances rank fourth in terms of consumption scale. This reflects the great development potential of this industry, especially as people’s income increases and the demand for quality and diverse product designs grows.
The Ministry of Industry and Trade also noted that the home appliance industry has great potential but also faces many challenges. One of the main reasons is the young population, accounting for 57-60% of the age group from 18-45, leading to an increasing demand for home appliances. Increased income (over 2,000 USD) is also a factor driving the demand for home appliances to shift from common to high-end, smart lines, and the demand for quality and designs is becoming more diverse.
This competitive market, worth billions of dollars annually, is welcoming many new “partners”, providing more choices for Vietnamese consumers. The opportunity to develop home appliances, especially the high-end segment, is still very large.
After the difficult period of the Covid-19 pandemic, Vietnamese people have a mentality of spending more time for family and home life. This has created a new trend: they want to improve and beautify their homes more. Therefore, as the economy begins to recover, we can see the demand and spending for consumer electronics appliances are increasing.
The transition to modern technology and energy-saving in the use of household appliances is a key factor driving the development of the consumer electronics market. This market is divided into two main groups:
The basic equipment group includes: refrigerators, freezers, dishwashers, washing machines, stoves, microwaves, air conditioners,… The support equipment group includes: vacuum cleaners, hair dryers, irons, ovens,…
Devices in the basic group usually have a high cost and are rarely replaced. In contrast, support devices have a lower cost and lifespan, consumers are often willing to replace them with newer models, using more advanced technology. This support product group contributes significantly to sales revenue.
Sunhouse
The Sunhouse Group was established on May 22, 2000. In 2004, SUNHOUSE collaborated with Sunhouse Co., Ltd. of Korea to establish Sunhouse Vietnam Co., Ltd. and build a home appliance manufacturing factory.
Over more than 20 years of development, Sunhouse has become a famous brand and joined the group of enterprises with a revenue of thousands of billions. The Sunhouse Group currently includes 7 member companies and a cluster of 8 factories, with a total area of over 100,000 m2 and more than 2,500 staff and workers, successfully manufacturing and trading household items.
Sunhouse has continuously developed and strengthened with a wide distribution network of 60,000 sales points, producing and trading more than 600 groups of essential household products. Sunhouse’s products are present in all supermarket systems, shopping centers, and traditional stores nationwide. Sunhouse’s products are also exported to many demanding markets such as Japan, Korea, the United States, Europe, and Mexico.
In 2022, Sunhouse’s net revenue did not change much compared to the previous year, still maintained at over 4 trillion VND, only decreased nearly 1% compared to the same period last year. On the contrary, Sunhouse’s after-tax profit showed a not-so-bright prospect when net profit continuously decreased over the years. Specifically, Sunhouse only earned nearly 55 billion VND in 2022, a decrease of more than 70% compared to the figure achieved in 2020.
Midea is a renowned brand from China, established in 1968. However, it was not until 1980 that the company began to focus on manufacturing home appliances. With a team of over 100,000 employees and operations in more than 200 countries, Midea has established its position in the global market. Midea is known for producing a range of home appliances, from air conditioners, air purifiers, to water heaters and electric rice cookers.
In 2007, Midea expanded its market to Vietnam and built two manufacturing plants in Vietnam - Singapore Industrial Park and My Phuoc Industrial Park, Binh Duong. Midea also opened three showrooms in Saigon, Da Nang, and Hanoi. The main products of Midea in Vietnam include air conditioners, fans, refrigerators, washing machines, and water heaters. With the slogan “Make yourself at home”, Midea always strives to provide customers with optimal and friendly solutions to improve their living space.
While 2022 was a relatively bleak business year for Sunhouse, Midea Vietnam showed that it was a year of significant recovery in the business situation of this brand. After the decline in net revenue and after-tax profit in 2021, in 2022, Midea Vietnam recorded an improvement when net revenue increased by nearly 7% compared to 2021, reaching over 3 trillion VND. After-tax profit reached nearly 80 billion VND, up nearly 60% compared to the same period last year.
Kangaroo
Kangaroo, a leading home appliance brand in Vietnam, was established in 2003. It is a product of the Viet-Australia Electric Refrigeration Company, headquartered in Hanoi. Kangaroo specializes in the production and distribution of a range of household products, including kitchen appliances, energy products, and various other consumer electronics. Some notable products from Kangaroo include water purifiers, home appliances, kitchen equipment, and energy products.
With a wide distribution network, Kangaroo maintains over 40,000 business points, 8 branches domestically and internationally, along with 2 factories in Vietnam. In 2021, Kangaroo collaborated with the Nortiz Group, a leading corporation in the home appliance industry in Japan with over 70 years of experience, to emerge with a new name, the Kangaroo International Joint Stock Company (Kangaroo Group). This collaboration has helped Kangaroo enhance the quality of its products to international standards.
Kangaroo’s net revenue has grown steadily over the years, while after-tax profit has seen many fluctuations. Specifically, 2022 continued to be a year witnessing the stable growth of Kangaroo when net revenue reached over 2,6 trillion VND, an increase of more than 8% compared to the previous year. After a loss in 2021, moving into 2022, Kangaroo’s after-tax profit improved again to a profit of over 14 billion VND.
Hafele Vietnam
Häfele, a globally renowned brand for smart home and project solutions, was established in 1923 in Germany. Häfele expanded its operations to Vietnam in 1998.
Häfele Vietnam is the official distributor of Häfele kitchen appliances and home appliances in Vietnam. All products distributed by Häfele Vietnam are imported and warranted by Häfele.
Häfele’s product catalog includes various kitchen appliances such as induction cookers, dishwashers, range hoods, ovens, microwaves, refrigerators, blenders, air fryers, sinks, and kitchen cabinet accessories. Häfele also provides solutions for bathrooms, doors, wooden furniture, and projects. With product quality meeting German standards, Häfele has gained trust from experts, architects, designers, contractors, and consumers.
The business situation of Häfele Vietnam witnessed many positive changes at the end of 2022. The net revenue of this brand grew nearly 40% compared to the same period two years ago, reaching over 1,6 trillion VND. Along with that, Häfele Vietnam showed a significant recovery in its net profit after a period of stagnation at less than 100 billion VND. By 2022, this brand had broken through to nearly 150 billion VND, an increase of more than 70% compared to 2021.
Lock&Lock Vietnam
Lock&Lock, a renowned brand from South Korea specializing in household products, was established in 1978 and has now exported products to over 130 countries worldwide.
This brand is famous for its high-quality, safe, and environmentally friendly products. Lock&Lock’s product range is diverse, including food containers, cooking utensils, cups and water bottles, kitchenware, home appliances, and personal accessories.
In Vietnam, Lock&Lock has built manufacturing plants in Dong Nai and Ba Ria - Vung Tau, specializing in the production of popular items such as food storage containers, thermal bottles, and non-stick pans. This brand always strives to research and improve technology to optimize the function and features of products, aiming to provide the best experience for consumers.
Along with the recovery trend like other brands, Lock&Lock Vietnam also shows a promising business picture when the net revenue of this brand regained growth momentum, increasing by more than 20% compared to the previous year, reaching over 1,2 trillion VND by the end of 2022. In addition, Lock&Lock Vietnam’s after-tax profit also recorded optimistic signals when it increased by more than 50% compared to the same period in 2021, reaching nearly 160 billion VND.
Goldsun
Goldsun Joint Stock Company, formerly known as Nhat Quang Co., Ltd, was established in 1996 and is one of the leading manufacturers and assemblers of household products in Vietnam after nearly 30 years of development. Goldsun’s products include stainless steel pots, gas stoves, electric rice cookers, automatic electric pressure cookers, microwaves, vacuum cleaners, induction cookers, etc.
Goldsun has built a wide distribution network with branches in Hanoi and Ho Chi Minh City, and their products are distributed at stores nationwide. Not only famous in the home appliance industry in Vietnam, Goldsun’s products are also known on a wide scale thanks to exports to high-quality demanding markets such as Europe, North America, and the Middle East.
In addition, Goldsun also cooperates with many other famous brands such as Jiplai, Lock&Lock, SUNHOUSE, Panafresh, and Philips. Goldsun also has products manufactured in China and imported from Europe.
Goldsun is evaluated as a company with the most stable business situation when net revenue grows steadily and after-tax profit is significantly improved over the years. Specifically, the net revenue that Goldsun achieved in 2022 is over 900 billion VND, an increase of more than 90% compared to 2020. Especially, after two years without profit, Goldsun started to make a profit in 2022 with a figure of over 5 billion VND.
Philips Vietnam
Philips, a global corporation specializing in electronics and home appliances, is headquartered in Amsterdam, the Netherlands. Since its inception in 1891, Philips has continuously expanded and developed, and is now present in many countries worldwide.
In Vietnam, Philips has been present since 1993 and quickly became one of the favorite home appliance brands among consumers. Philips’ products in Vietnam are very diverse, including air purifiers, electric rice cookers, super-fast kettles, irons, lights, blenders, toasters, etc.
2022 was a year witnessing growth in net revenue of Philips Vietnam, and for the first time, the company’s after-tax profit recorded a positive net profit. Specifically, Philips Vietnam showed an improvement in net revenue in 2022, reaching nearly 900 billion VND. The net profit of this brand recorded a profit of nearly 9 billion VND, while in 2021, Philips Vietnam recorded a loss of more than 70 billion VND.
Elmich Vietnam
Elmich, a leading brand in the home appliance industry, was established in 1995 in the Czech Republic and later entered the Vietnamese market in 2011. Elmich specializes in the production and distribution of a range of household products, including pans, pots, kettles, thermal flasks, pressure cookers, kitchen utensils, grinders, juicers, induction stoves, and many other electrical appliances.
In September 2015, Elmich inaugurated a new factory in Ha Nam, with an area of over 5 hectares and a design capacity of over 7 million products per year. This factory owns one of the most advanced production lines in Southeast Asia. This is an important step in Elmich’s development, demonstrating the brand’s sustainable development strategy in Vietnam. Currently, with a wide distribution network, Elmich maintains more than 10 showrooms in major provinces and cities and more than 10,000 dealers nationwide.
In the period from 2020 to 2022, the net revenue of Elmich Vietnam maintained a stable growth momentum with the figure reached nearly 800 billion VND in 2022, an increase of more than 50% compared to 2020. However, the after-tax profit of Elmich Vietnam showed a significant decrease when it only reached over 16 billion VND in 2022, a decrease of nearly 60% compared to the same period last year.
Junger Vietnam
Junger Vietnam, a renowned brand for high-end kitchen and household utility products with a distinct German style, made its debut in Vietnam in 2009. Junger’s notable products include dishwashers, electric stoves, range hoods, microwaves, and high-quality pots and pans.
With a wide distribution network across the country, Junger has succeeded in developing its brand, including partnerships with major partners such as Poongsan and Manulife Vietnam. Junger Vietnam not only provides quality products to customers but also contributes to improving the quality of life for the Vietnamese people.
The business results of Junger Vietnam recorded steady growth in net revenue and a significant improvement in the company’s net profit. With stable growth over the years, Junger Vietnam’s net revenue continued to grow strongly, reaching over 500 billion VND in 2022, an increase of nearly 60% compared to 2021. Notably, Junger Vietnam recorded a net loss over the past three years, although this loss is being improved, the company has not yet made a profit by the end of 2022.
The consumption habits of people, from rural to urban areas, have significantly changed. As income increases, along with growing concern for health and quality of life, consumers are not hesitant to spend on higher quality products. Multifunctional home appliances are increasingly becoming the center of the kitchen in every Vietnamese family. According to the Association of Vietnam Retailers (AVR), the premium segment in the retail market is growing rapidly, doubling compared to other segments. Especially during the evolution of the Covid-19 pandemic, the demand of consumers for high-end home appliances is increasing. The market needs strong new brands that understand the consumption habits of Vietnamese people and provide quality, durable, and long-lasting products.
Source: Vietdata's 2022 Household Appliances Industry Report.