In the promising landscape of the household market in Vietnam, businesses cannot overlook the sustainable standards set by the European Union (EU). This not only opens doors to international markets but also drives innovation and enhances competitiveness. Let’s explore the opportunities and essential steps to partake in the sustainable development race of the household industry in Vietnam.

Vibrant Market with Young consumers

Vietnam, with an average age of 31, is emerging as a young, dynamic, and highly potential consumer market. It not only provides an ideal platform for the development of the smart home appliance industry but also opens up endless opportunities for businesses in this field.

According to Euromonitor, the smart home appliance market in Vietnam has reached an impressive 13 billion USD.

Statista’s report indicates that the Vietnamese home appliance market has an annual growth rate of 5.15% (CAGR 2023-2028). After the COVID-19 pandemic, Vietnamese people allocate more time for their families. The figures from the report also reveal that each Vietnamese household spends around 8.4 million VND on home appliances.

With a population of nearly 100 million and an increasing demand for home appliances post-Covid, Vietnam is considered a prime destination for brands specializing in electronics and smart home appliances.

However, being a large piece of cake comes with many competitive standards. Besides developing business opportunities domestically and in exports, taking Vietnamese goods to the international market is the desire of many industry leaders. Especially after COVID-19, creating a greener production and supply environment, and adhering to sustainability standards, has become a crucial goal. Major export markets like the United States, EU, and CPTPP countries are setting stricter standards for industrial products.

EU Standards and the Greenification Potential of the Industry

Meeting greenification standards, especially those of the European Union (EU), is becoming a decisive factor in the progress of businesses in the home appliance industry in Vietnam.

Post-Covid-19, the demand for greener production and supply environments is becoming more critical. Major export markets such as the United States, EU, and CPTPP countries are increasingly imposing high standards for sustainability and greenification in production. This means that businesses need to invest in and promote advanced technology and manufacturing processes, from using recycled materials to minimizing energy consumption.

EU standards demand a focus on greenification aspects and the use of recycled materials in the production process. This creates pressure but also opens up opportunities that cannot be ignored. Businesses can use compliance with EU standards as an opportunity to enhance competitiveness, drive innovation, and provide high-quality, environmentally friendly products.

Opportunities for Businesses

Upgrading the Supply Chain

To progress on the greener path, businesses need to reshape their production processes and invest in green technology. This includes using advanced technologies like Artificial Intelligence (AI) to optimize production processes and minimize waste.

Furthermore, building a sustainable supply chain also plays a crucial role. Businesses need to collaborate closely with suppliers to ensure that raw materials and products are produced and transported sustainably and efficiently. Choosing reliable suppliers capable of providing high-quality materials and components is of utmost importance. A close cooperative relationship with supply chain partners and establishing strategic partnerships can help businesses leverage competitive advantages and expand consumer markets.

Digitization and Technological Innovation

The development of the smart home appliance industry also means significant opportunities for businesses to invest in digitization and technological innovation. Businesses can focus on developing applications, software, and digital platforms to optimize user experiences and provide data-driven smart solutions. For example, remote control applications, smart monitoring systems, and energy-saving management solutions are becoming important trends, presenting excellent opportunities for technology businesses in Vietnam to contribute to the sustainable development of the industry.

In general, the smart home appliance industry in Vietnam is going through a remarkable period of development, opening many attractive business opportunities. With the increasing demand from a young and highly potential consumer market, businesses can take advantage of the large population and the enthusiasm of the Vietnamese people for smart home appliances.

However, to reach international standards and meet sustainability criteria, businesses must focus on investing in green technology, building a sustainable supply chain, and applying digital technology solutions to the production process.

To succeed in the smart home appliance market, flexibility, innovation, and close collaboration with industry partners are also essential factors. By leveraging business opportunities in the smart home appliance industry and simultaneously meeting international standards, Vietnamese businesses can contribute to the sustainable development of the industry and open doors to access international markets.

Soure:

https://vneconomy.vn/dap-ung-luat-choi-moi-ve-thuong-mai-toan-cau-mat-hang-thoi-trang-noi-that-va-gia-dung-can-lam-gi.htm

https://diendandoanhnghiep.vn/thi-truong-do-gia-dung-khat-nhung-tan-binh-co-suc-nang-247019.html

https://nhadautu.vn/viet-nam–mien-dat-hua-cho-cac-doanh-nghiep-nganh-dien-tu-thiet-bi-gia-dung-d78230.html

https://moit.gov.vn/tin-tuc/xuc-tien-thuong-mai/dua-hang-thoi-trang-noi-that-va-gia-dung-viet-nam-vao-he-thong-phan-phoi-nuoc-ngoai.html