Vietnam: Refrigerator And Freezer Market 2024

Refrigerator And Freezer Market Size in Vietnam

The Vietnamese refrigerator and freezer market expanded remarkably to $X in 2022, surging by X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Refrigerator And Freezer Production in Vietnam

In value terms, refrigerator and freezer production totaled $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refrigerator And Freezer Exports

Exports from Vietnam

In 2022, after three years of growth, there was decline in shipments abroad of refrigerators and freezers, when their volume decreased by X% to X units. Over the period under review, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2021, and then contracted slightly in the following year.

In value terms, refrigerator and freezer exports reduced slightly to $X in 2022. In general, exports, however, posted strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined slightly in the following year.

Exports by Country

The Philippines (X units) was the main destination for refrigerator and freezer exports from Vietnam, with a X% share of total exports. Moreover, refrigerator and freezer exports to the Philippines exceeded the volume sent to the second major destination, South Korea (X units), twofold. The third position in this ranking was taken by Malaysia (X units), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to the Philippines stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Malaysia (X% per year).

In value terms, the Philippines ($X), South Korea ($X) and Malaysia ($X) appeared to be the largest markets for refrigerator and freezer exported from Vietnam worldwide, together comprising X% of total exports. The United Arab Emirates, Taiwan (Chinese), Chile, Peru, New Zealand, Thailand, Indonesia, Singapore, Hong Kong SAR and Australia lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Australia, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refrigerator and freezer export price amounted to $X per unit, with a decrease of X% against the previous year. Overall, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator and freezer export price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of X%. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator And Freezer Imports

Imports into Vietnam

In 2022, overseas purchases of refrigerators and freezers were finally on the rise to reach X units after two years of decline. Over the period under review, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, refrigerator and freezer imports soared to $X in 2022. In general, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Thailand (X units), China (X units) and Indonesia (X units) were the main suppliers of refrigerator and freezer imports to Vietnam, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator and freezer suppliers to Vietnam were Thailand ($X), China ($X) and Indonesia ($X), with a combined X% share of total imports.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refrigerator and freezer import price stood at $X per unit in 2022, with an increase of X% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator and freezer import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Indonesia ($X per unit) and Thailand ($X per unit), while the price for China ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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