The Vietnamese government strongly supports the use of LED lights through two major projects: the Vietnam Energy Efficient Public Lighting Project (VEEPL) and the Vietnam National Energy Efficiency Plan (VNEEP) - which aims to reduce energy consumption and carbon emissions by 100% by 2025. Use LED street lights.
According to statistics from the Ministry of Planning and Investment, Vietnam's urbanization rate is expected to reach 41.7% in 2022 (a year-on-year increase of 1.2%), and is expected to exceed 50% by 2030. As of December 2022, Vietnam has more than 400 industrial parks, and experts predict that this number will increase by 1.5 times by 2030.
In addition, in the first nine months of 2023, international tourists to Vietnam are expected to reach 8.9 million, 4.7 times the same period last year. Vietnam's tourism industry is becoming increasingly popular and the number of hotels is increasing, which has a positive impact on the LED lighting market.
It can be seen that the LED lighting market has huge future potential, and is expected to reach US$982.8 million by 2028. The Vietnamese LED market is in a period of strong development, with both opportunities and challenges. One of the biggest advantages is that the world is already listening to the EU's Green Deal.
Vietnam is also rapidly transitioning from incandescent and compact lights to LED lights. Policies and measures to encourage the use of LED lights have been continuously introduced, and their effects have become increasingly significant, which are important factors in the development of Vietnam's LED lighting market.
