The Vietnam LED lighting market, valued at USD 677.66 Million in 2023, has experienced significant growth, driven by rising per capita income in Vietnam which is expected to lead to an increasing demand for LED in the residential sector. The market is expected to expand at a CAGR of 6.80% from 2024 to 2032, potentially reaching USD 1225.05 Million by 2032, owing to the supportive government initiatives for lowering LED lighting prices.
Base Year
Historical Year
Forecast Year
Value in USD Million
2024-2032
Vietnam LED Lighting Market Outlook
*this image is indicative*
| Vietnam LED Lighting Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | 677.66 |
| Market Size 2032 | USD Million | 1,225.04 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 6.8% |
| CAGR 2024-2032 - Market by Installation Type | Retrofit Installation | 6.1% |
| CAGR 2024-2032 - Market by End Use | Residential | 7.3% |
| 2023 Market Share by | Commercial | 43.5% |
The Vietnam LED lighting market offers several benefits, including energy efficiency, longer lifespan, and environmental sustainability, making it cost-effective and eco-friendly. LEDs provide better lighting quality with lower heat emissions, enhancing safety and comfort. The Vietnamese government supports energy-efficient technologies, boosting LED adoption. Technological innovations in smart and colour-tunable lighting expand their use across homes and businesses.
The rising demand for LEDs stimulates local manufacturing, creating job opportunities and economic growth. Additionally, as Vietnam's urban development progresses, there is an increasing need for sustainable lighting solutions in public, commercial, and residential areas, further driving the Vietnam LED lighting market growth. These factors collectively play a key role in the increasing popularity and growth of the market. With Vietnam’s urban population expected to reach 45% by 2030, significant housing and infrastructure development will be required, as reported by the Ministry of Construction in October 2024. The rapid pace of urbanisation fuels the demand for efficient LED lighting solutions in new developments, supporting sustainable energy consumption as cities expand and modernise their infrastructure.
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Government-led initiatives encouraging LED adoption, growing popularity of smart lighting solutions, and the expansion of industrial applications are all driving growth of Vietnam LED lighting market.
The demand for energy-efficient lighting solutions in Vietnam is increasing, driven by rising electricity costs and growing environmental concerns. Consumers are turning to LED lighting due to its lower energy usage and longer lifespan, leading to substantial cost savings over time. LEDs are projected to make up 50% of the total lighting market by 2025, driven by their energy-saving advantages according to the Ministry of Industry and Trade, Vietnam, April 2024.
The Vietnamese government is encouraging the adoption of LED lighting through programs such as the Vietnam National Energy Efficiency Plan (VNEEP) and the Vietnam Energy Efficient Public Lighting Project (VEEPL). These initiatives aim to reduce energy consumption and promote sustainable lighting solutions, with an estimated USD 150-160 billion in infrastructure investments by 2021, according to the Ministry of Planning and Investment.
The growing demand for smart lighting solutions is driving the market, as consumers seek integrated systems offering remote control and automation features. These advancements enhance convenience and efficiency in connected living spaces, further boosting the adoption of LED technology. Philips launched new smart LED lighting solutions in Vietnam in September 2024, integrating IoT capabilities for improved control and energy efficiency.
LED lighting is increasingly being adopted in industrial settings due to its durability and energy efficiency. Factories are replacing traditional lighting with LEDs to improve workplace safety and reduce operational costs. The industrial sector’s demand for LEDs is expected to grow significantly as businesses focus on sustainability and cost-saving strategies.
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The EMR’s report titled “Vietnam LED Lighting Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Installation Type
Market Breakup by End Use
| CAGR 2024-2032 - Market by | Installation Type |
| Retrofit Installation | 6.1% |
| New Installation | XX% |
| CAGR 2024-2032 - Market by | End Use |
| Residential | 7.3% |
| Industrial | 6.9% |
| Commercial | XX% |
| Institutional | XX% |
| Others | XX% |
According to the Vietnam LED lighting market analysis, the market is driven by the installation of new LED lighting systems, which offer significant energy savings, longer lifespans, and reduced maintenance costs compared to traditional lighting. These systems improve the overall efficiency of residential, commercial, and industrial spaces, promoting sustainability, cutting electricity bills, and contributing to a greener environment. In September 2024, the Ministry of Industry and Trade announced the continuation of the Energy Efficient Public Lighting Project, focusing on new LED installations across urban areas to reduce energy consumption and enhance public safety.
| 2023 Market Share by | End Use |
| Commercial | 43.5% |
| Industrial | XX% |
| Institutional | XX% |
| Others | XX% |
| Residential | XX% |
The growth of the Vietnam LED lighting market is further accelerated by retrofit installations, which enable existing structures to upgrade their lighting systems without major renovations. This segment is expected to grow at a CAGR of 6.10% from 2024 to 2032. This approach reduces waste, utilises existing fixtures, and enhances energy efficiency while improving lighting quality in various settings. In November 2024, Hanoi Urban Environment Company launched a large-scale retrofit project to replace old streetlights with energy-efficient LED fixtures, aiming to reduce energy use and improve visibility at night across the city.
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The Vietnam LED lighting market key players specialise in energy-efficient solutions, offering a broad range of products, including LED lighting for residential, commercial, and industrial use. These companies are committed to sustainability and innovation, ensuring their products meet global energy efficiency standards while focusing on reducing their carbon footprint and providing reliable, high-quality lighting solutions.
Headquartered in Hanoi, Vietnam, Rang Dong Light Source and Vacuum Flask JSC (Ralaco) was founded in 1968. The company is a leading manufacturer of lighting products, offering a wide range of LED solutions for residential, commercial, and industrial sectors. It is also involved in vacuum flask production.
Established in 1993 and headquartered in Ho Chi Minh City, Vietnam, Dien Quang Light Source Company is a promi...
Signify, formerly known as Philips Lighting, was founded in 1891 and is headquartered in Eindhoven, Netherland...
Osram Licht AG, founded in 1919 and headquartered in Munich, Germany, is a leading global provider of lighting...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other regional key players in the Vietnam LED Lighting market report include Asled Co., Ltd, among others.
Other global key players in the Vietnam LED Lighting market report include Nichia Corporation, Cree Inc., and Seoul Semiconductor Co Ltd, among other
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the Vietnam LED lighting market reached an approximate value of USD 677.66 Million.
The market is assessed to grow at a CAGR of 6.80% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 1225.05 Million by 2032.
The major drivers for the market include the thriving lighting market, benefits of using LED over traditional lights, rising disposable incomes, increasing population, and the rapidly rising urbanisation.
With the growing awareness about the environment, various government programs are seeking greater adoption of LED lighting by supporting the local LED lighting products manufacturers and encouraging its use among the consumers.
The leading types of LED lighting in the market are panel lights, down lights, flood lights, street lights, and bulb and tube light, among others.
The significant installation types of LED lighting in the market are new installation and retrofit installation.
The major end use sectors in the market are residential, commercial, industrial, and institutional, among others.
The leading players in the market are Rang Dong Light Source and Vacuum Flask JSC (Ralaco), Dien Quang Light Source Company, and Asled Co., Ltd, among others. The key players in the global industry include Signify (Philips Lighting), Osram Licht AG, Nichia Corporation, Cree Inc., and Seoul Semiconductor Co Ltd, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Installation Type |
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| Breakup by End Use |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
Regional Players:
Global Players:
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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