If Vietnamese users have two options for smarthome products at the same price, 65 percent would choose products with Vietnamese brands rather than foreign ones, according to the Vietnam Smarthome Report 2022, a report released by Lumi, a company specializing in manufacturing smarthome devices.

The Vietnam Smarthome Report 2022 is the first report with in-depth, detailed and comprehensive information about the smart home market in Vietnam.

The survey conducted on 10,000 people found that 80.5 percent of respondents had heard about smarthomes and 10.9 percent said they had used smarthome equipment. There was no big difference in gender in the percentage of people who had heard of or had used a smarthome. 

For people who have not used a smarthome, their assumptions about a smarthome include remote control, modernity, smartphone control, voice control and entry/exit control by a smart camera.

When mentioning smarthomes, the first products Vietnamese people think of are smart locks, smart contacts, smart cameras and smart entrance doors.

Regarding the level of smarthome experience, more than 80 percent of respondents who have not yet used a smarthome said they wanted to experience a smarthome in the future.

The survey found that the three smartphone brands mostly used in Vietnam were Xiaomi, Lumi and Bkav. The smartphone brand known by most users is from China, while the second and third most known brands are Vietnamese.

Nguyen Tuan Anh, Chair of Lumi, said the smartphone industry in Vietnam is in a hot development period with the competition among domestic manufacturers but also many foreign brands from Europe, the US and China.

The number of middle-class people (those who have monthly income of at least $714, or VND16 million) in Vietnam is increasing rapidly among countries in Southeast Asia.

According to Statista, the compound annual growth rate (CAGR) of revenue of the Vietnamese smarthome market is estimated at 17.28 percent in 2022-2026. The Vietnamese household penetration rate of smarthome devices is 11.9 percent and the figure is expected to increase to 19.9 percent in the next five years.

More than 64 percent of Vietnamese users would choose Vietnamese products if they had two options – Vietnam-made and foreign-made products which have the same price levels. More than 35 percent would choose foreign-made products.

Asked about their thoughts about the popularity of smarthome solutions in Vietnam in the near future, 76.4 percent of respondents said the devices would be popular in the next five years. Vietnamese are willing to spend VND20-40 million on smarthome devices.

Trong Dat