Vietnam Eyewear Market Outlook to 2028

Vietnam Eyewear Market Overview

The Vietnam Eyewear Market is valued at USD 480 million, based on historic five-year analysis, driven by the increasing consumer demand for prescription glasses, sunglasses, and contact lenses. Vietnam's expanding middle-class population, coupled with a growing awareness of eye care and fashion trends, has been a key contributor to this growth. The rising prevalence of digital eye strain due to increased screen time has also led to heightened demand for eyewear products, particularly blue light-blocking lenses.

Major urban centers such as Ho Chi Minh City and Hanoi are witnessing a higher concentration of eyewear consumers, given their large populations, better access to optical care services, and higher disposable incomes. Additionally, Vietnams improving healthcare infrastructure, and the increasing presence of international and local eyewear brands are expected to further drive market expansion in the coming years.

Vietnams government imposes tariffs on imported optical goods, which can impact pricing in the local market. In 2023, import duties on eyewear products averaged 10-15%, according to the General Department of Customs. These duties are part of broader trade regulations aimed at promoting local manufacturing, though they pose challenges for international brands trying to establish a foothold in the market.

Vietnam Eyewear Market Segmentation

By Product Type: The market is segmented into prescription glasses, sunglasses, and contact lenses. Prescription glasses hold the largest share of the market due to the rising number of individuals requiring vision correction. Sunglasses, however, are gaining traction, particularly among the younger demographic, driven by both protective and fashion-related motives. Contact lenses are also seeing increased adoption, especially among urban consumers seeking convenience and aesthetics.

By Distribution Channel: The market is further segmented Online Retail, Optical Stores, and Hypermarkets & Supermarkets. While the Online Retail, comprising optical stores and retail chains, dominates the market, the online segment is rapidly gaining ground due to the growing popularity of e-commerce platforms and the convenience they offer. Online platforms are also providing competitive pricing and home delivery, which are appealing to tech-savvy consumers.

Vietnam Eyewear Market Competitive Landscape

The Vietnam Eyewear Market is characterized by the presence of both local and international players, with key companies focusing on expanding their product portfolios and enhancing distribution networks. International brands such as Luxottica, Essilor, and Hoya lead the market, particularly in the premium and mid-range segments, while local brands and retailers such as Mat Bao and Kim Hang cater to the economy segment.

Key market players are increasingly focusing on innovative technologies, such as anti-reflective coatings and blue light-blocking lenses, to meet the evolving needs of consumers. Additionally, many companies are entering into strategic partnerships with local distributors and opticians to expand their reach across the country.

Company Name

Establishment Year

Headquarters

Revenue (2023)

Key Products

R&D Investment

No. of Employees

Distribution Channels

Strategic Initiatives

Luxottica

1961

Milan, Italy

Essilor

1849

Paris, France

Hoya Corporation

1941

Tokyo, Japan

Mat Bao Optical

1995

Ho Chi Minh City, Vietnam

Kim Hang Optical

2000

Hanoi, Vietnam

Vietnam Eyewear Market Analysis

Growth Driver

Increasing Screen Time and Digital Eye Strain: Vietnams rapid digitalization has led to increased screen time among its population, contributing to a growing prevalence of digital eye strain. In 2023, the number of internet users in Vietnam reached 78 million, which corresponds to an internet penetration rate of 79.1% of the total population, according to Data Reportal. This significant increase in digital device usage, including smartphones and computers, has exacerbated eye health concerns, as the average screen time per person now exceeds 6 hours per day. As a result, the demand for eyewear products like blue light-blocking lenses has surged to combat digital eye strain.

Rising Disposable Income and Urbanization: Vietnam's per capita income has been steadily rising, reaching USD 4,346 in 2023, according to the World Bank. This increasing disposable income, especially in urban centers like Ho Chi Minh City and Hanoi, has boosted consumer spending on non-essential goods, including premium eyewear. Urbanization in Vietnam, with 39.5% of the population now residing in urban areas, has contributed to a growing middle-class population that is willing to spend more on fashionable and functional eyewear products, driving market growth.

Growing Eye Health Awareness: Government-led health initiatives in Vietnam have heightened public awareness of eye health. The Ministry of Health launched campaigns targeting common eye diseases like myopia and astigmatism in 2023, especially among school-aged children, as these conditions are becoming more prevalent due to increased digital exposure. Eye care awareness programs reached 5 million students in urban schools, encouraging regular eye check-ups and corrective eyewear use, boosting the demand for prescription glasses and related products.

Market Challenges

High Cost of Premium Eyewear: Despite rising disposable incomes, premium eyewear remains costly for a significant portion of Vietnams population. High-end eyewear brands are still out of reach for many consumers, limiting the penetration of premium products in the broader market, especially among rural and lower-income groups. This has also led to a growing preference for affordable alternatives.

Competition from Counterfeit Products: The eyewear market in Vietnam faces significant competition from counterfeit products, which are sold at a fraction of the cost of branded eyewear. These fake products are particularly prevalent in urban markets, impacting the profits of legitimate manufacturers and posing health risks to consumers. This makes it difficult for reputable brands to maintain pricing power.

Vietnam Eyewear Market Future Outlook

The Vietnam Eyewear Market is expected to witness steady growth over the next five years, driven by increasing consumer awareness of eye health, rising disposable incomes, and the growing popularity of fashion eyewear. Technological advancements, such as augmented reality (AR) try-on features and virtual fittings offered by e-commerce platforms, will further enhance consumer experience and drive online sales. The market is also likely to see greater adoption of sustainable eyewear materials, such as bio-based plastics, in line with global environmental trends.

Future Market Opportunities

Expansion of E-Commerce Platforms: E-commerce platforms are playing a vital role in the growth of Vietnam's eyewear market. Vietnams e-commerce sales reached USD 20 billion in 2023, according to the Ministry of Industry and Trade, with eyewear products being one of the key categories. The increasing internet penetration and adoption of online shopping, driven by convenience and competitive pricing, provide a significant opportunity for eyewear brands to reach a broader customer base, especially in rural areas where physical stores are scarce.

Rising Demand for Smart and Augmented Reality Eyewear: The demand for smart eyewear, including augmented reality (AR) glasses, is gaining traction in Vietnam. By 2023, Vietnams tech-savvy youth, particularly in urban areas, expressed interest in purchasing smart eyewear, according to the Ministry of Information and Communications. This trend aligns with the country's broader technological adoption, where the ICT sector contributed USD 154 billion to the economy in 2022. The growing integration of wearable technology presents a key opportunity for eyewear manufacturers to diversify their offerings.
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