Brian Jeffrey
As per IDC, the smartwatch sector in Vietnam is experiencing swift expansion, anticipated to achieve a CAGR of 15–18 percent from 2023 to 2030, fueled by the growing interest in health and fitness technologies.
This notable advancement signifies not only substantial business development but also a distinct transformation in how Vietnamese consumers view smartwatches: evolving from tech gadgets to essential elements of an active lifestyle that assist in reaching fitness objectives, improving life quality, and facilitating personalized health tracking.
The smartwatch landscape in Vietnam is categorized into three tiers: budget (under VND5 million), mid-range (VND5–10 million), and premium (above VND10 million). The premium sector, catering to individuals interested in fitness and lifestyle, exhibits the most promising long-term growth potential, as these consumers prioritize dependable data and brand trustworthiness rather than cost.
A survey by Cimigo among affluent users identified three primary factors influencing their smartwatch purchasing decisions: health monitoring capabilities (like heart rate, SpO2, sleep tracking), enhanced fitness functionalities (GPS, pace, calorie counts), and smart features (calls, payments, notifications). This demographic tends to be less sensitive to pricing and places significant importance on brand credibility and precise data for health and fitness enhancement.
Moreover, there is a rising trend to merge smartwatch data with digital health systems. For instance, a Taiwanese study utilizing wearables for monitoring patients with panic disorders showed a reduction in relapse rates to approximately 5 percent through the analysis of heart rate, sleep, and activity data, emphasizing that smartwatches function as health management tools rather than mere technological devices.
In 2024, Garmin emerged as the leader in the smartwatch market by value, holding a 32 percent share according to IDC. Its user base has surged by 50 percent year-on-year to surpass 480,000, marking the quickest growth within the Asia-Pacific region. This achievement is attributed to Garmin’s strategy of offering a wide range of products and ecosystems tailored to various user preferences.
With the remarkable economic progress in Vietnam, tech companies are optimistic about the nation’s potential for premium product lines. In recent years, Garmin has introduced new smartwatch models, recognizing the high annual growth rates as a cornerstone for launching fresh product lines while continuing to expand its retail presence in key cities.
