Prospects of Vietnam’s security market look exceptionally well. Nearly all security players we spoke to agree on growth in the near to medium term, driven by various positive factors. This report takes a closer look at Vietnam’s security industry and drivers that propel the market’s growth.
Economically speaking, Vietnam’s numbers look impressive. The country’s real GDP is projected to grow 6.8 percent in 2025 and 6.5 percent in 2026, according to the
World Bank. Growth drivers cited by the organization include steady foreign direct investment inflows, increased public investment and an accelerated recovery in the real estate market, thanks to faster project clearance.
This puts Vietnam’s security market on a solid footing to achieve solid growth.
“Vietnam’s security market is rebounding strongly post-pandemic, aligned with the country’s overall economic recovery and infrastructure development. In 2024, the market saw approximately 8-10 percent growth, and 2025 is expected to maintain or slightly exceed this rate, with estimated growth at 10-12 percent. Growth drivers include urbanization and infrastructure expansion, increased awareness around workplace safety and data protection, demand for integrated and intelligent systems, and booming industrial zones and logistics sectors tied to export growth and FDI,” said Vu Nguyen, Marketing Specialist at HTIC Law Firm who previously worked at ELV Vu Tien, a low-current security systems company.
Gioi Vu Manh, Senior Strategy Manager at Dahua, concurs: “Currently, the security/CCTV market in Vietnam is showing signs of gradual growth. Based on customs data, the total market size in FY24 is estimated at over US$280 million, of which more than $100 million is attributed to Wi-Fi cameras (such as Imou and Ezviz), system/solution brands (such as Hikvision, Dahua, Hanwha and i-Pro), as well as OEM project brands. For FY25, the market is expected to grow by 10–12 percent in revenue. Additionally, the rising number of SMB projects and consumer/residential demand further support this upward trend,” Manh said.
Public sector investment plays key role
It should be noted that government spending plays a significant role in driving the Vietnam security market, which is seeing increased investments in public infrastructure and smart cities. All this translates into strong and robust demand for security.
“To boost economy growth, Vietnam government is strongly committed to develop the infrastructure, particularly in the field of transport. Under the master plan of 2030, Vietnam will build thousands of kilometers of new expressways, high-speed rail routes, deep-water ports, and new international airports,” said Thao Le Dang, Head of Video System at Keenfinity. “Ongoing projects include International Long Thanh Airport, Tan Son Nhat Airport and the North-South Rail and Expressway.”
“We've had great success with our CCTV and smart alarm solutions at the airport, and we're now getting a lot of new orders and project requests from hospitals and government buildings, especially in the North and Highland regions. This is really shaking things up for security companies,” said Peter Ngo, CEO and Head of APAC at Eurostellar, a European-Vietnamese company representing prestigious security and automation manufacturers including Morse Watchmans, Jablotron and ProvisionISR. Peter also doubles as a Board Member of the Central and Eastern European Chamber of Commerce in Vietnam (CEEC-Eurocham).
He adds: “Those companies that are well-established, meet high standards, and offer EU/G7 original products – like Eurostellar – are the ones getting these big, important projects. Other players need to adapt and evolve if they want to keep up.”
Gov’t overhaul impact limited
It should also be mentioned that Vietnam is undergoing a major
administrative restructuring reducing 63 provinces and cities to 34. While this restructuring is expected to create short-term, limited impact on security in the forms of project delays, the long-term outlook of the market is still sunny and bright.
“There is positive outlook with steady growth for Vietnam’s security market, which is projected to grow at a CAGR of 8–10 percent between 2023 and 2026. Especially from 2025, after local government restructuring, we expect a growth of around 9 percent driven by post-COVID recovery, smart city initiatives, and public infrastructure investments. Key growth drivers include government-backed smart city programs in Hanoi, HCMC, Da Nang, and Dong Nai, with new recourses and scale after local government restructuring,” said Mei Guu, President of CyberLink BU2.